FOR IMMEDIATE RELEASE
July 15, 2015
For media inquiries contact: Della Domingo
909-978-6723
dellad@sema.org
Editor's Note: An Image is available for this release. Please contact Monika Earle at monikae@sema.org.
AUTOMOTIVE SPECIALTY EQUIPMENT MARKET REACHES $36 BILLION
-- Growth represents 8% increase over previous year, fifth consecutive year of growth --
DIAMOND BAR, CA (July 15, 2015) - Consumer spending on automotive specialty equipment parts and accessories is on a rise, reaching $36 billion in 2014. This number, which represents an 8% growth over the previous year and the fifth consecutive year of growth, is reported in the 2015 SEMA Market Report available exclusively to SEMA member companies at (www.sema.org/marketreport2015).
"This is an exciting time for the automotive specialty equipment industry," said Chris Kersting, president and CEO of the Specialty Equipment Market Association (SEMA). "Businesses are thriving, and new technology and new ways of doing business are helping companies to succeed and grow exponentially."
Kersting points to changes such as advance manufacturing systems and social media as a few of the developments that have transformed the way businesses operate.
"Companies can develop products faster than ever before, and connecting with customers is more immediate than it's ever been," said Kersting. "One thing that has remained the same is the passion that SEMA member businesses have for vehicle customization."
The SEMA Market Report is filled with additional details about the state of the industry. The nearly 80-page report notes:
- Street performance remains the largest SEMA niche reaching almost $10 billion
- Light-Truck continues to rebound, climbing 9% in 2014
- Off-Road accessory retail sales continues its growth, up 8% this year
- With high gas prices and a push in small car sales, the Compact Performance market continues to offer expanding opportunities currently valued at over $5.18 billion
The entire report is available free to SEMA member companies at www.sema.org/marketreport2015. It is designed to provide members with research that will help businesses better understand the industry and make strategic business decisions. To learn more about the report or the association, contact member@sema.org or 909-610-2030.
About SEMA
SEMA, the Specialty Equipment Market Association founded in 1963, represents the $36 billion specialty automotive industry of 6,814 member-companies. It is the authoritative source for research, data, trends and market growth information for the specialty auto parts industry. The industry provides appearance, performance, comfort, convenience and technology products for passenger and recreational vehicles. For more information, contact SEMA at 1575 S. Valley Vista Dr., Diamond Bar, CA 91765, tel: 909-610-2030, or visit www.sema.org.
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