ROCHESTER HILLS, Mich., July 11, 2018 (GLOBE NEWSWIRE) — There is something like 250 million vehicles in operation in the United States and the average age of those vehicles is about 11 years old. A boat load of them (like almost 100 million) were built in the last five years and most are still running around our roads. Foresight Research interviewed over 14,000 of these owners to find out about the accessory market. Wow, this business is huge!
We asked folks who had purchased a new or used vehicle (and they were still driving it) if they had purchased at least $250 worth of accessories. Why $250 worth of accessories? We wanted to survey “real” accessory buyers – not just someone who bought a trailer hitch to tow their boat. 40% said they had purchased accessories for their new vehicle. And one quarter of them were planning to buy more. That’s like 40 million vehicles!
What did all these folks buy? Look to technology items (things like Bluetooth, entertainment, navigation systems, etc.) and protection items (floor mats or bug deflectors, etc.). But it does not end there. Appearance items are huge – like wheels for example. And utility items such as ski racks and trailer brake controllers and performance items are close behind.
Where do they spend all these dollars? New vehicle owners spent over half at the dealer (often at the time of delivery) but that trails off in a hurry to benefit the aftermarket. The used vehicle owners prefer the aftermarket right from the start. How much are they spending? New vehicle owners – $1,555 and used vehicle owners – $802.
Find out how to attract these buyers, what media works, what messages work. Find out about budget minded accessory buyers. What are the new car dealer marketing advantages? What are the aftermarket marketing advantages? When do they accessorize – how long does this last? This market is just too big not to take seriously.
Success with Auto Accessories is a must for accessory manufacturers and distributors, as well as dealer groups that are in the accessory business or thinking about it. Aftermarket stores and digital marketers will also benefit by knowing about the customer wants, needs, buying patterns and product category priorities. This study is available for purchase now. For further information contact:
Bob Longstreth VP
(248) 608-1870 X18
(248) 425-7920 (C)
Source: Nasdaq Automotive News