The automotive aftermarket industry continued its growth streak in 2022, surpassing $51.8 billion in sales, as revealed by the 2023 SEMA Market Report. Despite economic challenges resulting from the pandemic, the specialty-equipment market witnessed a 2% growth, showcasing the industry’s resilience and consumer demand.
While the growth rate was slightly lower compared to the annual average of 4% to 5%, this decline was expected given the current economic climate. SEMA predicts that sales growth will remain stable in 2023, with a resurgence towards historical growth trends anticipated in 2024.
“Even with economic uncertainties, such as inflation, consumers remain passionate about customization and continue to support our industry,” noted Gavin Knapp, SEMA’s Director of Market Research. “This report offers valuable insights that businesses can utilize to engage with their customers, identify opportunities, and drive growth.”
The SEMA Market Report, accessible for download at www.sema.org/research, provides an extensive analysis of the automotive specialty equipment market in 2022. It highlights the market size, consumer profiling, and industry trends, helping companies make informed decisions to propel their businesses forward.
Among the report’s notable findings, pickup accessorization emerged as the leading segment, generating over $15 billion in sales. The CUV accessory market also showcased growth, accounting for 14% of specialty-equipment sales in 2022.
Younger demographics continue to dominate the market, with individuals under the age of 40 representing 50% of vehicle modifiers. This demographic’s inclination towards accessorizing and performing upgrades presents significant opportunities for businesses in the industry.
Furthermore, the report revealed that 50% of accessorizers also own powersports or recreational vehicles, indicating potential cross-selling opportunities for companies operating in these sectors.
Moreover, the SEMA Market Report highlighted the positive sentiments within the industry, as over 80% of companies surveyed expect their sales to either remain stable or grow in 2023.
SEMA members can access the full report for free at www.sema.org/research, enabling them to leverage the insights and data to align their strategies with market trends and consumer preferences. As the automotive aftermarket industry continues its upward trajectory, businesses can utilize these findings to capitalize on growth opportunities and drive their success in the coming years.
