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Exterior Car Accessories Market Segmented By Covers, Racks, Body Kits, LED Lights, Alloy Wheels, Chrome Accessories, Exhaust Mufflers, Window Films, License Plate Frames Products in Passenger Cars, Pickup Trucks Vehicles
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.
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.