Automotive Specialty-Equipment Market Grew 2% in 2022

Automotive Specialty-Equipment Market Grew 2% in 2022

SEMA estimates that sales growth will remain fairly flat in 2023.

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.

You May Also Like

Auto Care Testifies Against Idaho Bill Targeting Non-OEM Parts

The bill would add language to an existing law that requires insurers to notify consumers in writing if they specify aftermarket parts for a collision repair.

Idaho SB 1233

The Auto Care Association last week testified before the Idaho State Senate Commerce and Human Resources Committee in opposition to Senate Bill 1233, which would add language to an existing law that requires insurers to notify consumers in writing if they specific aftermarket parts for a collision repair.

Currently, Section 41-1328B of the Idaho Code states, “It shall be an unfair claim settlement practice for an insurer to specify the use of nonoriginal equipment manufacturer aftermarket crash parts in the repair of an insured person’s motor vehicle, or for a repair facility or installer to use non-OEM aftermarket crash parts to repair a vehicle, if the consumer has not been advised in writing.”

Trade Associations Urge Congress to Restore R&D Tax Deduction

A change to the U.S. tax code has been “particularly burdensome for the auto industry, threatening thousands of jobs.”

Restore R&D Credit
Legislators Challenge Vehicle Data-Access ‘Double Standard’

Several Democrats penned a letter to NHTSA outlining concerns that NHTSA’s latest guidance may unfairly harm independent repairers.

Counterman on Holiday

Counterman will send its regularly scheduled Thursday e-newsletter on Friday, Nov. 24.

Right to Repair Triumphs in Maine Referendum

At press time, more than 80% of Maine voters had answered “yes” to Ballot Question 4.

Other Posts

SEMA Voices Opposition To California’s ACC II Mandate

Association members and consumers sent EPA over 5,000 letters in opposition to the ACC II Waiver.

CRP Marks 40 Years of Pentosin Fluids in North America

CRP Automotive will mark the anniversary with specialty signage and featured products at AAPEX in Las Vegas, slated for Oct. 31-Nov. 2.

House Subcommittee Examines Potential Impact of REPAIR Act

Subcommittee members and others expressed enthusiastic support for the legislation.

Right to Repair: NHTSA Open to Short-Range Wireless Protocol

If the proposal sees the light of day, it would limit the scope of the Massachusetts data-access law.