Foresight Research: Over 6.2 Million New Vehicle Buyers Accessorize their Ride – Spending over 12 Billion Dollars

Rochester, Michigan, UNITED STATES


ROCHESTER, Mich., Jan. 26, 2021 (GLOBE NEWSWIRE) -- According to the recently published “2020 Accessory Immersion” and “Sales and Marketing of Accessories” reports, over 6.2 million new vehicles will be accessorized in the first year of ownership. No longer is the focus on just a few truck accessories or wheels or floor mats. It is a huge market. In the first year of ownership over $12 billion dollars will be spent and over the next two years look for another $7 billion dollars. And almost half of all retail deliveries will be accessorized.

What are they buying? Top of the list is connectivity; Bluetooth and iPods. And, of course, cell phone holders and charging devices. This is a whole new direction for the automotive accessory business, and it is right in line with what is going on in the industry. Appearance and protection are also big as is performance.

New vehicle dealerships dominate as the preferred outlet for the purchase of most accessories, although the aftermarket is very successful especially with utility and protection accessories. Dealers are “best for”: quality, installation, customer service and in stock availability. Accessory customers want professional installation and warranty protection and of course they research a lot and plan for accessories – which are not an afterthought – accessories are part of the buying decision.

Successful marketing of accessories requires advance market planning. Buyers are looking to digital media, brochures, and print articles. A whopping 56% last year of all accessory buyers attended a sponsored event and 34% attended an auto show. When this COVID-19 crisis passes, these marketing opportunities are “low handing fruit” for successful accessory marketers. And with the increasing importance of online retailing the researching in advance will play an even more important role.

Turning to the point of sale experience, only about half of all buyers recall a conversation about accessories at the dealer they purchased from and over half of them were initiated by the customer. Because of that new vehicle dealers missed about 48% of the accessory sales. The cost of missed sales? Buyers did accessorize their vehicle and spent over $1,000 per vehicle doing that – in the aftermarket. Then it gets worse. Among accessory buyers, about a third say that the availability of accessories was very important to the purchase of the vehicle. And, almost half of them will choose another brand if the accessories are not available. Seems like the tail wagging the dog – not when you know the mindset of the accessory buyer. They see accessories as a big part of the purchase decision.

Accessory buyers do significant research into accessory choices before going to the dealership, so they know what they want to purchase. That is why it is so important that what they want to see at the dealer’s showroom – they see.

The “Sales and Marketing of Accessories” report also details per new unit retailed spending by brand, revealing the leaders and underperformers. Big PNUR winners – BMW, Dodge, Ram, and Tesla to name a few.

Foresight Research has provided automotive marketing research for over 20 years and is a leader of syndicated research. We cover a wide range of subjects with emphasis on auto shows, motorsports, experiential events, and vehicle accessories. For more information, contact:

Bob Longstreth
Foresight Research
248.608.1870 x 18
blongstreth@foresightresearch.com
www.foresightresearch.com