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Specialty Equipment Market Grew To $52.3 Billion In 2023, According to SEMA Report

Specialty vehicle equipment sales, including aftermarket accessories performance parts, are booming according to the 2024 SEMA Market Report, which shows the industry reaching $52.3 billion during 2023 and a trend of growth continuing despite economic factors.

This figure represents growth of about $550 million in aftermarket parts and equipment sales compared to 2022, as the following chart provided by SEMA shows:

SEMA market research.

About half of the sales, or $27.4 billion, were of “appearance parts” and various accessories, SEMA found, showing that aesthetic upgrades are one of the key drivers of this market. Remaining sales were split fairly evenly between engine and performance parts ($12.6 billion) and wheels, tires, and “handling” parts ($12.4 billion).

Parts for light trucks accounted for more than 50 percent of sales. SEMA includes crossovers, SUVs, and pickups in the light truck category, though pickup parts and accessories made up the majority of these sales. Research director Gavin Knapp observed that light trucks “have overtaken cars to represent the majority of vehicles on the road in the United States.”

Accessories for the GMC Hummer EV on display at a SEMA show.

Knapp also added that pickups and SUVs are “a significant opportunity for the specialty-equipment industry due to their versatile platforms for accessorization.” He concluded “this trend only seems to be growing as more companies recognize the potential in this space.” Most vehicle owners buying parts and accessories are young, and while off-road vehicles are often customized, 58 percent of parts are bought for use on daily drivers.

Despite the fact EV motors can’t be upgraded, sales parts and accessories for EVs and hybrids are also rising. They accounted for $2.5 billion of the accessories market in 2023, roughly 5 percent of the total. However, growth is expected to be limited in this area, with sagging electric vehicle demand and the planned return to ICE vehicles by 46 percent of American EV owners likely to curtail growth for a decade.

The GMC Hummer EV with official accessories at the SEMA show.

Overall, Knapp says, “consumers keep on spending” despite political and economic uncertainty. He further asserts that “unless a big economic shock hits, we can expect to continue with a reasonable growth rate moving forward” in the aftermarket parts and accessories market.

About 90 percent of parts and accessories sellers expect sales to grow again in 2024.

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Comments

  1. I can’t imagine sleeping above the vehicle like that especially if a strong wind came up… sorry… not for me

    Reply
    1. That tent will be more secure in a high wind than a typical tent held to the ground by a few pegs.

      Reply

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