The State of the Specialty-Equipment Industry Remains Strong chads Mon, 08/01/2022 - 15:05
Despite ongoing uncertainty, consumers continue to drive and spend on specialty-equipment parts. Industry performance over the past year has been strong, with sales and consumer demand both currently higher than in 2019. The disruption seen during the height of the pandemic has improved, and many companies that saw declines are reporting improvement. While higher prices, economic uncertainty, difficulty hiring and supply issues remain significant challenges, the specialty-equipment industry remains largely optimistic for the coming year.
Examining the Post-Pandemic Rebound chads Fri, 07/01/2022 - 22:02
With the final quarter of 2022 approaching and the pandemic largely receding, there’s good economic news for the aftermarket. According to recently released SEMA market research, the automotive specialty-equipment industry continues to enjoy strong growth and is well positioned for the coming year. That and other key takeaways can be found in the “State of the Industry—Spring 2022” report, now available for free download at www.sema.org/market-research.
CUVs on the Rise chads Fri, 07/01/2022 - 21:46
Crossover Utility Vehicles (CUVs) are the fastest-selling and most common vehicle on the road in the United States today. At the end of 2021, they represented 24% of all registered passenger vehicles, and are projected to represent almost half of all new vehicles sold by 2029. They’re also a significant part of the specialty-equipment aftermarket, accounting for more than $7.7 billion in specialty parts sales in 2020. While they are a very diverse segment, there’s plenty of opportunity to be found for specialty-equipment businesses, including a growing off-road niche.
Classic Cars Are Adapting to Modern Markets chads Wed, 06/01/2022 - 13:13
Vehicles from the early ’70s and later have traditionally been considered “classics,” with the idea of ’73 (pre-gas crisis, pre-catalytic converters) as reasonable cutoffs. However, the landscape has changed. More and more, classics have expanded to include vehicles from the ’70s and ’80s. These emerging classics are sparking the same nostalgic feelings among drivers looking to recapture a piece of their youth as they did to consumers a generation earlier. While the traditional areas of the classic vehicle space aren’t going anywhere, newer classic models are becoming more important for the industry.
SEMA Market Research Releases Its First-Ever CUV Report chads Wed, 06/01/2022 - 12:24
When the crossover utility vehicle (CUV) first appeared in the mid-’90s, it seemed like the push-me-pull-you of the automotive market—not quite car and not truly SUV. As such, it raised several questions: Could consumers ever embrace a vehicle whose purpose wasn’t clearly defined and whose styling, quite honestly, wasn’t all that exciting? And, if they did, how would they utilize such an oddity? As a commuter car? A grocery getter or cargo hauler? Some sort of neo station wagon or minivan?
Market Research Snapshot chads Sun, 05/01/2022 - 13:19
Light trucks (pickups, SUVs, CUVs and vans) have long been a cornerstone of the specialty-equipment aftermarket. Pickups and Jeeps in particular are key enthusiast market segments. But a newer segment, CUVs, has emerged as the most common vehicle type for Americans to purchase. While many of these crossover utility vehicles are used strictly as the default family vehicle, some enthusiasts see their potential to support their outdoor and even off-road hobbies. This opens up a new area of opportunity for the industry to provide accessories and upgrades for the growing CUV community. For more information on the industry, visit www.sema.org/research.
The Fall 2021 SEMA "State of the Industry Report" chads Tue, 03/01/2022 - 11:21
Not to be confused with the annual “SEMA Market Report,” the “State of the Industry Report” is released biannually in the spring and fall and details specific manufacturer and retailer data, sales trends by product category, and popular retail channels and vehicle segments. It explores the industry from a company perspective rather than at the consumer level.
Market Research Snapshot chads Tue, 03/01/2022 - 11:11
The ongoing supply-chain disruption has affected businesses in many ways: shipping delays, production issues, inability to find suppliers and increased costs, to name a few. However, the worst of the effects have likely passed. Most issues, including transportation delays and supply shortages, should improve throughout the year and return to more normal levels by the end of 2022. However, some elevated prices may linger into 2023. See “The Supply-Chain Breakdown” on p. 110.
The SEMA "2021 Retail Trends Report" chads Sat, 01/01/2022 - 12:43
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.
New SEMA Research Sheds Light on Emerging Vehicle Trends chads Wed, 12/01/2021 - 09:10
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?
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