ROCHESTER, Mich. -

Auto accessories used to be all about performance and appearance. According to a new study, dealers should note that’s no longer the case, and the accessories market can impact their businesses.

Foresight Research reports that the demand for accessories has greatly expanded, and crosses all brands and segments.

In its syndicated 2013 Vehicle Accessory Market Report, the company compares vehicle brands, segments, geography, accessory type and the information sources used to shop and buy accessories.

The study also quantifies the already-installed and plan-to-install rates of 55 accessory types.

Based on data collected from 7,543 recent U.S. new-vehicle buyers, the 2013 Vehicle Accessory Market Report found that:

• The accessories industry is a multi-billion dollar market that is often ignored by dealers.

• New-vehicle buyer profiles continue to evolve, with ages 55-plus and wealthier buyers with incomes of $100K-plus dominating purchase in the small SUV segments, large car and mid/large SUV segments.

• Four out of 10 new-vehicle buyers who accessorized spent an average of $1,949 within the first two years of vehicle ownership.

• Half of accessory sales occur at or immediately after vehicle delivery, yet only 32 percent of salespeople attempt to sell accessories and too few dealers display accessories in their showrooms.

• Accessories with widespread installation rates include sunroofs, rear camera / park-assist, LED/HID light conversions, custom wheels and performance tires. The accessory categories that were measured are appearance, comfort/utility, performance and protection.

 

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