Vehicle Modification Enthusiasts Prefer Newer Vehicles for Modification Projects

PALO ALTO, Calif.–(EMWNews)–Aftermarket participants fear that decreased discretionary incomes will

negatively affect consumers’ vehicle

modification projects. Currently, the enthusiasm of existing vehicle

modification hobbyists drives the market. Long-term growth will depend

on the participant’s ability to develop and

sustain interest among general vehicle owners, with a particular focus

on younger owners.

New analysis from Frost & Sullivan (http://www.automotive.frost.com),

Analysis of the Attitudes and Behaviors of U.S. Vehicle Modification

Enthusiasts, finds that between 2006 and 2008, the market

experienced a modest increase in the level of interest in modifying

personal vehicles. In 2008, 60 percent of vehicle owners performed at

least one vehicle modification versus 57 percent in 2006.

If you are interested in a virtual brochure, which provides

manufacturers, end users, and other industry participants with an

analysis of the attitudes and behaviors of the U.S. vehicle modification

enthusiasts, then send an e-mail to Sara Villarruel, Corporate

Communications, at svillarruel_[email protected],

with your full name, company name, title, telephone number, company

e-mail address, company website, city, state and country. Upon receipt

of the above information, an overview will be sent to you by e-mail.

Since younger enthusiasts view vehicle modification as a status symbol

and older enthusiasts believe it benefits their quality of life, Frost

& Sullivan does not expect an immediate drop in the popularity

of modifications. However, Frost & Sullivan does expect all

enthusiasts to become more discriminating shoppers. The market prospects

remain bright as enthusiasts enhance their experience, skill, and the

number of vehicles they modify.

While most modification enthusiasts fall into multiple categories, Frost

& Sullivan’s research found that more

than 49 percent are modern vehicle enthusiasts –

people who own vehicles less than two years old. Furthermore, more than

44 percent of enthusiasts said they would next modify a 2008 model or a

newer vehicle. An increasing number of vehicle owners consider new

vehicles as the basic canvas and the modified version as the finished

product.

“Enthusiasts stated that the availability of

components for the model they intended to buy was a primary

consideration during the vehicle purchase process,”

says Frost & Sullivan Senior Consultant Mary-Beth

Kellenberger. “This factor presents many new

opportunities that industry participants can capture by repositioning

themselves.”

This shift toward newer vehicles has a dramatic impact on the

modification component industry. New vehicles have short track records,

which makes it difficult to determine their likelihood for modification.

To stay buoyant in the market, vehicle modification businesses will have

to hone the ability to identify the vehicle models and parts that will

drive revenue.

Meanwhile, the locations where enthusiasts buy modification components

have changed. Owners have begun to pay closer attention to dealer’s

parts departments for customized original equipment accessories.

Enthusiasts have also started relying on Internet bidding sites to save

costs.

“Vehicle manufacturers have already started

the process of providing add-on modification components for the vehicles

they sell,” notes Kellenberger. “Dealers

have the advantage of incorporating the cost of the modifications into

the vehicle purchase price to allow the owner to finance the

modifications.”

Dealerships often offer this financing option for new and premium

pre-owned vehicles. Dealers who vigorously promoted their aftermarket

brands are now seeing returns on those marketing investments.

Analysis of the Attitudes and Behaviors of U.S. Vehicle Modification

Enthusiasts is part of the Automotive & Transportation

Growth Partnership Service program, which also includes research in the

following markets: Brake System Parts Aftermarket (Friction Parts),

School Bus Telematics, Wiper Blades and Refills Aftermarket, Aftermarket

for Belts Hoses Gaskets & Seals, Selected Accessories Aftermarket,

Heavy-Duty Truck Aftermarket, Automotive Remanufacturing, Emission and

Idling Reduction Technologies for EPA 2010 and Idling Regulations

Compliance, Steering System Hard Parts Aftermarket, and Access Control

and Security System Market. All research services included in

subscriptions provide detailed market opportunities and industry trends

that have been evaluated following extensive interviews with market

participants. Interviews with the press are available.

Frost & Sullivan, the Growth Partnership Company, partners

with clients to accelerate their growth. The company’s TEAM Research,

Growth Consulting and Growth Team Membership™

empower clients to create a growth-focused culture that generates,

evaluates and implements effective growth strategies. Frost & Sullivan

employs over 45 years of experience in partnering with Global 1000

companies, emerging businesses and the investment community from more

than 30 offices on six continents. For more information about Frost &

Sullivan’s Growth Partnerships, visit http://www.frost.com.

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