DIAMOND BAR, Calif. (July 20, 2015) — Consumer spending on automotive specialty equipment parts and accessories in the U.S. rose 8 percent in 2014 over the previous year to $36 billion, according to the Specialty Equipment Market Association's (SEMA) latest research.
SEMA said 2014 was the fifth consecutive year of growth, driven by advanced manufacturing systems and social media.
Among the findings published in the nearly 80-page 2015 SEMA Market Report:
- Street performance remains the largest SEMA niche at nearly $10 billion;
- The light truck sector continues to rebound, climbing 9 percent in 2014;
- The off-road accessory area was up 8 percent; and
- The compact performance market, buoyed by high gas prices and a push in small car sales, continues to offer expanding opportunities from its $5.18 billion-plus value.
“This is an exciting time for the automotive specialty equipment industry,” said Chris Kersting, SEMA president and CEO. “Businesses are thriving, and new technology and new ways of doing business are helping companies to succeed and grow exponentially.
“Companies can develop products faster than ever before, and connecting with customers is more immediate than it's ever been,” Mr. Kersting added.
The entire report is available free to SEMA member companies — or $499 for non-members — on the association's website by clicking here. It is designed to provide members with research that will help businesses better understand the industry and make strategic business decisions, according to SEMA.
To learn more about the report or the association, contact [email protected]org or 909-610-2030.