Sales of light trucks continue to skyrocket and are expected to reach more than 82% of all new light vehicles purchased by 2028, according to a new 92-page market research report from the Specialty Equipment Market Association (SEMA).
SEMA represents the $46.2 billion speciality automotive industry, which provides appearance, performance, comfort, convenience and technology products for passenger and recreational vehicles.
The new ‘2021 Vehicle Landscape Report’ from SEMA Market Research provides a comprehensive overview of vehicle sales and opportunities for the aftermarket. Designed to help SEMA members make informed business decisions, the report is filled with data on driving metrics, detailed analyses of different vehicle segments, and forecasts for future sales by powertrain and segment.
Gavin Knapp, Director of Market Research, SEMA, said, “There are over 281 million passenger vehicles on the road in the United States; that’s a lot of opportunity to install aftermarket parts. The newest SEMA Market Research report includes data to help businesses understand the current vehicle climate, where it’s going, and where the greatest opportunities are across different vehicle segments.”
Key findings from the report:
- The US vehicle landscape is shifting away from passenger cars to light trucks. By 2028, light trucks are expected to make up 82% of all new light vehicles sold (up from 53% in 2014)
- The growth in light truck sales is driven primarily by the popularity and growth of CUVs; by 2028, CUVs are expected to make up about half of all new light vehicles sold
- Even with the shift in sales, passenger cars aren’t going away; There are still 114.8 million passenger cars in operation and it will take a while for these vehicles to cycle out of operation
- Electric vehicles are expected to make up 7% of new light-vehicle sales by 2025
- New vehicle sales dipped in 2020 but are expected to bounce back to pre-pandemic levels within the next 2-3 years.
SEMA’s resources include market research, legislative advocacy, training and product development support, as well as leading trade shows such as the SEMA Show in Las Vegas and the Performance Racing Industry (PRI) Trade Show in Indianapolis.