Over the last 25 years, the specialty equipment market has grown from $7.2 billion to $36.2 billion, according to the 2015 Specialty Equipment Market Association (SEMA) Market Report. AGRR companies may want to consider carving out a larger piece of this diversification pie as consumers increasingly looking to personalize their rides.
Some of the hot areas include paint and body finishing products, truck accessories, sunroofs, window film, seats and upholstery, alarm and security products, in addition to audio accessories.
“With that growth came a lot of changes,” writes Gavin Knapp, director of market research for SEMA. “New vehicle technology is developing rapidly as computers increasingly control all of a car’s systems. Advanced manufacturing systems can develop prototypes in a matter of hours. The world has gone online, connecting our industry to customers more quickly but often less personally. As all these systems grow and intertwine, data is becoming a key business asset and need.”
The SEMA report culled out facts on variety of trends.
Paint and body finishing products make up $0.95 billion of the specialty market, representing about 5 percent of drivers, according to the report. This segment includes body decals, graphics, body emblems, window tinting and lamination.
Truck bed liners and other truck accessories account for an estimated $0.14 billion piece of the specialty market. The customer base is about 1 percent of drivers. This segment includes pickup bed rack systems, drop-in or spray bed liners and toolboxes.
Other exterior accessories make up about $1.2 billion of the market and include windshield wipers, mirrors, sunroofs, moon roofs, window shades, mirrors, custom grilles, side steps and other accessories. About 7 percent of drivers seek out these services, according to the report.
Seats and upholstery work represents a $0.57 billion portion of the specialty market, covering approximately 3 percent of drivers. This segment includes seat belts, harnesses, restraints, custom seats, headliners and upholstery.
Alarms and security products carve out a $1.27 billion segment of the specialty market, representing 4 percent of drivers. The products include alarms, security systems, remote starters, backup cameras, custom horns, locks and entry kits.
When it comes to music, sound systems and audio accessories represent $1.14 billion of the market, covering 4 percent of drivers. These products include MP3, iPod integration products, satellite radio, in-dash stereo systems, in-dash stereo system with video, speakers, subwoofers and other mobile electronics products.
“Consumer spending on automotive specialty equipment parts and accessories is on a rise, reaching $36 billion in 2014. This number, which represents an 8 percent growth over the previous year and the fifth consecutive year of growth,” according to SEMA.
The 2015 SEMA Market Report is available to SEMA member companies for free by clicking here.
To learn what add-on services are most popular with AGRR companies look to our upcoming July/August issue.