Sales of Specialty Automotive Equipment Hit $31 Billion in 2012
Issue: June 2013, Posted Date: 6/24/2013
Sales of automotive specialty parts, tools and components grew for the third consecutive year, according to the Specialty Equipment Market Association.
Sales reached $31 billion in 2012, a 4 percent increase over 2011, according to the trade association's 2013 annual report.
"The report's findings are consistent with what we are seeing and hearing in the industry," said Chris Kersting, president and CEO of the association.
"Having experienced significant economic challenges over the past several years, the specialty parts and accessories market is ready and eager to do business. Companies have a more positive outlook about the future and are finding ways to grow the market."
The market for automotive specialty equipment took a nearly $4 billion hit during the height of the recession in 2009.
However, the market has been bouncing back since 2010, when sales increased by 2 percent to $28.6 billion. Sales jumped by 5 percent in 2011, reaching nearly $30 billion.
Recent growth has been driven by the street-performance category, which includes superchargers, undercar lighting, racing kits and nitrous systems. Sales of street-performance products hit $7.5 billion in 2012, making it the largest niche in the industry, according to the association.
The association also expects sales to grow in the light-truck category, "as leading automakers prepare to release major redesigns for popular truck models in the coming years."
"The SEMA Annual Market Report is consistent with the trends we see," Kersting said.
"The number of exhibitors and buyer attendees at the SEMA Show has consistently increased over the last couple of years and we are on track to see an even stronger Show in 2013. We're seeing strong participation in nearly every area of the Show."