SEMA: ADAS Technology Opens Up $1.5B Market for Aftermarket
Oct. 10, 2017—The aftermarket industry for safety features known as advanced driver assistance systems (ADAS) is currently valued at just under $1 billion, and is expected to grow to more than $1.5 billion by 2021.
These findings are according to a SEMA-commissioned study conducted by Ducker Worldwide and the Center for Automotive Research.
In the October issue, FenderBender covered how the exploding connected car market will cause major OEMs to share its data on a unified network.
Matt Dewalt, owner of Scott’s Collision Centers in Stroudsburg, Pa., says that, as a shop owner, if you want to compete with dealerships and MSOs, you need to take advantage of that real-time information provided by automakers, and keep up to date on the ADAS technology reshaping vehicles.
The new report, titled “SEMA Advanced Vehicle Technology Opportunities,” is filled with predictive analysis of business opportunities for the specialty aftermarket.
Details, including information on the critical factors impacting the automotive and performance aftermarket industry and how SEMA manufacturing and installer members can participate, will be outlined in a press conference, Wednesday, Nov. 1, 2017, during the SEMA Show in Las Vegas.
SEMA executives will highlight what products, market categories and opportunities are expected for the aftermarket in ADAS.
“ADAS is among the fastest-growing automotive segments today, and it presents a significant opportunity for aftermarket retrofitting and new vehicle upgrades,” said Chris Kersting, SEMA president and CEO. “We’re confident that the findings from the research report will be of interest to the industry and help members capture the opportunities ahead.”
Driven by growing consumer interest in safety performance products, such as lane-departure warnings, heads-up displays and parking-assistance systems, the fast-growing, high-margin market is opening up doors for new product innovations and business opportunities.
All SEMA Show exhibitors and media are invited to the November 1 press conference, to be held in SEMA Central at the 2017 SEMA Show.
The report is scheduled to be available after the press conference at no cost to SEMA members.