Consumer spending increases for eighth straight year
and is projected to keep growing
DIAMOND BAR, CA – July 30, 2018 – (Motor Sports Newswire) – The automotive specialty equipment market experienced an eighth straight year of post-recession growth, reaching $43 billion in 2017, as reported in the 2018 SEMA Market Report. This number represents a 4% growth over the previous year and is projected to increase through the end of 2018.
Highlights from the 2018 SEMA Market Report include:
- Pickup products accounted for $12.44 billion (29%) of sales in 2017
- In-store purchases accounted for roughly two-thirds of all retail sales in 2017
- 33% of all specialty-equipment consumers were under 30 years old
- 42% of all forced induction products (turbochargers, superchargers, etc.) purchased were DIY installed
The 2018 SEMA Market Report is filled with additional details about the state of the industry and how products are bought, obtained and installed. The 82-page report also includes information on specialty automotive consumers, key industry and economic trends, and insights into the vehicles on the road.
SEMA, the Specialty Equipment Market Association founded in 1963, represents the $43 billion specialty automotive industry. The industry provides appearance, performance, comfort, convenience and technology products for passenger and recreational vehicles. Association resources include market research, legislative advocacy, training and product development support, as well as leading trade shows such as the SEMA Show in Las Vegas, NV, and the Performance Racing Industry (PRI) Trade Show in Indianapolis, IN. For more information, visit www.sema.org, www.semashow.com, or www.performanceracing.com.
Source: Specialty Equipment Market Association