By Ashley Reyes
The automotive aftermarket is in a state of constant evolution, driven by new vehicle trends, consumer-spending patterns and the integration of new vehicle technologies.
The new "2024 SEMA Future Trends Report," released by SEMA Market Research, explores the landscape and evolution of the classic car market, offering valuable insights into trends and future projections.
According to the report:
- Classic vehicles maintain a highly passionate audience intent on keeping up with modifications, upgrades, and restoration. The current top segment for classic vehicles is the '60s to early '70s range.
- Looking forward, SEMA anticipates a shift in classics and restoration to accommodate a new generation with growing interest in '70s, '80s and even '90s vehicles.
- Younger owners are typically more willing to swap in modern comfort and performance parts rather than trying to keep everything stock, with a restomod sentiment (a type of vehicle restoration that combines a vintage car's classic design with modern technology and components).
- In 2022, the classics market accounted for $1.81 billion in retail part sales.
- As time passes and newer cars continue to come to market, there is a possibility of a decline in market size as pre-'90s classics go off the road.
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.
SEMA business members can download the "SEMA Future Trends Report" for free at sema.org/research.