Compact Performance Sales Top $3 Billion in 2003 - aftermarketNews

Compact Performance Sales Top $3 Billion in 2003

Sales of appearance accessories, handling and suspension parts and performance and racing products for compact performance vehicles topped $3 billion in 2003, according to SEMA, the Specialty Equipment Market Association.

DIAMOND BAR, Calif. — Sales of appearance accessories, handling and suspension parts and performance and racing products for compact performance vehicles topped $3 billion in 2003, according to SEMA, the Specialty Equipment Market Association. The association has tracked the growth of this automotive specialty equipment market segment since its infancy in 1997 when sales were only $295 million.

The segment grew 35 percent last year, according to Jim Spoonhower, SEMA vice president of market research. Spoonhower opened SEMA’s seventh International Auto Salon-Los Angeles at the Los Angeles Convention Center with a press conference announcing the 2003 market segment statistics and trends.

“Our research this past year revealed a shift in the vehicle modification in this segment,” he said. “When we first tracked compact sedans being modified, about 60 percent of them were purchased or acquired as used vehicles, and their owners not only modified their appearance but also invested in improving their performance. Now, with the entrance of so many newer vehicles equipped with the most modern engine and handling technology into this segment, their owners are placing greater emphasis on adding appearance and interior creature comforts and amenities such as mobile electronics.”

Spoonhower said the portion of SEMA’s research conducted at enthusiast gatherings such as SEMA’s International Auto Salon, car shows and spring break festivities showed that 64 percent of 18- to 25 year olds prefer to own a distinctive vehicle, and 58.5 percent see their vehicles as a form of self expression. “But only 44 percent of the 18- to 25 year olds think of themselves as automotive enthusiasts,” he said. “That, and the modern underhood components on the vehicles they choose, means that the youth market is concentrating on vehicle appearance to make their fashion statement.”

The average annual percent increase for the compact performance market over the last five years is 50 percent, according to SEMA’s research. The increases have ranged from 72.6 percent in 1999 to 26.5 percent in 2001 when a softening economy and American involvement in military efforts affected the compact performance segment.

During a second presentation to the media attending the industry/media day of the International Auto Salon-Los Angeles, SEMA President and CEO Christopher Kersting reported that the total market grew 7.7 percent in 2003.

More information about the compact performance market is available from Jim Spoonhower, SEMA vice president of market research at [email protected], 909/396-0289, ext. 145, or by visiting www.sema.org.

_______________________________________

Click here to view the rest of today’s headlines.

You May Also Like

Automakers Ask for More Time in MA Right to Repair Trial

Meanwhile, in Washington, D.C., the Committee on Small Business Subcommittee on Underserved, Agricultural, and Rural Business Development will hold a hearing on Right to Repair at 10 a.m. EST on Wed., Sept. 14. 

The status of Massachusetts’ Right to Repair legislation continues to meet delays as a coalition of automakers seeks to overturn the new law approved by a majority of Massachusetts voters in November 2020. 

Approved by an overwhelming 75-25 percent margin in 2020, the new Right to Repair law would require manufacturers to provide vehicle owners both access and control of the diagnostic and repair data generated by their vehicles. Subsequent to the vote, the car company trade group, Alliance for Automotive Innovation filed a lawsuit (Alliance for Automotive Innovation vs. Maura Healey, Attorney General of the Commonwealth of Massachusetts) in November 2020 asking the court to overturn the data access ballot question based on a host of allegations including cybersecurity concerns, insufficient time to comply with the new data access requirements and their contention that the ballot initiative is preempted by federal law. The court case has seen numerous delays over the past two years. 

NHRA Champ Brown Warns Congress: Motorsports Is At Risk

Antron Brown shared inspiring stories about the value of racing, and why he is pushing for passage of the RPM Act.

T/CCI Manufacturing Awarded ‘REV Illinois’ Tax Incentive

T/CCI’s additional $20M investment will establish an EV innovation hub including a groundbreaking climatic center for innovation and research.

NHRA Top Fuel Champion To Testify in Senate Hearing

Antron Brown will testify on behalf of passage of the Recognizing the Protection of Motorsports (RPM) Act.

Study: National EV Adoption will be Gradual

The Energy Innovation study modeled the effect of tax credits based on a low, moderate and high scenario.

Other Posts

Maine Auto Repair Shops Pursue Right-To-Repair Referendum

The repair shops say the industry’s grip on newer, advanced technology threatens consumers’ right to choose.

T/CCI Attends White House CHIPS and Science Bill Signing

The $280B legislation will further innovation and research in manufacturing.

Automotive Youtuber Rich Rebuilds Promotes Car Coalition

The YouTuber urges his 1.3 million subscribers to learn more about both SMART and the REPAIR Acts.

US Automakers Urge Passage of Semiconductor Funding

Automakers are urging the Biden Administration and congressional leaders to finalize legislation that will include $52 billion in incentives.