Members of the automotive specialty-equipment industry are showing strong signs of optimism and interest in the racing parts market, according to the new 2024 SEMA Future Trends Report.
A total of 84% of racing parts manufacturers, retailers and distributors expect their sales to remain steady or grow, with half expecting an increase, over the next year. In addition, 49% of specialty-equipment manufacturers see opportunities in the racing parts sector.
"The demand for performance parts is evident among enthusiasts," said SEMA Director of Market Research Gavin Knapp. "The racing parts market generated $8.04 billion in sales in 2022. That number reflects the unwavering passion that people have not only for racing, but customizing their cars to be faster, safer, cooler and more aesthetically pleasing."
The industry's outlook for different types of racing varies. A total of 34% of companies report seeing street/strip racing as on the rise. Drag racing, drift racing, off-road racing and UTV racing are close followers, with 24-26% of companies report seeing them as rising segments. EV and Sim racing are gaining traction as technology advances. A total of 32% of companies see EV as on the rise, while sim racing has the same positive outlook from 23% of companies.
For races planned in 2024, a total of 68% of teams, tracks and organizations are planning on having at least the same number of races as a typical year.
The SEMA Future Trends Report is the latest study from SEMA that recaps the issues and outcomes that affected the industry in 2023, and how these areas are likely to affect the market in 2024 and beyond. Additional chapters include new findings on the industry's overall outlook, vehicle trends in the United States, ADAS and autonomous, and supply chain insights.
MPMC members can download the SEMA Future Trends Report for free at www.sema.org/research.