North America Leading Way in Automotive Exterior Accessories Market, Asia Pacific Flourishes
Vehicle owners prefer high-quality automotive exterior accessories, which improve the performance and safety of the automotive, along with adding an aesthetic appeal to it. The global automotive exterior accessories market will reach the value of US$ 51.6 Bn by the end of 2029, expanding at a moderate CAGR during 2019 - 2029.
Leading share of market growth is anticipated to be driven by the strong demand for automotive exterior accessories from North America, followed by Europe and East Asia. Spending on automotive exterior accessories, increasing automotive fleet, and E-commerce expansion in fast developing economies such as India, and Russia would pose a strong collective impact on the demand for automotive exterior accessories.
Comfort and Safety Decisive in Consumer’s Buying Decision
Automotive exterior accessories such as nerf bars, hard & soft tops, etc., are add-on auto components utilized by vehicle owners to ensure convenience in driving. Some automotive exterior accessories such as tonneau covers, bull bars, runner bars, grille guards, etc., ensure maximum level of safety to vehicle body, along with improved aesthetics of the vehicle.
Rising Emphasis on Vehicle Aesthetics
Automotive exterior accessories such as spoilers and grille guards improve the look of the vehicle up to a substantial extent. Apart from good looks, certain automotive exterior accessories also increase vehicle performance. Rear spoilers are used for vehicle stability and reduced back-lift in sports cars. However, these are extensively utilized on passenger cars as well, for added appeal.
Advanced Materials with High Strength and Lighter Weight Penetrating Faster
Manufacturers are utilizing composites and lightweight materials such as carbon fiber, boron carbide, etc., for designing automotive exterior accessories, to improve the performance of the automotive and ensure optimum fuel efficiency. Carbon fiber has 5 - 10 times more strength than steel, which improves durability of exterior accessories.
Brand-owned E-commerce Platforms New Market Trend
Wide-ranging automotive parts and accessories are sold through automotive aftermarket e-retailers such as AutoZone, Pep Boys, and Carid.com, as well as through mass e-retailers such as Amazon and eBay. Additionally, manufacturers are launching their own online e-commerce platforms to effectively reach vehicle owners. Market players such as Curt Manufacturing Llc and Husky Liners, Inc. have launched their own e-Commerce portals for effective supply chain management. Launching of self-E-Commerce platforms by market participants also increases the recall value for the product and is a key trend shaping the growth of the global market.
Vehicle Modification Trend in Vogue
Vehicle owners worldwide - mostly aged around 25 - 30 years - are more inclined towards customizing the exterior aesthetics of their vehicles. In recent years, consumers have been focusing more on various automotive exterior accessories, ranging from front guard to body kits such as rocker panels, spoilers, bumper kits, and fender flares. Bumper kits are preferred by consumers who are looking for a tough look. Fendar flares are fitted over wheels to prevent rotating wheels from throwing mud or sand into the air. However, these enjoy considerable demand for aesthetic reasons. Available in varied colors and shapes, fender flares provide an edgy look as well as elegance, depending on the chosen style.
Increasing Popularity of Amateur Races
Amateur races and drag races are becoming more popular across the globe, especially in the Americas. National Hot Rod Association, the largest auto racing organization from America, organizes amateur and drag races such as Chevrolet Performance U.S. Nationals. These races require customized vehicles with optimum performance as well as additional safety.
In recent years, old European and American muscle cars have been restored by vehicle enthusiasts by completely modifying their exteriors. Such modifications require different types of automotive exterior accessories to attain desired design structures.
As per our analysts’ review, the automotive exterior accessories market is growing at a significant rate in the global market. The study has noticed that vehicles with a lifespan of less than 5 years have significant sales opportunities than that of vehicles with life span of more than 5 years. The market has witnessed use of advanced materials for the manufacturing of high strength, lightweight, and durable automotive exterior accessories. The market is projected to extend beyond established regions such as North America towards emerging regions such South Asia. Global manufacturers are focusing on expanding their businesses by increasing sales offices & distribution centers. The Latin America automotive exterior accessories market is estimated to create a significant market opportunity in terms of sales in the near future.
Automotive Exterior Accessories Market - Scope of the Report
Persistence Market Research (PMR) recently published a study report on the global automotive exterior accessories market. The report provides detailed valuation on key market dynamics such as drivers, trends, opportunities, and restraints, along with detailed information about the automotive exterior accessories market structure. This market research report presents exclusive facts and figures about how the automotive exterior accessories market will grow over the forecast period.
Key indicators of market growth, such as value chain analysis and supply chain, compounded annual growth rate (CAGR), and year-on-year (Y-o-Y) growth of the market are explained in PMR’s study in a comprehensive manner. This information can help readers understand the quantitative development projections of the automotive exterior accessories market over the forecast period.
The study is relevant for stakeholders in the automotive exterior accessories market, as well as manufacturers, distributors, suppliers, and investors, as it can help them understand applicable strategies to grow in the market. Stakeholders, investors, industry experts, researchers, and journalists, as well as business researchers in the automotive exterior accessories market can leverage the information and statistics presented in PMR’s research report.
The report includes facts & figures related to the macro as well as macroeconomic factors that are impacting the growth of the automotive exterior accessories market. The study also offers actionable insights based on the future trends in the automotive exterior accessories market. Furthermore, regional players and new entrants in the automotive exterior accessories market can also use the information presented in this report to make business decisions and gain momentum in the market.
Key Segments of Automotive Exterior Accessories Market
PMR’s study on the automotive exterior accessories market is divided into four significant segments- product type, sales channel, vehicle type, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters related to these categories.
Key Questions Answered in PMR’s Automotive Exterior Accessories Market Report
Automotive Exterior Accessories Market: Research Methodology
In PMR’s research report, exclusive research methodology is utilized to conduct comprehensive research on the development of the automotive exterior accessories market and reach conclusions on the future growth factors of the market. In this research methodology, secondary and primary research is utilized by assistant analysts to ensure precision and reliability of the conclusions.
Secondary resources are referred by analysts during the evaluation of the automotive exterior accessories market study, which comprises of the facts and figures from the World Bank, OEM websites, government websites, white papers, trade journals, and external and internal databases. Analysts have thoroughly interviewed several industry experts, such as sales supervisors, sales operation managers, product portfolio managers, senior managers, market intelligence managers, marketing/product managers, and production managers to provide insightful information.
Comprehensive information acquired from primary resources and secondary resources is validated from companies operating in the market to make PMR’s projection on growth prospects of the automotive exterior accessories market more accurate and reliable.