SEMA released its State of the Industry – Spring 2022 report, and the results indicate that the specialty-equipment industry continues to grow. But supply-chain issues, rising inflation, and economic uncertainty from COVID-19 and the war in Ukraine are concerns for the aftermarket. SEMA’s report is based on a survey of 1,554 individuals in the specialty-equipment industry and the survey was conducted in March and April of 2022.
The key findings by SEMA indicate most companies have continued to grow over the past year and fewer companies are seeing a drop in sales.
Despite increasing inflation and rising gas prices, SEMA’s report indicates that 80% of Americans plan on taking a road trip this summer. Consumers are spending, despite the aforementioned factors.
Pickups, classics, track racing and sports car parts make up the top-4 spots for manufacturer and retails sales in the SEMA report. Electric and hybrid car parts are at the bottom. On the retail end classic vehicle parts led with 26% of the market segment.
Performance parts have seen an increase in sales over the past 12 months, with internal engine products leading the way with a 21% increase by manufacturers. This increase in sales is also on the retail end, with a 7% jump over the last 12 months.
All of the news isn’t positive from SEMA’s report as supply chain problems remain an issue for over 90% of the industry and most don’t see a return to normal expectation until at least 2023. The report also indicates 70% of manufacturers, 56% of distributors and 45% of retailers have difficulty filling open positions due to a shortage of of qualified candidates available to hire.