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.
Comments
I see this first hand at work everyday. The more trucks increase the more performance cars decline. It used to be all Camaro then Mustang. Now it is trucks of all kinds.
To be honest the trucks are saving much of the performance aftermarket.
I think age matters too. When I was younger (early to mid 20’s) I was much more into performance cars. F-Bodies, Corvette’s, GTO, etc. Now that I am a little older (31) I am much more interested in cars/trucks I can drive year round in the Northeast. (Colorado, WRX STI), but I still want aftermarket options for fun.
Actually the age demo is getting older for enthusiast.
Younger people either can not afford to get into the segment or as with many they have no interest.
We used to use cars to go out and socialize and we would identify with and by our vehicles. Kids today stay home and are on line. No malls, no cruise in’s, no hang outs etc.
You go to a Cruise in today and the young people are 50 years old.
Trucks and off road do tend to attract younger buyers. Many high school age enthusiast are truck or Jeep enthusiast.
I do agree with you a bit. I’m sure it is getting older. In my experience, as someone who also worked at a speed shop, it was always the older demographics that could actually afford the aftermarket parts, but the younger generation that typically went out for meet ups and raced. In my area Cruises (Actual sanctioned cruises at restaurants and what have you) were typically older, but also had a decent younger representation as well. I am technically a millennial, and I did many of the things you described with others my age up until I sold my Camaro. I haven’t been to one since I have owned by boring Cruze. (The MPG is amazing, but let’s face it it’s a pretty dull car). It is just too much money for me to have that kind of car when I can only enjoy it 3-6 months out of the year. That is why vehicles like trucks and AWD cars are popular here. They are still fun, and can perform, and you can actually enjoy them all year. I would like to have a fun car again, but simply can’t afford it. It’s not because of student loans either.
trucks I agree have gained popularity all around though.
Well in my era we could buy muscle cars for two grand in the 80’s that were still in good shape. We also could afford to build and race them on the pay from working at a gas station that still worked on cars and put the gas in for you.
We hung out in parking lists with runs to A&W for food. No lawn chairs and bands till later on.
We all had 2-3 cars at a time. I at one time had a Chevelle with a tunnel Ram. A big block Sprint SP GMC and a daily driver 1970 Montecarlo. All today would be worth $25k to $35k. I wish I still had them.
While today appears bleak with FWD cars there are a number of low mile F bodies cheap. My Neighbor sold his 92 Z/28 for $9k with 17k miles and all the SLP parts to get it into the 12 sec range. There are other deals out there if you really want one.
But I watch as my son and his friends seldom go anywhere and many did not get their license nor if the do want to drive.
One has a Hummer but that was dads idea.
It is much like the movie Ready Player One.
Trucks are strong in rual areas. I have a cousin with a Disele with nearly 700 HP and a bed filled with a pop up big screen, video screen and blue ray player. Oh and video games.
The meet up on some ones farm start a fire and party in the field.
Young people have a lot of impromptu meets. With the help of social media, organized meets are HUGE and yields many young people. With events like GRIDLIFE gaining more and more traction, you will see young people flock to them.
Provided they can pay for it.