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SEMA Market Research
The U.S. economy continues to recover what was lost in the early months of the pandemic.
Knapp encourages members to take advantage of and access the latest SEMA Market Research Reports, sales trends among key business types and an overview of the top vehicles for accessorization and emerging segments within the $46.2 billion industry.
While 2020 has been a rough year for vehicle sales, pickups seem to be weathering the storm better than other platforms.
Retail sales are currently above levels seen in January before the virus hit, strengthened by government financial stimulus and unemployment.
Overall, our industry continues to return to more normal operations and is increasingly more optimistic about their sales for the rest of 2020.
The U.S. economy is recovering, but it will take time before the levels of production, output and economic activity enjoyed prior to the onset of the pandemic returns.
Despite the Coronavirus, consumers are more confident, optimistic and in a better financial position today than they were during the last recession in 2007-2009.
In 2019, American consumers spent $46.2 billion on parts for upgrading, modifying and customizing their vehicles—a new historical high.
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.”