FROM MIKE SPAGNOLA
New Specialty-Equipment Market Research Now Available for Download
By Mike Spagnola, SEMA President and CEO
Along with SEMA’s work in government affairs, trade events, and professional advancement programs, it’s long been a top priority to help businesses make data-driven business decisions by means of targeted research. The goal is to help members understand the size and scope of the industry, and help define investment opportunities, segment by segment.
The recently released “2023 SEMA Future Trends Report” illustrates the commitment the association has made to providing professional research to the industry, one of a series of reports to be released this year. The 69-page report includes not only proprietary SEMA industry survey tabulations but also detailed metrics derived from a broad range of economic indicators. These include new vehicle sales trends, rates of unemployment, consumer confidence, and overall retail sales in segments relevant to our industry.
These elements and others in the report offer a forward-looking perspective, and an opportunity to make informed projections as to probable business conditions in the months and years ahead. It’s a must-read report for retailers considering how much inventory to carry, manufacturers managing production rates and new product development, distributors anticipating supply chain challenges, and for jobbers who need to foresee what technologies will affect the types of vehicles they will soon be working with—and the equipment that might be needed.
One particular segment of the “2023 SEMA Future Trends Report” allows readers to keep an eye on growth rates of electric vehicles, and the factors that will affect opportunities in that segment in the years to come. Another section details shipping and freight prices, and charts truck and container ship activity in ports. And yet another section looks at aftermarket-specific trends and opportunities in segments like muscle cars, tuner cars, off-road vehicles, racing and classic cars.
The “2023 SEMA Future Trends Report” is not the only research tool available to businesses in the specialty automotive sector. Later this spring, and again in the fall, a “SEMA State of the Industry Report” will be published, the “SEMA Market Report” is released in the summer, and other consumer-focused studies are available to provide insights into end-user types and buying habits. Another upcoming series of reports is based on specific lifestyle groups and how those communities interact with our industry. These and many other reports are available for download, free of charge, at www.sema.org/
market-research.
While the reports provide considerable detail, research support for SEMA members is not limited to the reports themselves. The SEMA research team is always available to provide clarifications, and act as consultants when it comes to interpreting the available market data.