SEMA Research Shows Growth in Aftermarket Auto Industry - Engine Builder Magazine

SEMA Research Shows Growth in Aftermarket Auto Industry

A total of 48% of manufacturers reported an increase in company sales over the past year—an 8% increase compared to Fall 2023.

The automotive specialty-equipment industry continues to see growth, strong demand, and less volatility this year, according to the new “SEMA State of the Industry–Spring 2024 Report,” a bi-annual report focusing on the current business climate, key industry trends and metrics. The report is provided to SEMA members free-of-charge.

A total of 48% of manufacturers reported an increase in company sales over the past year—an 8% increase compared to Fall 2023. Distributors saw the largest sales shift, with 49% reporting an increase in sales, marking an 18% rise compared to last Fall. Meanwhile, a majority of retailers (43%) reported that their sales remained steady.

“Businesses across the board have continued to see improved sales growth, although rising costs remain a significant challenge across the industry,” said SEMA Market Research Director Gavin Knapp. “Our research suggests that despite the price increases, companies are optimistic about their future sales and the growth of the specialty-equipment market in the next 3-5 years.”

Key findings from the report include:

  • Sales Rising: More than half of manufacturers (57%), distributors (53%), and retailers (50%) expect their company sales to grow over the coming year.
  • Opportunity Segments: 38% of manufacturers view off-road as having high opportunity, while 36% of retailers see high opportunity in restoration and classic cars.
  • Help Wanted: A total of 84% of manufacturers and 80% percent of distributors expect to hire over the next year, particularly in sales, labor, and engineering.
  • Prices Leveling Off: Many companies have increased their prices due to increased supplier and production costs; however, 43% of manufacturers, 34% of distributors, and 34% of retailer/installers are expecting to hold prices steady over the next year.
  • Pickups a Segment Leader: Pickups remain the top vehicle segment for the aftermarket with the highest sales growth among manufacturers and retailers/installers over the past year. Still, companies see opportunity across a number of different segments.
  • New Car Prices Dropping: The average price for a new car is $47,244–a decrease of 2% vs. May 2023.

Chapters within the report include industry performance, sales shifts by channel, vehicle segment insights, products and vehicle trends, manufacturer insights, and retailer and installer trends. SEMA business members can download the report for free as a benefit of membership at

You May Also Like

Firepunk Diesel Race Team Sets New Pro Mod Records

Firepunk Diesel’s 1970 Duster is now quickest and fastest with an ET of 4.101 and a recorded 194.41 mph.

Firepunk Diesel race team owner Lavon Miller and driver Larson Miller acquired two Pro Mod records for speed (194.41 mph) and elapsed time (4.101). The records were set at the first and third Outlaw Diesel Super Series (ODSS) events of the season. 

In the first ODSS event, two racers competing in Pro Mod class battled for top honors in ET at Orlando Speed World as part of the Florida Truck Meet (April 5-6). Larson Miller, driver of the Firepunk Diesel Duster, briefly held the title for quickest ET, before Johnny Gilbert set an ET record of 4.109. Though losing the battle for the best ET, Miller achieved a record-breaking speed of 194.41 mph. 

Rottler and Pat Musi Team Up on Innovation

Goals of the innovation project include reducing time and labor costs while improving the build quality, and developing new engineering and machining techniques.

Hedman Husler Hedders Relocates to California

The consolidation aims to improve production efficiency for the Husler Hedders brand.

2026 Formula 1 Regulations Released

The new regulations aim to produce smaller and lighter cars than the current generation and include all-new active aerodynamics systems.

Race Winning Brands Adds Powersports V-Twin Sales Manager

David Zemla joins Race Winning Brands with significant experience spearheading growth in the V-Twin market segment.

Other Posts

Route Revealed for ’24 Hot Rod Power Tour

Will this year’s tour be rolling through your area?

Women with Drive Event Planned for 2024 Pikes Peak

Women with Drive event will feature a panel discussion and reception at the U.S. Olympic and Paralympic Museum in Colorado Springs on June 21.

Virginia Disassociates from California Emissions Standards and ICE Ban

Elected in 2021, Youngkin campaigned on repealing California’s standards and pledged to follow through during his 2023 State of the Commonwealth address.

Babcox Media Appoints Tom Pecka Director of Strategic Partnerships

Pecka will oversee the development and execution of strategic media partnerships and sponsorships, as well as enhance media activations across the company’s media channels.