The Specialty Equipment Market Association (SEMA) reports that sales of automotive specialty equipment products continue to climb, reaching $31 billion in 2012 according to the 2013 SEMA Annual Market Report.
The figure represents a 4% increase over the previous year, and marks the third consecutive year of growth.
"The report's findings are consistent with what we are seeing and hearing in the industry," says Chris Kersting, SEMA CEO and president.
"Having experienced significant economic challenges over the past several years, the specialty parts and accessories market is ready and eager to do business. Companies have a more positive outlook about the future and are finding ways to grow the market."
The automotive specialty equipment market began to see an upswing in 2010, when sales totaled to $28.60 billion, a 2% increase over the previous year. Sales reached $29.99 billion the following year, representing a growth of 5% increase over 2010.
The growth in 2012 is largely attributed to a growth in the street performance niche. Accounting for $7.47 million in sales, the street performance niche represents the largest niche in the industry.
Also noteworthy in the study is the light-truck market. While the segment had been declining in recent years, the niche saw a slight increase and is expected to rebound as leading automakers prepare to release major redesigns for popular truck models in the coming years.
"The SEMA Annual Market Report is consistent with the trends we see," said Kersting. "The number of exhibitors and buyer attendees at the SEMA Show has consistently increased over the last couple of years and we are on track to see an even stronger Show in 2013."
