Aftermarket Industry Grew 7.7 Percent in 2003
DIAMOND BAR, Calif.--U.S. automotive aftermarket sales grew to $28.9 billion last year, up from $26.8 billion in 2002.
DIAMOND BAR, Calif.--U.S. automotive aftermarket sales grew to $28.9 billion last year, up from $26.8 billion in 2002.
The Specialty Equipment Market Association made the announcement the day before the April 2 opening of the 7th International Auto Salon in Los Angeles.
Appearance accessories such as truck bedliners, body kits, graphics and sunroofs made up about 58 percent of the market share. Handling equipment such as suspension products, performance braking systems, custom wheels and performance tires took 25 percent of the market. Racing and performance products took about 18 percent of the market share.
"Analyzing the numbers with our market research staff, it's apparent that automotive appearance products are becoming increasingly more mainstream," said Christopher Kersting, president and CEO of SEMA. "In the early days of the specialty equipment industry, our customers were primarily enthusiasts interested in racing and performance. Today, more and more accessories are being purchased by non-enthusiast consumers. They are choosing to spend their discretionary dollars on automotive products. Our vendors basically compete with discretionary entertainment options available to consumers."
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