Advanced Vehicle Technology: An Opportunity at the SEMA Show
As you would expect, this year’s SEMA Show includes thousands of incredible exhibits, mind-blowing vehicles, new products galore and is packed with opportunities to renew relationships, make new contacts and, above all, position your business for a profitable 2018.
So what’s new? Among the many new product offerings and trends that will emerge at the Show, it would be easy to overlook a developing market opportunity that deserves attention. I’m referring to the advanced vehicle technologies projected for the near and long term that revolve around safety, connectivity and navigation—collectively known as Advanced Driver Assist Systems (ADAS). Included are applications such as blind-spot monitoring, lane-change assistance, forward-collision warnings, automated lighting, adaptive cruise control, automated emergency braking, and more. Our industry is busy learning how to integrate with these technologies. At the same time, the technologies themselves present profitable prospects.
SEMA is working hard to help our members to identify and capture the opportunities connected to ADAS technologies. Anchoring the efforts is a new SEMA-commissioned report highlighting the growing market to retrofit the millions of vehicles on the road today. One key finding is that the aftermarket for ADAS components is projected to grow at a 9% annual rate to $1.5 billion over the next five years. Certain segments, such as park-assist systems, are expected to grow even faster. The SEMA ADAS study is previewed in much greater detail starting on page 30 of this issue.
On Wednesday, November 1, SEMA will hold a briefing session on ADAS from the SEMA Central stage. In attendance will be media, buyers and manufacturers interested in the growing ADAS retrofitting market. Meanwhile, a permanent exhibit in SEMA Central will remain all week and include resources aimed at helping the industry stay positioned at the front end of a rapidly changing technology landscape. As the SEMA Show is the world’s leading marketplace for automotive specialty equipment, we aim to work with the industry to build the leading marketplace for ADAS retrofit equipment during our industry week.
Opportunities exist for companies already in the mobile electronics arena, and many are exhibitors at the Show this year. But make no mistake: This wave of new technology will ripple through the broader aftermarket soon enough. For example, OEMs integrating cameras or sensors in new car taillights or bumpers will affect the lighting and body kit industry and simultaneously create demand for specialty offerings that also have those features. Likewise, OEMs integrating cameras or sensors into the front grille will stimulate demand for custom grilles that can accommodate that kind of technology, presenting opportunities for those who develop, install and market custom grilles for trucks and cars. Further down the road, there will be opportunities for retrofitting vehicle-to-vehicle and vehicle-to-infrastructure technologies.
The SEMA Show has always provided the ultimate marketplace to unite specialty equipment manufacturers from every market segment with resellers looking for hot new products. This year’s Show will deliver record-breaking participation at both ends of the channel. Meanwhile, SEMA will continue highlighting the new opportunities and will provide services and information to address the challenges that come with them. The rapidly developing field of ADAS technologies will be no exception.
Most of us come to the SEMA Show thinking about ways to assure growth for the coming year—and that’s a most worthy goal. But considering the pace that vehicle technology is moving today, we hope the Show will be a valuable resource to stimulate your growth and success as the industry evolves for years into the future.