SEMA Reports Annual Market Sales of $28.9 Billion, Up 7.7 Percent
DIAMOND BAR, Calif., April 2 /PRNewswire/ -- The U.S. automotive specialty
equipment industry grew 7.7 percent to $28.9 billion in 2003. The market's
2002 sales of products such as appearance accessories, racing and performance
parts, and suspension and handling equipment totaled $26.8 billion.
"Our industry has very good news to report in a sluggish economic
climate," said Christopher J. Kersting, president and CEO of SEMA, the
Specialty Equipment Market Association. Kersting made the SEMA market-size
announcement at the Motor Press Guild (MPG) meeting held in conjunction with
the opening of the 7th International Auto Salon at the Los Angeles Convention
Center.
"Although we are far ahead of the overall economy, our very good news is
not only about the money," Kersting said. "Our industry's sales reflect the
excitement, performance and utility of the products we offer to make daily
driving more fun, convenient, comfortable, efficient and more suited to
personal lifestyles. Automotive motifs are pervasive in our culture today --
we see them in movies, hear them in music, and play 'automotive' in video
games. It's obvious that Americans and their vehicles are seamed together."
Appearance accessories accounted for a majority share (57.7 percent) of
the automotive specialty industry, with nearly $17 billion spent on items like
truck bedliners, graphics, body kits, and sunroofs.
Handling improvements from performance braking systems, steering,
suspension products, custom wheels and performance tires took the second
largest share of the market at $7.27 billion, or 25.1 percent of the market.
Within the handling equipment sector of the market, performance tire sales
were $3.5 billion, running closely with custom wheel sales at $3.3 billion.
Products to improve performance or for use in racing generated
$5.08 billion (17.6 percent of the total).
"The balance of product sectors within our market didn't shift much last
year," commented Kersting. "Appearance accessories' market share grew by
one-tenth of one percent: the market share for handling was exactly the same
as in 2002, and performance and racing products, while sliding about half a
percent, grew in dollar sales from $4.9 billion in 2002 to $5.2 billion in
2003."
"Analyzing the numbers with our market research staff, it's apparent that
automotive appearance products are becoming increasingly more mainstream," he
said. "In the early days of the specialty equipment industry, our customers
were primarily enthusiasts interested in racing and performance. Today, more
and more accessories are being purchased by non-enthusiast consumers. They
are choosing to spend their discretionary dollars on automotive products. Our
vendors basically compete with discretionary entertainment options available
to consumers."
More information about the SEMA marketplace is available from Jim
Spoonhower, SEMA vice president of market research at jims@sema.org,
909/396-0289, ext. 145, or by visiting http://www.sema.org.
SEMA represents the $29 billion specialty automotive industry. Founded in
1963, the trade association has 5,200 member companies. It is the
authoritative source of research, data, trends and market growth information
for automakers and the specialty auto products industry. The industry
provides appearance, performance, comfort, convenience and technology products
for passenger cars, minivans, trucks, SUVs, crossovers, and recreational
vehicles. For more information, contact SEMA at 1575 S. Valley Vista Dr.,
Diamond Bar, CA 91765-3914: call 909/396-0289; or visit http://www.sema.org.
Image available at: http://www.sema.org/image/32702.jpg
CAPTION: In 2003, U.S. automotive specialty equipment industry sales grew
7.7 percent to $28.9 billion, according to SEMA, the Specialty Equipment
Market Association.
SOURCE SEMA (Specialty Equipment Market Association)
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Related links:
http://www.sema.org
CONTACT:
Rosemarie Kitchin, ext. 104,
rosemariek@sema.org, or Lisa Schafer, ext. 181, lisas@sema.org,
both of SEMA, +1-909-396-0289
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