By SEMA News Editors
SEMA's market research team this week released a report highlighting national trends in vehicle lifecycle and the implications for the automotive aftermarket. Among the key trends discussed in the report is that Americans are keeping their motor vehicles longer, partly because of increased dependability, but also because of the prohibitive cost of buying replacements. The average U.S. vehicle age is now at 12.6 years, its highest number in more than a decade.
The research also reveals trends across four categories of vehicles (Classic, Aged, Core and Modern), highlighting age, popularity, usage and consumer spending habits. For accessorizing, pickups and muscle cars are the top choices for enthusiasts. Meanwhile, vehicles in the Aged category are driving spending for performance products, as a way to refresh their older vehicle. Aftermarket product spending for Modern and Core vehicles was primarily--59% and 54%--on accessory and appearance products, while 63% of spending on Classic vehicles was for performance and handling products.
SEMA business members can download the new "SEMA Vehicle Lifecycles Report" for free at www.sema.org/research. To learn more about SEMA membership, visit www.sema.org/membership.
For more information, contact Gavin Knapp, director of SEMA market research, at gavink@sema.org.