Astounding 2002 Growth Rate of 55.9% Pushes Market Niche
To Nearly $2.4 Billion
DIAMOND BAR, Calif., April 29 /PRNewswire/ -- The compact performance
segment within the automotive specialty equipment market may be all about
accessories and products for smaller-sized cars and vehicles, but the segment
itself burst its "compact" seams in 2002, according to SEMA, the Specialty
Equipment Market Association.
At its sixth International Auto Salon last weekend, SEMA announced that
2002 retail sales of accessories and other products for compact vehicles were
$2.367 billion in the United States, an astounding growth rate of 55.9%. SEMA
has tracked sales in this new niche of products for cars and trucks since
1997. Just six years ago, sales stood at $295 million.
The market niche has experienced unusually high-growth rates consistently
since SEMA began tracking this portion of the market for automotive
accessories and products. In 1998, the growth rate was 48.5%; 1999, 72.6%;
2000, 58.7%; and 2001, 26.5% (the flatter growth curve may be attributed to
9/11 shock within the country).
SEMA Vice President of Research Jim Spoonhower said, "This market is
fueled by the growing affection which younger drivers have for their vehicles.
They can tune and tweak them, enhance their appearance, add mobile electronics
systems, and personalize them to suit their lifestyle and sense of fashion."
SEMA's research in 2002 showed that five of every eight compact
performance enthusiasts purchased their vehicle used (62.7%). New vehicle
sales in this consumer segment accounted for 24.7% of the vehicle market, and
12.6% reported receiving their compact cars as a gift.
The compact performance market consists of three major types of small car
modification -- exterior or appearance, engine, and interior (audio/electronic
products, seating, and gauges).
A recap of SEMA's research about this market segment as it was presented
at the opening of SEMA's International Auto Salon 2003 (IAS), a trade and
consumer show for the compact performance market, is available at
http://www.sema.org/scpmarketstudy2003 .
SEMA's International Auto Salon 2003 was held at the Los Angeles
Convention Center. The industry and media attended the show Friday and
Saturday morning. Consumer hours were Saturday afternoon and evening, and
Sunday. More information is available at http://www.ias2k3.com .
SEMA represents the $27 billion specialty automotive industry. Founded in
1963, the trade association has more than 4,500 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 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 or
http://www.enjoythedrive.com .
Download an overview image of SEMA International Auto Salon 2003 at:
http://www.sema.org/images/31533.jpg
Caption: "Tuned" vehicles, resplendent with colorful graphics, and
booming with enhanced audio systems, drew the attention of attendees at the
International Auto Salon held at the Los Angeles Convention Center Friday,
April 25-Sunday, April 27.
SOURCE SEMA (Specialty Equipment Market Association)
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Related links:
http://www.sema.org
CONTACT:
Media, Rosemarie Kitchin, ext. 104,
rosemariek@sema.org, or Lisa Guth, ext. 181, lisag@sema.org, both
of SEMA, +1-909-396-0289
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