Sales of specialty-equipment parts reached a new high in 2021, increasing to $50.9 billion in retail sales – up from $47.9 billion in 2020, SEMA researchers found in a recent market study.
The finding comes from the new “2022 SEMA Market Report,” which offers a review of the specialty equipment market in 2021. The report includes new data on the U.S. market size, consumer profiling, industry trends and changes in the vehicle population.
The growth was driven by strong consumer interest in working on their car or truck, SEMA estimates, as more than 80% of specialty-equipment consumers reported spending as much, if not more, time working on their personal vehicles as they did during 2020.
“The 2022 SEMA Market Report can help member companies identify key areas of interest for consumers, and where the most money was spent on parts in 2021,” said SEMA Director of Market Research Gavin Knapp. “As our biggest research report of the year, this is a must-read for any business owner who wants to make strategic, data-driven decisions.”
Restrictions on in-person shopping eased in 2021, prompting consumers to become more comfortable going back into stores to buy parts, according to SEMA researchers. The split of in-store versus online sales in 2021 was roughly 50/50 – versus 54% online in 2020, and 45% online in 2019.
Pickups remain the single biggest segment in the specialty-equipment parts market, according to the report, as an estimated 13.6 million pickups were modified by consumers in 2021, accounting for a combined 31% of specialty-equipment parts sales.
Ongoing supply chain issues are also a concern in 2022, according to the trade organization. More than 90% of specialty-equipment manufacturers, distributors, and retailers feel that their business has been impacted by supply-chain-related challenges. This, in turn, is softening expectations regarding 2022 sales.
Click here to view the full report.
