Automotive Specialty- Equipment Sales Make History
The Specialty Equipment Market Association (SEMA) has released its annual report that shows specialty equipment, which includes automotive parts, reached an all-time high in 2021. Sales of specialty-equipment parts reached $50.9 billion in retail sales for the first time in history—up from $47.9 billion in 2020.
The report from the Specialty Equipment Market Association (SEMA) also states that consumers are spending more time working on their cars and trucks than they did in 2020. According to the report, 82% of specialty equipment consumers reported spending as much, if not more, time working on their personal vehicles in 2021 compared to the year prior.
The split of in-store versus online sales in 2021 was roughly 50/50 versus 54% online in 2020 and 45% online in 2019. This normalization is expected to continue in 2022.
Supply Chain Issues
The supply chains have been a big issue since the end of 2020, and continue to be a problem in 2022. SEMA reported that more than 90% of specialty equipment manufacturers, distributors, and retailers feel that their business has been impacted by supply-chain-related challenges. This is also softening expectations for 2022 sales.
Marketing During Supply Shortages
Businesses that rely on specialty equipment are some of the most vulnerable to supply chain interruptions. If you don't have the supplies you need, it's hard to continue operations and prepare for your customers' needs.
But what happens when you can't get enough supplies for your business? Fewer supplies mean fewer sales, which means less revenue—and that's not something any business can afford! It seems simple: no product = no marketing. But it's not that simple—and it has nothing to do with temporary shortage interruptions.
When you're faced with a temporary interruption like this one, it's easy to feel discouraged and think that you should stop marketing until things get back on track. However, marketing is more than just promoting products—it's also about building relationships with your customers. When you're able to communicate consistently with them over time, they'll come to trust and rely on your brand as an authority in its niche market.
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