July 23, 2024

Linkage Mag

Geared for the Automotive Life

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Automotive Aftermarket Surpasses $51 Billion in Sales in 2022

The collector car market generates huge numbers in sales every year. So too does the automotive aftermarket.

Wheels, brakes, tires, interior components, engine parts — the sales of these items has been on the upswing for the past several years. This week, SEMA, the Specialty Equipment Market Association, released their numbers for 2022 — and again, the market is moving.

According to their report, 2022 saw overall market growth of 2% with overall sales reaching $51.8 billion. According to SEMA, that’s slightly below the typical 4% to 5% seen year over year, but it’s still upward movement — and some slowing was apparently expected due to the current economic climate. Regardless, these numbers continue a trend of growth that’s been going on for a decade now.

SEMA’s forecast assumes fairly flat growth for 2023 and a return to the historical growth trend in 2024.

“Even as economic uncertainty looms, particularly around inflation, consumers are passionate about customizing and continue to buy from our industry,” said SEMA Director of Market Research Gavin Knapp. “This report provides new and relevant findings that businesses can use to better connect with their customers, find areas of opportunity and drive their business.”  

Some specifics from the report include:  

Truck accessories remained the biggest segment for the industry in 2022, topping $15 billion in sales for the year.

Younger people continue to be the most likely to accessorize and perform more upgrades — 50% percent of those modifying their vehicles are under the age of 40.

Over 80% of companies expect their sales to stay the same or grow in 2023.

The complete report is available for download at www.sema.org/research

Learn more about SEMA here.

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