Customer across the global are showing interest towards changing the look of the car and making it more stylish. The exterior car accessories are most likely preferred for comfort, convenience, utility, protection, and aesthetics. However, nowadays, high speed and performance are also among the top priorities for customers buying exterior car accessories. Exterior car accessories are finding increased demand for passenger cars. However, availability of low-quality accessories and counterfeit products in the market are restricting the growth of the global exterior car accessories market. Manufacturers are also focusing on developing smart exterior car accessories with sensors. These smart products are providing protection and are also enhancing the performance of the vehicle. Technological advancements in the exterior car accessories business are presenting new growth opportunities in the coming years.
Customers are also moving towards customization of a car which is driving the demand for exterior car accessories. However, the high cost of the car accessories is hampering the market growth, especially in the developing nations. Meanwhile, significant growth observed in the automotive industry is fueling the demand for exterior car accessories. In order to remain competitive in the market, the companies are considering cost as an important factor. Moreover, companies are also offering heavy discounts and exchange offers on the exterior car accessories.
The report by Persistence Market Research expects the global exterior car accessories market to experience a healthy growth throughout the forecast period. Towards 2024 end, the global market for exterior car accessories is expected to bring in US$ 253,073.8 Million revenue.
Exterior Car Accessories to Gain Maximum Traction in Passenger Cars
Compared to the pickup trucks, exterior car accessories are expected to witness the highest demand from passenger car segment. Passenger cars including compact cars, mid-size cars, premium cars and luxury cars will demand exterior car accessories on a large scale. However, premium cars are likely to use exterior car accessories on a large scale compared to other types of passenger vehicles. Alloy wheels, LED lights, and body kits including spoilers, taillight guards, bumpers, rocker panels, runner bars and steps are witnessing increased demand by the car owners.
With the rise in Internet of Things (IoT) and connected products in the market. The automotive industry is moving towards advanced technology and adopting smart car accessories. Hence, both internal and external car accessories manufacturers are developing smart accessories. This is attracting the increasing number of customers and also enhancing the experience.
Increasing sales of passenger cars in Europe is also contributing towards the growth of the exterior car accessories in the region. Many vendors in the car accessories are also creating their own brands of accessories by associating themselves with the parent OEM. Exterior car accessories market is dominated by aftermarket providers. However, automakers are trying to establish themselves in the sales of exterior and interior car accessories. For this, automakers are offering free accessories at the time of the sale of the car. Some automakers also provide an option to modify a new car at a discounted rate. The manufacturers are also trying to increase the sales of exterior car accessories by focusing on offering connectivity and driver assistance system.
The report by Persistence Market Research on the global exterior car accessories market offers in-depth insights on the market along with information on the opportunities for growth in the market. The report presents key insights and updates based on various segments and regions in the global market for exterior car accessories throughout the forecast period 2017 - 2024.
Exterior car accessories help in enhancing the look of the vehicle by making it more appealing. Although, exterior car accessories are not important for vehicle functioning, however, some of them help in increasing vehicle performance. The market offers a wide range of exterior car accessories serving different purposes.
To understand demand and supply side and to identify growth opportunities in the global exterior car accessories market, the market is segmented into product type, distribution channel, vehicle type, and region. The report provides data on the market based on the volume in (‘000 Units) and value in (US$ Mn). The report also offers details on the driving factors in the market and challenges. Latest trends across various regions are also provided in the report to enhance the decision-making process. The segments in the global market for exterior car accessories include sub-segments and offers an estimation for the forecast period 2017–2024.
To assume market size, the report focuses on major factors based on the in-depth primary and secondary research. The data including global numbers and regional numbers in form of value and volume is based on the data provided in the annual and financial report of the leading companies in the market. The information provided by market experts has also been included after crosschecking with various sources. This information based on the research helps to identify opportunities in the market. The forecast offered in the report includes total revenue generated and revenue expected to be generated in the global exterior car accessories market during 2017-2024.
The report provides market size in terms of volume and value. This helps to forecast how the market is expected to perform in the coming years. Considering the characteristics of the market, the data is also provided based on the demand and supply side along with the market dynamics in the global market for exterior car accessories. The report by Persistence Market Research offers analysis of all the major factors in the market to identify opportunities. The report offers forecasts in terms of year-on-year growth in the market and CAGR, this helps in understanding the current scenario in the overall market and what the future holds for the global exterior car accessories market.
The report also provides expected revenue in the market in terms of incremental opportunity. This is an important factor to assess the level of opportunity for manufacturers. It also helps in identifying growth opportunities from a sales point of view in the global market for exterior car accessories. The report provides details on all the major companies active in the global exterior car accessories market. The dashboard view is offered including product portfolio, latest developments and advanced technologies used by each and every company and other relevant information to help stay competitive in the market.