Foresight Research: Millions New Vehicle Buyers Accessorize their Ride - Spending Billions of Dollars

ROCHESTER, Mich., April 1, 2022 /PRNewswire/ -- 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.  Foresight Research is currently planning on publishing the 2022 Accessory Immersion and Sales and Marketing of Accessories in the coming months.

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.

Successful marketing of accessories requires advance market planning.   Buyers are looking to digital media, brochures, print articles and with the return of auto shows -they will be engaged with auto shows.  For 2022, 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 miss 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.  With limited dealer vehicle inventories, accessorizing at the dealer in 2022 will be an even more important part of the dealer revenue.

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. 

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
[email protected]
www.foresightresearch.com

SOURCE Foresight Research