Projected to reach the revenues of US$ 51 Bn towards the end of forecast period (2019 - 2029), global market for automotive exterior accessories will exhibit a steady CAGR. A new research report suggests that the increasing emphasis of vehicle owners on high-quality aesthetics, in addition to continued focus on improved safety and performance, will significantly contribute to sustained demand for automotive exterior accessories in the near future.
The report highlights that prominent companies operating in automotive exterior accessories are prioritizing partnerships with E-commerce leaders. They are even considering hefty investments in brand-owned online portals for increasing their customer reach over the foreseeable future. These would remain important trends shaping developmental strategies of automotive exterior accessories market players.
Automotive Exterior Accessories Market - Key Takeaways
- The automotive industry has witnessed reduction in sales volume by 0.6% versus the last fiscal. However, demand from existing fleet of passenger cars and light commercial vehicles (LCVs), especially pickup trucks, is highly influencing sales of automotive exterior accessories.
- Product replacements and demand for specific accessories by consumers are anticipated to ensure persistent sales of automotive exterior accessories.
- In developing countries such as India, China, Indonesia, and Thailand, price and service life of automotive exterior accessories are deciding factors for aftermarket sales.
- Consumers in developed regions such as the U.S. and EU are more inclined towards accessories of premium brands.
- North America is estimated to hold a major share in the global automotive exterior accessories market due to healthy patronage for the product from all vehicle class owners.
- Body kit products are anticipated to remain as primary accessories installed in vehicles as per product type analysis of the global automotive exterior accessories market
Devising strong brand management measures through diverse sales channels and impacting product promotions should be the top-of-mind strategy of manufacturers. This would enable them to strengthen sales of automotive exterior accessories in the long term, while gaining brand recognition.
In passenger cars, SUVs are estimated to create significant demand for automotive exterior accessories. Front guards and body kits are mostly installed in SUVs and LCVs. These products contribute a significant revenue share to the global automotive accessories market value. North America leads the way with over 50% share in global LCV fleet and thereby, in the automotive accessories market.
Interested in Competitive Insights?
The automotive exterior accessories market is fairly fragmented. Counterfeiters taking advantage of the unorganized market and selling ordinary quality products at relatively lower prices has been a longstanding challenge for key players. Most of the market players are focused on developing lightweight, easy-to-fix, and durable products, which can be installed by garage and service stations as well as by individuals pursuing DIY activities.
For detailed information about the market competition in automotive exterior accessories landscape, write to the analyst at email@example.com
About the Report:
The research report analyzes the total sales of automotive exterior accessories on the basis of volume (units) and value (US$ Mn). The market is projected on the basis of factors such as automobile sales forecast, fleet on road, automotive aftermarket growth, and growing e-commerce platform. The scope of the research report includes the sales of accessories for new vehicles as well as sales of accessories for the existing fleet. In our research, we have included all types of automobiles including, compact cars, mid-sized cars, SUVs, luxury cars, light commercial vehicles, and heavy commercial vehicles.
About PMR - Automotive & Transportation
Persistence Market Research’s team of analysts at the Automotive domain has been tracking the industry for nearly a decade now. The highly seasoned team has authored 1,000+ reports, covering a broad spectrum – from passenger cars and freight to components and railways. Our comprehensive and detailed market research studies include market sizing, forecasting, product and market segmentation, and a detailed discussion on prevailing and anticipated market conditions. Reach out to us for more information on how we can help.