![]() Sean Holman, Motor Trend Group content director and co-host of the weekly podcast, “The Truck Show Podcast,” said that the truck market “will remain strong for the foreseeable future, with several high-profile and hotly anticipated models expected out in the next 12–18 months.” I speak with shop owners regularly, and recently, most have said that they’re super-busy with a constant workload.” “A good indicator of that is a look at shops that install aftermarket products. “The current state of the truck and off-road market is on a boil,” said Ken Brubaker, editor of Four Wheeler magazine. According to the “2019 SEMA Industry Perspectives” report, 73% of businesses expect sales to increase in 2020. Key sales drivers in the light-truck segment included exterior and interior accessories, suspension components, and wheels and tires. Additionally, according to the latest “SEMA Accessory Opportunity Report,” eight of the top 10 vehicles most likely to be accessorized are either pickup trucks, SUVs or Jeeps.Ĭonsumers spent more than $12 billion on aftermarket upgrades and accessories for their trucks in calendar year 2018, and roughly two-thirds of manufacturers reported sales growth within the category. According to the most recent “SEMA Market Report,” pickups make up the largest share of specialty-equipment spending, accounting for approximately 27% of the market. Healthy new-truck sales translate into healthy aftermarket parts sales as well. ![]() Another factor: fuel prices nationwide have remained effectively flat since 2010. That’s in part to meet more stringent federal fuel-economy standards but also because recent advances in engine technology (lighter-weight alloys, direct injection, turbocharging and cylinder deactivation) allow small engines to produce high levels of horsepower while remaining reasonably fuel efficient.Īccording to “SEMA Future Trends,” average truck horsepower has increased 7% over the last decade while average fleetwide fuel economy has increased 20%, making pickup truck and SUV ownership a more attractive option for consumers. Truck manufacturers have come to rely on smaller-displacement four- and six-cylinder engines and less on conventional eight-cylinder powerplants. One factor that’s likely continuing to drive consumers to trucks and SUVs is their noticeable improvements in fuel economy in recent years. Midsize truck sales were also healthy, as two new players staked their claims in the segment: The relaunched Ford Ranger sold 90,000 units in its first year, and the upstart Jeep Gladiator JT logged more than 40,000 unit sales despite an initial spate of dealer markups that pushed the average purchase price above $50,000. Ford continued to hold the top spot in the fullsize pickup segment, while the Ram truck posted sales gains of 18% en route to passing the Chevrolet Silverado to become the second-best-selling fullsize truck in the United States. New-car sales slowed in 2019 from the previous year, but the light-truck market remained a relative bright spot, with 12.3 million units sold, according to data from the National Automobile Dealers Association. By contrast, sales of small and midsize cars are forecast to decline by 3% and 13% respectively over the same period. From 2019–2025, new-truck sales are estimated to rise 10% overall. According to the most recent issue of a report entitled “SEMA Future Trends,” the light-truck segment-which includes pickups, vans, SUVs and CUVs-is forecast to account for 69% of all new-vehicle sales by 2025. ![]() That trend doesn’t figure to change anytime soon. ![]() ![]() For sheer versatility, on the road and off, nothing compares to them, and that’s probably why the bestselling vehicle in the United States for more than 40 years running has been a pickup. They’re the ideal multipurpose vehicles that are equally functional as daily commuters, jobsite workhorses or recreational trail machines. Unlike certain makes and models of passenger cars, trucks never go out of style. The face of the automotive marketplace has changed many times over the decades, but one feature has remained constant: the popularity of pickups and, more recently, their sibling SUVs and CUVs. Besides raising the activity’s public profile, the exhibit also provided a platform for companies that are serving this growing market segment and networking opportunities for others looking to expand into the market. SEMA News-April 2020 BUSINESS 2020 Truck & Off-Road Market Trends Pickups, Jeeps, SUVs and Crossovers Remain Strong Overlanding Emerges as a Market MoverĪ highlight of the 2019 SEMA Show was “The SEMA Overland Experience”-a debut exhibit showcasing dozens of vehicles built expressly for overlanding. ![]()
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