The Pickup sector remained strong for the automotive specialty-equipment market in 2023, accounting for 32% of retail sales, according to the new 2024 SEMA Market Report. Automotive specialty-equipment market sales also grew to $52.3 billion in 2023, an increase of about 1% over 2022.
Produced by SEMA Market Research, the report is the association's largest report of the year and offers new insights into the size and scope of the specialty-equipment industry. The report includes detailed market sizing by parts category, consumer spending data by vehicle segment and information on where consumers shopped for aftermarket parts and accessories in 2023, along with other key industry trends.
"The economy continues to offer some uncertainty as we have emerged from the effect of COVID-19 and grapple with politics, global conflicts and international trade policies," said SEMA Market Research Director Gavin Knapp. "Yet, consumers keep on spending and that will always be good for our industry. Unless a big economic shock hits, we can expect to continue with a reasonable growth rate moving forward."
Free to TORA members as a benefit of membership, the report is an example of the many resources available to help industry professionals and businesses succeed in the market and stay ahead of the curve.
The report finds that the light truck sector continues to drive the specialty-equipment industry, with pickups (32%), CUVs (15%), and SUVs (12%) accounting for over half of accessory and performance parts sales.
"Light trucks are a diverse and growing group of vehicles that have overtaken cars to represent the majority of vehicles on the road in the United States," added Knapp. "They present a significant opportunity for the specialty-equipment industry due to their versatile platforms for accessorization, and this trend only seems to be growing as more companies recognize the potential in this space."
Additionally, over 90% of specialty-equipment businesses surveyed expect their 2024 sales to equal or exceed 2023. This is positive news as the industry prepares for the SEMA Show later this year, where more than 2,400 brands are set to exhibit and reveal their products and services to thousands of qualified buyers.
TORA members can download the new "2024 SEMA Market Report" for free at sema.org/research.