SEMA’s annual market report has always been a valued resource for automotive specialty-equipment businesses as they chart their positioning and growth within the marketplace. Given the current business climate, the recently released “2020 SEMA Market Report” couldn’t be more timely help for understanding market trends as we turn the corner into 2021.
After the ups and downs of the past two years, it’s reassuring to know that consumer spending in the automotive sector continued at a healthy pace. In fact, the sector remains the single biggest retail segment in the United States, accounting for 20%—more than $1.2 trillion—of retail spending in 2020, according to the latest “2021 Retail Trends Report” from SEMA Market Research.
Anyone following the headlines knows that the automotive industry is entering an era of transformation, with virtually every major automaker now intent on vehicle electrification. Add to that the rapid deployment of advanced driver-assistance and related autonomous driving technologies, and it’s easy to believe that a brave new world of green transportation is barreling toward us. But are the headlines overly optimistic? How fast will industry transformation come? What challenges or opportunities will today’s emerging technologies pose for the aftermarket?
While the SEMA Market Research department is widely recognized for its annual “SEMA Market Report,” other lesser-known services it offers include consulting to help members understand what data is available to them—even beyond what is provided directly in its reports—and their potential business opportunities based on that data.
Even in the face of a pandemic that ravaged livelihoods and economies globally, the automotive specialty-equipment market somehow managed to continue its steady growth trend, up to $47.89 billion in 2020—a 4% increase over 2019, according to the recently released “2021 SEMA Market Report.” Slower growth is expected to continue into 2022 as more businesses reopen and compete for consumer dollars before taking off again in late 2022 or early 2023.
Back in late 2019, the trendlines looked good for the automotive specialty-equipment industry. Then, of course, the 2020 pandemic threw the world into confusion. As lockdowns swept the United States, uncertainty gripped virtually every market sector, including the aftermarket. With the pandemic ebbing, it’s a good time to assess where the industry finds itself and where it may be headed. Enter the latest SEMA 2021 “State of the Industry Report,” now available from SEMA Market Research.
There are more than 281 million passenger vehicles on American roads today, and more than 166 million hail from the light-truck category. If that weren’t reason enough to take note of the truck segment, new SEMA research sees a decided shift in the marketplace, with light-truck offerings set to take an even bigger share of the market. So what does this changing vehicle landscape look like? What’s hot and trending in the truck segment? And most importantly, how can the aftermarket capitalize on those trends? The answers can be found in the latest “SEMA Light-Truck Snapshot” report from SEMA Market Research.
Just about any vehicle can be outfitted with all sorts of aftermarket products. However, with more than 281 million cars and trucks currently on the road in the United States, knowing where the greatest opportunities lay can be challenging. Specialty-equipment businesses will find help in the latest “SEMA Vehicle Landscape Report,” recently released by the SEMA Market Research team. The report examines what’s changing, what categories and vehicle types currently hold the most potential for the aftermarket, and the trends brewing on the horizon.
Nearly halfway into 2021, the disruptions of last year’s COVID-19 pandemic are still having a pronounced influence on the current economic climate. The questions on everyone’s mind are when we might finally return to a sense of normalcy and what that “new normal” will look like. Released early this year, the “2021 Future Trends” report from SEMA Market Research offers a much-needed barometer as the economy recoups its momentum.
They don’t make ‘em like they used to. Classic cars and trucks represent a vital aftermarket segment, but understanding marketing opportunities in that space poses unique challenges. To help specialty-equipment businesses get a handle on the category, SEMA Market Research has released a new report focusing on vintage vehicle customers and their customization goals. Entitled “Classic Cars, Modern Markets,” the report contains the latest data on market sizing, consumer demographics, purchasing habits, vehicle usage, and even the shifting definitions of the cars considered to be classics.