Despite tough economic times and talk of a recession, consumer spending on specialty automotive accessories has hit an all-time high of more than $38 billion, reports an annual Specialty Equipment Market Association (SEMA) study. Marking the industry’s 17th consecutive year of growth, 2007 figures showed an almost 4 percent spending increase from the previous year, according to the SEMA Market Study, one of several industry research efforts produced by the association. Nine niches and multiple other market segments, along with consumer purchasing locations, were analyzed in the 41-page study. Averaging an 8 percent growth rate over the past 10 years, the automotive specialty-equipment market is growing at almost twice the rate of the total aftermarket. But the 2007 increase is smaller than typically seen by the market. Historical review shows three periods of soft industry sales growth: in 1991 during a slowing economy and the first Gulf War; in 2001 when the industry grew less than 4 percent for the year; and the 2007 increase, says Jim Spoonhower, SEMA vice president of market research. Having anticipated a slowdown, SEMA offers its members free educational programs, legislative support and export assistance, among other options, to help encourage growth and success throughout a stalling economic environment. For more information, visit SEMA online. |
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