The current outlook of the U.S. economy remains positive, with several tailwinds helping to drive the recovery, according to the latest “SEMA Industry Indicators.” States have lifted many COVID-19 restrictions as vaccination rates rise and consumers are responding. This, combined with loose federal monetary policy and stimulus payments, is spurring consumer spending.
The SEMA Show is back for 2021! Attracting more than 150,000 industry leaders, including 60,000 buyers from around the world, the annual Show, to be held November 2–5 in Las Vegas, is still growing. This year, it will expand into the Las Vegas Convention Center’s brand-new West Hall, providing an additional 1.4 million sq. ft. of exhibit space. Despite the Show having been canceled last year due to the COVID-19 pandemic, many companies industry-wide (including those that were first-time exhibitors in 2019) are reporting record sales over the past year, and those that struggled are now starting to bounce back.
Even in the face of a pandemic that ravaged livelihoods and economies globally, the automotive specialty-equipment market somehow managed to continue its steady growth trend, up to $47.89 billion in 2020—a 4% increase over 2019, according to the recently released “2021 SEMA Market Report.” Slower growth is expected to continue into 2022 as more businesses reopen and compete for consumer dollars before taking off again in late 2022 or early 2023.
The Illinois Senate passed SEMA-supported legislation to allow expanded-use antique vehicles to be driven without limitation for two additional months. Currently, expanded-use antique vehicles are defined as being more than 25 years old or “a bona fide replica” and are limited to traveling to and from auto shows, exhibitions, service stations and demonstrations during the colder months (November through March), but they can be driven without limitation during the warmer months (April through October). The bill proposes that the months without driving limitations to be expanded to March through November. The legislation awaits final approval or veto by Governor J.B. Pritzker.
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