U.S. consumers purchase $38.11 billion of specialty automotive products in
2007
DIAMOND BAR, Calif., (May 28, 2008) – U.S. consumers
purchased an unprecedented $38.11 billion of specialty automotive products in
2007, despite a lag in the general U.S. economy. That figure is a 3.78% increase
from 2006 to 2007, and it represents the 17 consecutive year of growth.
Comprehensive details and information are included in the annual SEMA Market
Study, one of several industry-specific research reports produced by the
Specialty Equipment Market Association (SEMA). The 41-page study includes
details on nine market niches, various market segments, as well as an analysis
of where consumers are purchasing products.
“Industry sales have grown at rates that are two to three times of what might
have been expected,” says SEMA VP of Market Research Jim Spoonhower, who points
out that the automotive specialty-equipment market has averaged an 8% growth
rate over the last 10 years. That’s nearly twice the annual rate of 4.1% for the
total aftermarket.
Spoonhower notes, however, that the 2007 increase is a significantly smaller
increase than what the industry has had in recent years.
“As we look over the recorded history of industry numbers, we find only three
periods of soft sales growth,” said Spoonhower. “The first was in 1991, when the
industry was hit doubly hard by a soft economy and the first Gulf War. The
second came 10 years later in 2001 when the industry saw an increase of less
than 4%. We’re now entering our third period of soft sales, with an increase of
3.78% -- a smaller increase compared to what the industry is used to.”
Given the overall U.S. economy, SEMA has anticipated a slowdown and is
prepared to help its members persevere. At its annual State of the Association
meeting held earlier this year, SEMA’s leadership encouraged its members to look
to the association during tough economic times.
“SEMA can help companies who are looking for high-quality, affordable
training solutions, or those who are struggling with complex vehicle technology
and new vehicle models,” said SEMA VP of Events and Communications Peter
MacGillivray. Free educational programs, legislative support and export
assistance are a few of the programs that MacGillivray cites as easy, affordable
options for expanding one’s market.
“The typical SEMA member company is an enthusiast who enters the industry
because of a love and passion for automobiles,” said MacGillivray. “These
companies typically have small staffs and operate on lean budgets. SEMA’s
programs and services serve as an extension to their staffs and fill a vital
void.”
Comprehensive details on the size of the automotive specialty-equipment
market and other industry trends can be found in the June 2008 issue of SEMA
News. Articles from the publication are available online at www.semanews.com.
Founded in 1963, SEMA represents the $38.1 billion automotive
specialty-equipment industry and has 7,094 member-companies. It is the
authoritative source for research, data, trends and market growth information
for the automotive specialty-equipment industry. The industry provides
appearance, performance, comfort, convenience and technology products for
passenger and recreational vehicles. For more information, contact SEMA at 1575
S. Valley Vista Dr., Diamond Bar, CA 91765, tel: 909/396-0289, or visit www.sema.org and www.enjoythedrive.com.
