SEMA REPORT SHOWS US AUTOMOTIVE AFTERMARKET CONTINUING GROWTH STREAK
The 2023 SEMA Market Report has unveiled new data on industry sales and growth opportunities for the US automotive aftermarket
The US specialty-equipment market showed positive results in 2022 with an overall market growth of two percent and reaching USD51.8 billion in sales, according to the new 2023 SEMA Market Report.
SEMA says this continues a decade of growth for the industry, even among recent economic turmoil created by the pandemic.
While the growth percentage was slightly down from the industry’s typical annual rate of four to five percent, the slowing was expected given current economic challenges.
SEMA estimates that sales growth will remain fairly flat in 2023, before ramping back up towards the industry’s historical growth trend in 2024.
“Even as economic uncertainty looms, particularly around inflation, consumers are passionate about customizing and continue to buy from our industry,” SEMA Director of Market Research, Gavin Knapp, said.
“This report provides new and relevant findings that businesses can use to better connect with their customers, find areas of opportunity and drive their business.”
Available for download at www.sema.org/research, the SEMA Market Report provides a comprehensive review of the automotive specialty equipment market in 2022 and includes new data on the US market size, consumer profiling and industry trends that can help companies make more informed business decisions.
Key findings from the report include:
- Pickup accessorising remains the biggest segment for the industry, topping $15 billion in sales.
- The CUV accessory market continues to grow, reaching 14 percent of specialty-equipment sales in 2022.
- Younger people continue to be the most likely to accessorise and perform more upgrades; 50 percent of those modifying their vehicles are under the age of 40.
- 50 percent of accessorisors own a powersports or recreational vehicle, opening up cross-selling opportunities.
- Over 80 percent of companies expect their sales to stay the same or grow in 2023.
SEMA Members can download the report for free at www.sema.org/research