Global Exterior Car Accessories Market 2020 (Includes Business Impact of COVID-19)

  • TBI613530
  • November 29, 2020
  • Global
  • 149 pages
  • Market.US
                                              Global Exterior Car Accessories Market Applications, Products, Trends, Opportunities, End Users, Market Size & Growth Forecast till 2029 -an upcoming report offered by Trusted Business Insights. The report offers valuable and insightful data for the strategists in companies operating in the target market. It also provides an overview of the industry in terms of growth analysis and historical & present scenario and provides forecast for future revenue, product supply and demand data (if applicable). It also includes driving factors and limitations faced by the companies in the market and various trends and opportunities as well. The report is an outcome of in-depth study of the present outlook of the global market as well as on the basis of five regions and key countries under each region, presence of players in regional markets, popular product types and end uses. This report also offers profiles of top key companies functioning in the global exterior car accessories market including comprehensive data such as revenues, segments, contact details, SWOT analysis, etc. for each of the companies. To enable in-depth analysis and outcome on the global exterior car accessories market, the report is bifurcated on the basis of product type, vehicle type, sales channel, and region/ country.

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Exterior Car Accessories:

Introduction Exterior car accessories comprise of exterior automobile parts that are used to enhance the appearance of the vehicle. These exterior accessories include racks, body kits, led lights, chrome accessories, alloy wheels, covers, window films, among others.

Dynamics:

Global Exterior Car Accessories Market Increasing production and sales of all types of vehicles across the globe, coupled with rising inclination towards trendy exteriors to enhance the look of the vehicles are some of the major factors estimated to drive the global market growth. For instance, according to International Organization of Motor Vehicle Manufacturers statistics (OICA), 94 Mn unit vehicles were sold in 2016, which reached 96 Mn units in 2017, globally. In addition, rising focus of major manufacturers towards research and development of smart exterior car accessories, and technologically advanced sensors that enable protection as well as enhance performance of the vehicle is another key factor projected to further fuel the market growth over the next 10 years. Moreover, changing consumer preference towards customization of cars, along with top priority for high speed and performance of the vehicle are factors anticipated to support the global market growth in the next coming years. However, increasing availability of low-quality accessories and counterfeit products at cost-effective prices manufactured by local players is among the major factors that could restrain the global exterior car accessories market growth to some extent. In addition, high cost of car accessories is also a factor that could hamper the market growth. Increasing number of technological advancements in the field of exterior car accessories in the automotive industry and rising focus of players to offer in-built exterior car accessories are factors projected to present potential opportunities in terms of revenue growth for OEMs in the global exterior car accessories market in the next 10 years.

Segment Insights: Global Exterior Car Accessories Market

By Product Type Analysis

: Among the products available in the market, the Led lights segment is estimated to record largest revenue share in the market and is projected to register significant growth rate over the 10-year forecast period, due to constant technological advancements and new product launches in the lighting industry and availability of smart and intelligent lighting systems. These lights enhance the look of the vehicle and enable enhanced visibility to the drivers. Increasing road safety issues and rising initiatives by the government for road safety measures is estimated to result in higher demand for LED lighting in the years to come.

By Vehicle Type Analysis:

The passenger car segment is estimated to record the highest share in terms of value in the market, due to increasing sales of passenger cars as compared to commercial vehicles, globally. This is estimated to result in a higher adoption of exterior car accessories by passenger car segment. The light commercial vehicle segment is projected to register comparatively higher compound annual growth rate in the next 10 years.

By Sales Channel Analysis:

The OEM segment recorded the largest revenue share in the market in the last year and is projected to contribute the highest share in the years to come, due to high focus of companies to offer in-built accessories and to comply with road safety measures and other related government regulations. The aftermarket is projected to record moderately high revenue contribution in the global market, attributable to constant need for vehicle servicing, and replacement of accessories. Moreover, aftermarket also offers accessories for the vehicles which do not have in-built exterior and interior accessories.

Analysis by Region: Global Exterior Car Accessories Market

The market in Europe is estimated to record the largest revenue share in the global exterior car accessories market, and is projected to continue contributing the largest share over the 10-year forecast period, due to high adoption of premium cars, and commercial vehicles, coupled with inclination towards appealing exterior accessories among individuals in countries in Europe market. In 2018 for instance, according to the OICA, production of cars and commercial vehicles in Austria was 164,900 units, which was an increase by 69.7% as compared to the previous years production. In accordance with this, in 2018, the production of commercial vehicles and cars in Portugal was 60,215 units and 234,151 units respectively. The percentage change compared to the previous year was 67.7%. The North America (NA) market is estimated to record significantly high share in terms of value, attributable to the well-established automotive industry, presence of large number of prominent players, and rising adoption of all types of vehicles in various countries in NA market. The Asia Pacific (APAC) exterior car accessories market is projected to witness the highest CAGR over the 10-year forecast period, owing to rising demand for passenger cars and commercial vehicles in countries in APAC, inclination towards advanced accessories, and rising spending capacity among individuals. For instance, according to OICA, between 2005 and 2015, the motorization rate in Asia Pacific (excluding Japan and South Korea)/Oceania/Middle East was 141%, which was recorded as the highest growth rate as compared to other regions. The Latin America market is estimated to record a moderately high revenue share in the market owing to steadily increasing production of passenger cars and commercial vehicles. In 2018 for instance, as per the OICA, Brazils production of cars and commercials vehicles collectively was 2,879,809 and in Mexico it was 4,100,525 units in the same year.

Global Exterior Car Accessories Market Segmentation:

Segmentation by Product Type:

  • Racks
  • Led Lights
  • Body Kits
  • Chrome Accessories
  • Covers
  • Alloy Wheels
  • Window Films
  • Others

Segmentation by Vehicle Type:

  • Passenger Car Light Commercial Vehicle Heavy Commercial Vehicle

Segmentation by Sales Channel

:
  • OEM Aftermarket

Table of Contents
Chapter 1. Methodology and Scope                  1.1. Research Methodology                  1.2. Research Scope & Assumptions                  1.3. List of Data SourcesChapter 2. Executive SummaryChapter 3. Global Exterior Car Accessories Market Outlook                  3.1. Market Segmentation                  3.2. Market Size and Growth Prospects, 2016 - 2027                  3.3. Value Chain Analysis                  3.4. Market Dynamics                      3.4.1. Market driver analysis                      3.4.2. Market restraint analysis        
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