Three out of every five business in the specialty automotive equipment industry reported sales growth in the past year, according to a new SEMA report based on input from more than 800 aftermarket businesses.
The report also revealed that 73 percent of businesses surveyed expect sales to increase this year. Manufacturers are particularly optimistic, with very small businesses that make less than $2 million in annual revenue expecting both their company and the industry to keep growing this year.
Independent retail and direct-to-consumer sales represent the industry’s fastest-growing channels, with independent specialty retailer/installers accounting for a fifth of part sales.
Most specialty-automotive parts are still sold in-store. On average, physical retail channels represent 65 percent of sales, according to SEMA.
Click to read more from the SEMA Industry Perspectives Report 2019.