By Ashley Reyes
SEMA has released its "2024 Market Report" highlighting new findings on how automotive specialty-equipment market sales performed in 2023.
Designed to help SEMA business members make more informed business decisions, the report includes detailed insight into consumer spend, where consumers shopped for parts and accessories in 2023 and what the total market size may grow to in the coming years. SEMA business members can download the report for free at www.sema.org/research.
Below are key takeaways from the report. To download the infographic with these stats, visit this link.
- Overall industry sales grew $550 million to $52.35 billion in 2023.
- The light-truck sector continues to drive the specialty-equipment market, accounting for 59% of accessory and performance parts sales.
- Sales were strong in all sectors of the market:
- Appearance and accessory products: $27.41 billion
- Engine and performance products: $12.56 billion
- Wheels, tires and handling products: $12.38 billion
- Drivers are accessorizing alternative power vehicles, including electric vehicles (EVs) and hybrids, spending $2.5 billion in 2023.
- Many accessorizers are modifying their daily drivers. More than half of accessorized vehicles are used for commuting (58%).
- Younger people continue to drive the market; half of accessorizers are under the age of 40.
- EV sales have increased, but consumers aren't widely adopting this technology yet as some had predicted, causing many automakers to adjust electrification plans.
