Automotive chrome Market: Introduction:
For vehicle appearance enhancement, chrome accessories are pre-eminent thing because these are composed of chromium and hard metals, which is used for many after-market car and motorcycle decorative products. Moreover, chrome is known for its strength and shine, and easy maintenance features. Such factors have made chrome accessories as a popular choice in vehicles. Furthermore, customization of vehicles have increased the demand of chroming material for various exterior and interior automobile components. Now a day’s, vehicle drivers are inclined towards modified vehicles, and for these modification vehicles, chrome accessories have been commonly offered by the aftermarket vendors. Of the vehicle types, passenger vehicle and luxury car vehicle segment have a prominent market share in the automotive chrome market. New age aesthetics and cost-effectiveness are the characteristics associated with chrome decorative articles. Chrome plating is being progressively used for plating numerous passenger vehicle mechanisms such as mirror, inner & outer door handle, bumper, interior decorative parts, grill covers headrest and other parts. In addition, the emerging adoption of the chrome plating in passenger vehicles is anticipated to drive the market growth over the forecast period. In order to make luxury cars more gratifying, prominent OEMs such as Bentley, BMW, Audi and other luxury vehicle manufacturers have been endorsing chrome embellishments thus fortifying the automotive chrome market.
Automotive chrome Market: Dynamics
The demand for functional chrome plating is mainly driven by the growth in commercial and passenger vehicle industry. Increased demand from the commercial vehicles on account of factors such as high strength and improved processes is expected to have positive impact on the market over the next nine years. Fair rate of product replacement coupled with high margins on sales and installation is expected to drive the global automotive chrome market.
The easy availability of counterfeit and cheap automotive chrome accessories in addition to products provided by leading manufacturers have also provided sales impetus to the market of automotive chrome accessories. The growth in two wheeler industry is expected to have a positive impact on the market. In addition, this market is highly fragmented, making it cost competitive to cut throat levels. Also, there are some regulations related to vehicle exterior modifications in certain regions of the world that are hampering the growth prospects of this market during the assessment period.
Automotive chrome Market: Segmentation
Automotive chrome market can be segmented on the basis of product type, vehicle type
On the basis of product Type automotive chrome market can be segmented as
On the basis of vehicle type automotive chrome market can be segmented as
Automotive chrome Market: Regional Outlook
The growing automotive market in countries, such as India and China, makes Asia Pacific one of the faster growing markets for automotive chrome market. Chinese and Indian markets are prominently credited to escalate two wheelers chrome plating market, on account of enhanced corrosion and wear resistance offered by chrome plating. The upswing in manufacturing of vehicles and two wheelers market in North America, is anticipated to fuel the demand for automotive chrome in this region. Latin America and Middle East and Africa are anticipated to witness healthy growth in automotive chrome market over the forecast period a trend that. This trend of chrome plating is quite prevalent in the Middle East market with some ultra-luxury cars.
Automotive chrome Market: Market Participants
Examples of some of the market participants in the combat management system market are: