A new economic report distributed by SEMA highlights the impact that the specialty equipment aftermarket for motor vehicles has on America’s economy, the specialty aftermarket trade organization announced.
SEMA commissioned the research, which was conducted by John Dunham and Associates and is based on 2023 U.S. economy data.
The SEMA Economic Impact Report shows the financial output and support to the U.S. economy of the specialty equipment market.
There are several key findings in the report, according to SEMA:
- Nationwide, the specialty equipment industry supports more than 1.3 million American jobs.
- More than $104 billion worth of wages and benefits earned by American workers annually are supported by the industry.
- The industry accounts for more than $40 billion in taxes, including $24 billion in federal taxes and $16 billion in state and local taxes), which support the development of critical national and local infrastructure.
- The industry contributes more than $336 billion to the American economy annually.
According to the report, the aftermarket also employs more than twice the number of people as the U.S. aircraft industry and more people than the entire motion picture and video production industry. Additionally, consumers spent $52 billion on specialty automotive aftermarket products in 2022.
“We’re extremely proud that our industry represents such a key part of America’s economy, affecting any motorist who has upgraded their vehicle for a host of needs,” said Mike Spagnola, SEMA’s president and CEO. “SEMA’s 7,000 plus members, which are primarily small businesses, and the more than one million workers in the specialty aftermarket are extraordinary contributors to making the U.S. and local economies stronger across the country. It’s an industry that, one way or another, everyone has a stake in. It provides people with good-paying jobs and our local, state and federal coffers with taxes that grow our country’s economy. SEMA’s ecosystem is a powerhouse economic engine driving positive change, innovation and opportunity to America’s big cities and small towns, working families and small businesses. The specialty equipment aftermarket has proven to be a vibrant industry that delivers economic support to all 50 states.”
SEMA has released an interactive map that provides users state-by-state, congressional and state house and senate data in addition to the national numbers.
Click here to view the report and interactive map.