Specialty Equipment Market Growing, Reaches $36 Billion

The automotive specialty equipment market’s consumer spending on automotive specialty equipment parts and accessories reached $36 billion in 2014, the Specialty Equipment Market Association (SEMA) reported.

According to the 2015 SEMA Market Report, the amount is an 8% growth from 2013 and the fifth consecutive year of growth.

SEMA also reported street performance reached almost at $10 billion, light-truck climbed 9%, off-road accessory retail sales increased 8%, the Compact Performance market valued at more then $5.18 billion.
“This is an exciting time for the automotive specialty equipment industry,” said Chris Kersting, president and CEO of SEMA. “Businesses are thriving, and new technology and new ways of doing business are helping companies to succeed and grow exponentially.”  Kersting attributes advance manufacturing systems and social media as some of the changes helping businesses.

The SEMA Market Report outlines the state of the industry with 80-page report notes to provide SEMA members with research to help their businesses and understand the industry.

GRI recently conducted programs in Sri Lanka to empower women and motivate children under its Green x Circle initiative. The company said these endeavors aimed to address the needs of the community, focusing on both women empowerment and youth motivation.

GRI recently organized a training program titled "Management of household finance under current economic conditions" at the Ingiriya Rubber Collecting Center in Sri Lanka, South Asia led by Shashika Nimali, an NLP practitioner and life coach. The company said this initiative provided women in the industry with essential skills and knowledge to effectively manage household finances. GRI's tailored training sessions equipped participants with tools for informed decision-making, ultimately fostering greater financial security and independence, the company said.