The global automotive exterior accessories market is expected to experience robust growth over the period 2017-2024. The global market is also expected to generate over $253,000 million in revenue by the end of 2024.
This report provides in depth study of “Car Exterior Accessories Market” using SWOT analysis i.e. Strengths, Weaknesses, Opportunities and Threats to the organization. The Automotive Exterior Accessories Market report also provides an in-depth investigation of major market players based on various objectives of an organization such as profiling, product outline, production quantity, raw material required and financial health. organisation.
Rising car sales globally and growing interest in the concept of vehicle customization is driving the global car exterior accessories market. However, the latest trend in car customization is likely to remain one of the key factors driving the growing demand for car exterior accessories.
The need for speed and performance is also driving the market for high performance automotive accessories. The most common car exterior accessories include fender, car wrap, tail light, reflectors, window films, fog light covers, sunroof, license plate cover, LED lights, bug deflectors, decals and more. Car owners are also moving towards the customization trend to improve the look and overall style of the car.
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The biggest challenge in the global car exterior accessories market is the availability of counterfeit products which are sold at relatively low cost. These products are designed in such a way that it becomes difficult to tell the difference between an original product and a counterfeit product.
However, regulatory bodies introduce certain guidelines that can help differentiate between counterfeit and original accessories for cars. Cost competitiveness is also likely to hamper the growth of the market in the near future. Meanwhile, the automotive industry is constantly coming up with innovative technologies such as smart lighting technology, active window display, biometric access, etc.
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LED lights to gain maximum traction in the global exterior car accessories market
Based on product type, LED lights are likely to become one of the most popular car exterior accessories during 2017-2024. LED lamps are estimated to exceed $76 trillion in revenue. Meanwhile, body kits are also expected to witness substantial growth over the forecast period.
By vehicle type, passenger cars are expected to become the largest users of exterior auto accessories over the period 2017-2024. Passenger cars are expected to be valued at over $191 trillion in revenue by the end of 2024.
Through the distribution channel, the sales of exterior auto accessories are likely to be highest through the aftermarket distribution channel. By the end of 2024, the aftermarket distribution channel is expected to exceed $182 trillion in revenue.
Europe to Dominate Global Car Exterior Accessories Market
Europe is expected to remain dominant in the global car exterior accessories market during the period 2017-2024. Europe is expected to top $102 trillion in revenue. Countries in Europe such as Germany and the United Kingdom are the major countries in the automotive industry. With the increase in car production and demand in Europe, the car exterior accessories market is also growing. Meanwhile, growing demand for car modifications in North America is also likely to drive the global exterior automotive accessories market in the region.
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Leading companies in the global car exterior accessories market
Thule Group, Oakmore Pty Ltd., HELLA KGaA Hueck & Co., Covercraft Industries, LLC, CAR MATE MFG.CO., LTD., US Auto Parts Network, Inc., O’Reilly Auto Parts, Star Automotive Accessories, Covers Truck USA LLC, Mont Blanc Industri AB and Classic Soft Trim are some of the companies in the global car exterior accessories market.
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