According to the report by Persistence Market Research (PMR), the global market for exterior car accessories is likely to see a robust growth by 2024. The global market is also
projected to bring in more than US$ 253,000 Million revenue by the end
of 2024.
Increase in the sales of cars globally and growing interest in the concept of
vehicle customization are driving the global exterior car accessories
market. However, the latest trend of car customization is likely to
remain one of the key factors in the growing demand for exterior car
accessories.
Need for speed and performance is also pushing the market for car
accessories that support high performance. The most cocmmon exterior car
accessories include mud guard, car wrap, taillight, reflectors, window
films, fog lamp covers, sun roof, license plate cover, LED lights,
bugflectors, decals, and others. Car owners are also moving towards
personalization trend to enhance the look and overall style of the car.
The biggest challenge in the global market for exterior car accessories is
the availability of counterfeit products that are sold at relatively low
cost. These products are designed in such a way that it becomes
difficult to differentiate between original and counterfeit product.
However, regulatory bodies are introducing some guidelines that can help in
differentiating between the counterfeit and original accessories for
cars. Cost competitiveness is also likely to hamper the growth of the
market in the near future. Meanwhile, the automotive industry is
constantly coming up with innovative technologies such as smart lighting
technology, active window display, biometric access, etc.
LED Lights to Gain Maximum Traction in the Global Market for Exterior Car Accessories
On the basis of product type, LED lights are likely to emerge as one of
the most preferred exterior car accessory during 2017-2024. LED lights
are estimated to surpass US$ 76,000 Million revenue. Meanwhile, body
kits are also expected to witness substantial growth during the forecast
period.
Based on the vehicle type, passenger cars are likely to emerge as the largest
users of exterior car accessories during 2017-2024. Passenger cars are
projected to be valued at more than US$ 191,000 Million revenue towards
the end of 2024.
By the distribution channel, sales of exterior car accessories are likely
to be highest through aftermarket distribution channel. By the end of
2024, aftermarket distribution channel is estimated to surpass US$
182,000 Million revenue.
Europe to Dominate the Global Exterior Car Accessories Market
Europe is likely to remain dominant in the global market for exterior car
accessories during 2017-2024. Europe is anticipated to exceed US$
102,000 Million in terms of revenue. Countries in Europe such as Germany
and U.K. are the major countries in the automotive industry. With
increasing production and demand for cars in Europe, the market for
exterior car accessories is also witnessing a growth. Meanwhile,
increasing demand for car modification in North America is also likely
to boost the global market for exterior car accessories in the region.
Leading Companies in the Global Exterior Car Accessories Market
Thule Group, Oakmore Pty Ltd., HELLA KGaA Hueck & Co., Covercraft
Industries, LLC, CAR MATE MFG.CO., LTD., U.S. Auto Parts Network, Inc.,
O’Reilly Auto Parts, Star Automotive Accessories, Truck Covers USA LLC,
Mont Blanc Industri AB, and Classic Soft Trim, are some of the companies
in the global market for exterior car accessories.
