LAS VEGAS—U.S. consumers' quest for identity helped Specialty Equipment Market Association (SEMA) members generate $53 billion in revenue last year.
Despite the unknown economic impact of President Trump's administration and the challenge of adapting to the blooming CUV market, SEMA sees a bright future thanks to a youth revolution.
Consumers who spend discretionary funds on personalizing their vehicle are the bread-and-butter of the "SEMA" market, accounting for around 20 percent of the total $500 billion made annually in the automotive aftermarket.
Gavin Knapp, SEMA director of market research, said most of the aftermarket is aimed at serving vehicle needs, not consumer wants. Knapp and his team gather and track market data for regular industry reports, and he spoke about the industry during the 2024 SEMA Show in Las Vegas.
Knapp noted the difference between the SEMA Show and AAPEX, which ran concurrently in November, to illustrate his point.
"The SEMA market is the things you want, and the AAPEX market is the place you need to go if you crash your car and want to fix it up just like new. … That's not our market," he said. "But if you want to make it faster, make it higher or lower, fundamentally change it in some way, then you're coming into my market, into the SEMA market."