Automobiles for many individuals are more than just a mean of transportation. They represent their personal statement as well as one of the biggest investments. And to make most out of this investments, one can personalize their vehicles.
For buying the right accessories, one needs to know the features of several accessories available with them. As right accessories can add personal touch, change the vehicle’s appearance, helps to make it noticeable and adds functionality to meet every car enthusiast’s requirements making journeys more easy and comfortable.
A growing demand for performance enhancing exterior car accessories and increasing consumer inclination towards vehicle customizations and rise in the sales of pickup trucks in developed markets are some of the key drivers that are favoring the growth of the global exterior car accessories market. A substantial spending on exterior car accessories and increasing demand for bull bars and spoilers among vehicle enthusiasts is anticipated to drive the market over the forecast period. The growth of the automotive sector in the BRIC nations is expected to further fuel market growth.
However, a huge fragmentation of the exterior car accessories market leading to cost competitiveness and availability of counterfeit exterior as well as superior quality car accessories, which are mostly imported from Asian continents are some of the factors that are hampering the growth of the global exterior car accessories market over the forecast period. Also, in some regions, regulations related to modification of vehicle exteriors is also anticipated to restrict growth of the global exterior car accessories market.
Growing Demand in the Market
The global exterior car accessories market is categorized by product type, vehicle type, distribution channel and region. By product type (Covers, Racks, Body Kits, LED Lights, Alloy Wheels, Chrome Accessories, Exhaust Mufflers, Window Films, License Plate Frames, Graphics & Reflectors), the segment is expected to register a moderate CAGR in terms of value over the forecast period. In terms of volume, the segment is estimated to stand at 99,647.1 thousand units by the end of 2016 and is expected to reach 131,232.5 thousand units by 2024, expanding at a CAGR of 3.5% over the forecast period.
By vehicle type (Passenger Cars, Pickup Trucks) the segment is estimated to account for a value share of 76.3% in 2016 while the pickup trucks segment is likely to account for a value share of 23.7% in 2016.
By distribution channel (OEM, Aftermarket) the OEM segment is expected to reach a valuation of US$ 70.10 Bn by 2024 while the aftermarket segment is estimated to be valued at US$ 182.97 Bn by 2024.
By region (North America, Latin America, Europe, Asia-Pacific, and Middle East & Africa), Europe is expected to maintain its dominance in terms of market value in the global exterior car accessories market during the forecast period. The Europe exterior car accessories market is estimated to be valued at US$ 56.38 Bn in 2016 and is expected to reach US$ 102.19 Bn by 2024, expanding at a CAGR of 7.7% over the forecast period. In terms of volume, the North America exterior car accessories market is estimated to be pegged at 474,292.8 thousand units in 2016 and is expected to reach 608,134.8 thousand units by 2024, expanding at a CAGR of 3.2% over the forecast period.
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Leading Market Players
Some of the leading market players operating in the global exterior car accessories space include Thule Group, Pep Boys, Oakmore Pty Ltd., O’Reilly Auto Parts, U.S. Auto Parts Network, Inc., HELLA KGaA Hueck & Co., CAR MATE MFG CO. LTD., Covercraft Industries, LLC, Classic Soft Trim, Lund International, Inc., Truck Covers USA LLC, Mont Blac Industri AB, F.LLI MENABÒ SRL, H.I. Motors, Star Automotive Accessories, Momo Srl, and Lloyd Mats.