LAS VEGAS, Nov. 1, 2017—“New Tech for Old Cars; The Billion Dollar Tech Transformation,” an event on the second day of the 2017 SEMA show, addressed a major opportunity in the automotive aftermarket: retrofitting older vehicles with automated technology.
The retrofitting market, which includes installing blind spot monitoring, forward collision warnings and lane change assistance to cars without advanced driver-assistance systems (ADAS), is expected to grow $1.5 billion in the next five years.
SEMA President Chris Kersting was on hand to discuss the booming industry and announce a new study on ADAS funded by the SEMA board of directors.
While nearly all newer vehicle models feature the systems, Kersting said there’s an opportunity to retrofit 160 million vehicles with ADAS.
Executives for electronics companies like Gentex, Hyndsight and Brandmotion discussed the changing industry along with their own new product innovations. Gentex has developed its own automatic high-beam system, while Hyndsight produces portable wireless cameras and monitors.
Jeff Varick, president of Detroit-based Brandnotion, said the most important thing that needs to be done is educate consumers on the retrofitting opportunities, and believes the retrofitting market will greatly improve safety.
“If every car on the road had the same safety technology as the newer cars, it could save 10,000 lives a year,” Varick said.
