The number represents a 7% increase over 2005, when sales reached $34.28 billion.
“Today’s consumer wants something unique and different,” said Jim Spoonhower, vice president of market research for the Specialty Equipment Market Association (SEMA). “They’re buying vehicles that are dependable and reliable, but then they’re personalizing those vehicles so that they look distinctive, perform differently, are more comfortable, convenient, safe or just more fun.”
The association reports that the automotive specialty-equipment industry has seen sales grow an average of 7.4% per year during the last 10 years. Meanwhile, the growth of the total automotive aftermarket (which includes repair parts) and the U.S. economy has been much slower (4.4% and 3.2%, respectively).
“What’s really exciting is that we’re seeing more and more mainstream consumers discovering the benefits of vehicle personalization,” said Spoonhower. A 2007 survey found that 25% of American drivers plan to purchase automotive specialty-equipment industry products in the next 90 days.
SEMA also notes that automakers are recognizing the importance of customization. In fact, many automakers collaborate with SEMA on programs that allow members to develop products better, faster and more efficiently than ever before. This trend is resulting in more products and giving consumers greater options.
Comprehensive details on the size of the automotive specialty-equipment market and other industry trends can be found in the June 2007 issue of SEMA News. Articles from the publication are available online at www.semanews.com.
