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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).
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.
“There are over 281 million passenger vehicles on the road in the United States; that’s a lot of opportunity to install aftermarket parts,” said SEMA Director of Market Research Gavin Knapp. “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 include:
- The U.S. 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 two to three years
To learn more about the current vehicle landscape and what trends are on the horizon, download the “2021 Vehicle Landscape Report” for free at sema.org/market-research.