U.S. consumers spent more than $1.2 trillion on automobiles and automobile parts in 2020.
According to the Special Equipment Market Association Market Research’s new Retail Trends Report, this spending makes for the largest retail segment in the country.
Retail spending in the U.S. comprised more than $6.2 trillion in 2020.
Highlights of the report include the fact that SEMA expects online retail sales to level off and return to a historical trend of gradual growth. In 2020, specialty-automotive aftermarket led retail sales also with more than half of $47.89 billion of online sales spent on specialty parts.
The report warns retailers to watch out for the evolution of the vehicle population as light trucks, including pickups, SUVs and CUVs are predicted to comprise 80% of new vehicle sales through 2028. While hybrid and electric cars, the report predicts, will be only 25% of new vehicle sales by 2028, they could be as much as 45% by 2035.