Despite the disruptions over the past few months, manufacturers, distributors and retailers continue to maintain a positive outlook on the situation, and expect business to pick up now that restrictions are easing.
What will go down in the record books as one of the steepest and deepest economic declines in U.S. history will likely also be the shortest.
Even though 2020 has altered the vehicle landscape for many, the specialty-equipment market had shown impressive growth over the past 10 years with industry retail sales climbing nearly 4% to a new high of $46.2 billion in 2019, according to the new “2020 SEMA Market Report.”
From May 20–29, SEMA conducted a survey of more than 1,800 professionals within the specialty-equipment industry to check in on how they were doing.
The economy reached what economists believe was the depth of the recession around mid-April, and expect gradual economic improvement over the coming months.
Now that restrictions are starting to lift, how can SEMA help you and your company?
Last week, SEMA and Directions Research conducted a nationally representative survey of more than 1,000 consumers to check in on how people are using their cars.
The economic picture has weakened over the past month.
Between April 1–7, 2020, SEMA conducted a survey of more than 2,000 people employed in the specialty-equipment industry.
Your invaluable input will be used to develop association resources to help the industry move past the coronavirus outbreak.
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