The 2023 SEMA Market Report unveiled continued growth for the automotive aftermarket, noting the specialty-equipment market had an overall increase of 2 percent and reached $51.8 billion in sales.
While the growth percentage was slightly down from the industry’s typical annual rate of 4 percent to 5 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,” said SEMA Director of Market Research Gavin Knapp. “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.”
The SEMA Market Report is now available for download (free for SEMA members). The report is designed to provide a comprehensive review of the automotive specialty equipment market in 2022 and includes new data on the U.S. market size, consumer profiling, and industry trends that can help companies make more informed business decisions.
Other notable findings from the report:
- Pickup accessorization 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 individuals continue to be the most likely to accessorize and perform more upgrades; 50 percent of those modifying their vehicles are under the age of 40.
- 50 percent of accessorizors 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.
