As the pickup truck market booms, so does the aftermarket. SEMA released its annual market report which showed trucks continue to drive consumer spending in the aftermarket segment.
The industry reached $43 billion in 2017, which marked the eighth straight year of growth. The figure is up 4 percent from 2016 and SEMA expects the number to climb higher in 2018.
Digging into some of the highlights, truck products accounted for $12.44 billion of the $43 billion total or 29 percent of sales. Automakers, including General Motors, have capitalized on the aftermarket pickup trend and have moved to further segment the market. It’s one of the reasons why we continue to see Chevrolet Silverado and Colorado special edition trucks, factory black-out packages and more.
For those wrenching on cars themselves, the SEMA report shows buyers prefer to buy their parts in-person; store purchases accounted for two-thirds of all retail sales last year. On the demographic side of things, 33 percent of purchasers were under 30-years-old (and millennials don’t like cars…), and 42 percent of forced-induction products such as turbochargers and superchargers were installed in a DIY fashion.
With such market insight, expect automakers to continue placing an emphasis on pickups and factory solutions to aftermarket remedies.