Automotive Specialty-Equipment Sales Grow to $52.3 Billion

2024 SEMA Market Report reveals new data on industry sales, growth opportunities for automotive aftermarket

Pickups, CUVs, and SUVs account for over 50% of accessory and
performance parts sales

DIAMOND BAR, CA – June 27, 2024 – (Motor Sports NewsWire) – Automotive specialty-equipment market sales grew to $52.3 billion in 2023, an increase of about 1% over 2022, according to the newly released “2024 SEMA Market Report.”

Produced by SEMA Market Research, the report is the Association’s largest report of the year and offers new insights into the size and scope of the specialty-equipment industry. The report includes detailed market sizing by parts category, consumer spending data by vehicle segment and information on where consumers shopped for aftermarket parts and accessories in 2023, along with other key industry trends.

“The economy continues to offer some uncertainty as we have emerged from the effect of COVID-19 and grapple with politics, global conflicts, and international trade policies,” said SEMA Market Research Director Gavin Knapp. “Yet, consumers keep on spending, and that will always be good for our industry. Unless a big economic shock hits, we can expect to continue with a reasonable growth rate moving forward.”

Free to SEMA business members as a benefit of membership, the report is an example of the many resources available to help industry professionals and businesses succeed in the market and stay ahead of the curve.

The report finds that the light truck sector continues to drive the specialty-equipment industry, with pickups (32%), CUVs (15%), and SUVs (12%) accounting for over half of accessory and performance parts sales.

“Light trucks are a diverse and growing group of vehicles that have overtaken cars to represent the majority of vehicles on the road in the United States,” added Knapp. “They present a significant opportunity for the specialty-equipment industry due to their versatile platforms for accessorization, and this trend only seems to be growing as more companies recognize the potential in this space.”

Drivers are also accessorizing their alternative power vehicles, such as EVs and Hybrids, which brought in $2.5 billion in sales in 2023. While EV sales have climbed year-over-year, consumers aren’t flocking to this technology as some have predicted and many automakers are adjusting their transition plans. SEMA has lowered its forecast for EV sales, with the expectation that internal…