Posted: February 10, 2017
Accessory Products Expected To Reach $6.19 Billion In Retail Sales
According to a SEMA Market Report, Accessories And Exterior Products Are Forecast To Reach $6.19 billionBy TTM Staff
A recent SEMA market report on shopping habits indicates that retail sales of aftermarket products totaled more than $27 billion dollars in 2009, and continued to rise steadily to nearly $40 billion ($39.18) in 2015. The research broke down the market into three categories, Performance Products, Accessory and Appearance Products, and Wheels,Tires & Suspension. For truck accessory retailers and manufacturers, who fall mostly under the Accessory and Appearance category, the segment amounted to $16.3 billion dollars in 2015.
The good news is that within the Accessory and Appearance sub-categories, Exterior products made up the largest sales totaling $5.92 billion in 2015 and, according to the SEMA Market Report, is projected to total $6.19 billion in 2016, once all total sales figures are calculated. This segment of exterior products included; restyling body and trim products, racks and carriers, towing products, bedliners and bed accessories, truck caps and tonneau covers.
As the market continues to grow, experts agree that accessory retailers look to see which vehicle models are continuing to sell well. In 2016, the Ward Report indicated that the Ford F-Series trucks remained the number one selling pickup in the market, followed by GM’s Chevrolet Silverado and Ram pickups. Mid-size trucks were, and continue, to show increasing sales, including the Chevrolet Colorado, and GMC Canyon, as well as the Toyota Tacoma pickup.
What this all means for truck accessory retailers and manufacturers is that we can expect a healthy economy in this segment of the industry, and by diversifying product categories, retailers can capture multiple mini-segments of the truck aftermarket including, work-trucks, fleets, off-road, and outdoor lifestyle truck owners.