DIAMOND BAR, Calif. (June 21, 2013) — Sales of specialty automotive equipment products in the U.S. rose 4.4 percent last year to $31.3 billion, according to the 2013 Specialty Equipment Market Association Annual Market Report.
SEMA attributed much of the growth to the strength of the street performance sector, which accounted for $7.47 billion in sales, making it the industry's largest niche.
"The report's findings are consistent with what we are seeing and hearing in the industry," said SEMA President and CEO Chris Kersting,
"Having experienced significant economic challenges over the past several years, the specialty parts and accessories market is ready and eager to do business. Companies have a more positive outlook about the future and are finding ways to grow the market."
The automotive specialty equipment market began to see an upswing in 2010, when sales reached $28.6 billion, a 2-percent increase over 2009, and then grew 5 percent in 2011 to $30 billion.
Also noteworthy is the light-truck market, SEMA said, which rebounded slightly last year and is expected to keep growing as leading automakers prepare to release major redesigns for popular truck models in the coming years.
The SEMA Annual Market Report is conducted yearly to help SEMA member companies understand the industry and make informed business decisions. SEMA research reports are available to SEMA members at no cost, and to nonmembers at a nominal fee. SEMA research reports are listed and can be accessed at www.SEMA.org/research.