Foresight Research: New vehicle buyers spend almost $20billion dollars on accessories in first two years of ownership, but dealers leave some on the table

Rochester, Michigan, UNITED STATES

ROCHESTER, Mich., Aug. 25, 2022 (GLOBE NEWSWIRE) -- Nearly half of all new retail vehicles sold in the US will be accessorized within two years of delivery, yielding a nearly $20 billion dollar market in new vehicle accessory spending, according to Michigan automotive insights firm Foresight Research.

Foresight’s last published US Accessory Immersion Report, published in 2020, found over 6.2 million new vehicles are accessorized in the first year of ownership, representing over $12 billion in spending. Another $7 billion in accessory spending occurs in the next year after delivery.

No longer is the focus on just a few truck accessories, or on wheels and floor mats, says Steve Bruyn, Foresight’s CEO. “The top installed accessories are connectivity-based, with Bluetooth, iPods, cell phone holders and charging devices topping the list. 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 accessories are also top performers.”

Foresight’s Accessory Sales & Marketing Report, also published in 2020, found that successful accessory marketing plans are rooted in advance market planning.  Accessory buyers perform significant self-research in advance of purchase, gathering accessory information from digital media, brochures, and print articles, as well as during visits to their local auto show. These are the “low handing fruit” that automakers can and should actively pursue. And with today’s increasing digital car buying, these advance consumer research channels will likely play an even more important role moving forward.

Case in point: only half of all new vehicle buyers recall discussing accessories with their dealer, and too often those discussions were initiated by the consumer themselves. Since the average buyer is spending $1,000 + on accessories in the aftermarket, these are sales dealers are surrendering by not proactively selling. And with limited dealer vehicle inventories, accessorizing at the dealer will be an even more important part of the dealer revenue in 2023. These accessory reports are being updated and will be available in October. Make sure that your brand has the latest information needed to succeed in this very important market.

Foresight Research is a proven leader in automotive marketing research and insights since 1998. For more information, contact:

Bob Longstreth
Foresight Research
248.608.1870 x 18