Sales of automotive specialty equipment products continue to climb.
Sales in 2012 reached $31 million, a 4 percent increase over the previous year and marks the third consecutive year of growth, according to the 2013 SEMA Annual Market Report.
“The report’s findings are consistent with what we are seeing and hearing in the industry,” said Chris Kersting, SEMA President and CEO. “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 growth in 2012 is attributed to growth of the street performance niche, which represents $7.47 billion in sales, according to SEMA.
The light-truck market, which has declined in the recent years, also expected to rebound after seeing a slight increase last year.
The automotive specialty market began to see an upswing in 2010 when sales increased by 2 percent from 2009 to $28.60 billion.
In 2011, sales reached $29.99 billion, a 5 percent year-over-year gain over 2010, SEMA noted.
The SEMA Annual Market Report is conducted yearly to help SEMA member companies understand the industry and make informed business decisions.
SEMA research reports are available to SEMA members at no cost.
SEMA research reports are listed and can be accessed at www.SEMA.org/research.