Consumer spending on automotive specialty equipment parts and accessories is on a rise, reaching $36 billion in 2014. This number, which represents an 8% growth over the previous year and the fifth consecutive year of growth, is reported in the 2015 Specialty Equipment Market Association (SEMA) market report available exclusively to SEMA member companies at (www.sema.org/marketreport2015
“This is an exciting time for the automotive specialty equipment industry,” said Chris Kersting, president and CEO of SEMA, in a press release. “Businesses are thriving, and new technology and new ways of doing business are helping companies to succeed and grow exponentially.”
Kersting points to changes such as advance manufacturing systems and social media as a few of the developments that have transformed the way businesses operate.
“Companies can develop products faster than ever before, and connecting with customers is more immediate than it’s ever been,” said Kersting. “One thing that has remained the same is the passion that SEMA member businesses have for vehicle customization.”
The SEMA Market Report is filled with additional details about the state of the industry. The nearly 80-page report notes:
• Street performance remains the largest SEMA niche reaching almost $10 billion.
• Light-Truck continues to rebound, climbing 9% in 2014.
• Off-Road accessory retail sales continues its growth, up 8% this year.
• With high gas prices and a push in small car sales, the compact performance market continues to offer expanding opportunities currently valued at over $5.18 billion.