The automotive specialty-equipment market posted 2% year-over-year growth in 2022, reaching $51.8 billion in sales, according the new 2023 SEMA Market Report.
The 2022 results lagged the industry’s typical annual growth rate of 4% to 5%. However, given an environment of rising interest rates and what might be described as a post-pandemic economic hangover, the slowdown wasn’t a surprise. Looking at the bigger picture, 2022 continued a decade of growth for the industry.
The specialty-equipment market showed positive results in 2022 with an overall market growth of 2% and reaching $51.8 billion in sales, according the new 2023 SEMA Market Report. This continues a decade of growth for the industry, even among recent economic turmoil created by the pandemic.
SEMA estimates that sales growth will remain fairly flat in 2023, before ramping back up toward the industry’s historical growth trend in 2024.
“Even as economic uncertainty looms, particularly around inflation, consumers are passionate about customizing and continue to buy from our industry,” SEMA Director of Market Research Gavin Knapp said. “This report provides new and relevant findings that businesses can use to better connect with their customers, find areas of opportunity and drive their business.”
Available for download on the SEMA website, the SEMA Market Report provides a comprehensive review of the automotive specialty equipment market in 2022 and includes new data on the U.S. market size, consumer profiling and industry trends that can help companies make more informed business decisions.
Key findings from the report include:
- Pickup accessorization remains the biggest segment for the industry, topping $15 billion in sales.
- The CUV accessory market continues to grow, reaching 14% of specialty-equipment sales in 2022.
- Younger people continue to be the most likely to accessorize and perform more upgrades; 50% percent of those modifying their vehicles are under the age of 40.
- 50% of accessorizors own a powersports or recreational vehicle, opening up cross-selling opportunities.
- Over 80% of companies expect their sales to stay the same or grow in 2023.
The report is the focus of the upcoming SEMA Market Update webinar on June 21.