Impact Analysis of Covid-19

The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.

Market Overview

Exterior car accessories are comprised of products related to automotive products that enhance and appearance of the automobile. There are different parts included in external car accessories such as stainless steel car bumper guard, plastic car door guard, rear mudguard, front mudguard, tire inflators, decals and stickers, wraps, etc. The global exterior car accessories market focuses on five regions namely North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

The global exterior car accessories market is estimated to account for US$ 314,392.8 Mn in terms of value by the end of 2027.

Market Dynamics- Drivers

  1. High growth in automotive industry is expected to drive growth of the global exterior car accessories market during the forecast period

The automotive industry has witnessed massive growth in the recent past despite the economic crisis. According to Coherent Market Insights’ analysis, the global automotive industry is expected to reach a value of US$ 87.6 billion in 2020. This is growth is attributed to increasing sales of passenger cars and pickup trucks. Thus, these factors are expected to drive the global exterior car accessories market growth in the near future.

  1. Rising expenditure on car accessories is expected to propel the global exterior car accessories market growth over the forecast period

With the stable growth of global economy, there has been increase in sales of vehicles across the globe. According to Coherent Market Insights’ analysis, around 90% of consumers add some type of accessories to their cars and are willing to spend an average of US$ 300–500 for accessories at the time of purchase. Moreover, consumers are willing to invest around US$ 5,000 for accessories in some regions. For instance, in North America, the average spending on car accessories for compact cars range between US$ 250–500. Thus, these factors are expected to propel the global exterior car accessories market growth over the forecast period.

Statistics:

Europe held dominant position in the global exterior car accessories market in 2019, accounting for 39.9% share in terms of value, followed by North America, APAC, Latin America, and MEA respectively.

Figure 1: Global Exterior Car Accessories Market Share (%), in terms of Value, By Region, 2019

Exterior Car Accessories  | Coherent Market Insights

Market Dynamics- Restraints

  1. Regulatory policies regarding exterior modification of vehicles are expected to hinder the global exterior car accessories market growth over the forecast period

Regardless of its rising popularity, various government authorities have enforced regulatory policies on the modification of exterior of car. For instance, dark window tinting and exhaust modification are illegal in the U.S. Furthermore, some regulations related to exterior vehicle modification include, “U.S. Government Regulation of Specialty Auto Parts”, which deals with vehicle customization in the U.S. Thus, these factors are expected to hinder the global exterior car accessories market growth in the near future.

  1. High cost associated with exterior car accessories is expected to restrain growth of the global exterior car accessories market during the forecast period

The cost of exterior car accessories is significantly high as compared to that for interior car accessories due to high cost of raw materials and production cost of exterior car accessories. Moreover, exterior car accessories such as spoilers, body kits, and deflectors are available at very high cost market only. This is due to the fact that consumers tend to purchase substandard and counterfeit car accessories at competitive prices from aftermarket. This, in turn, is expected to restrain growth of the global exterior car accessories market over the forecast period.

Report Coverage Details
Base Year: 2019 Market Size in 2019: US$  175236.9 Mn
Historical Data for: 2016 to 2019 Forecast Period: 2020 to 2027
Forecast Period 2020 to 2027 CAGR: 7.6% 2027 Value Projection: US$  314,392.8 Mn
Geographies covered:
  • North America: U.S.,Canada.
  • Latin America: Brazil, Argentina, Mexico, Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, Rest of Asia Pacific
  • Middle East: GCC Countries, Israel, Rest of Middle East
  • Africa: South Africa, North Africa, Central Africa
Segments covered:
  • By End-use Application: Wastewater Treatment, Water Treatment, Air Treatment, Surface Disinfectin, Food & Beverages Disinfection.
  • By Lamp Type: UV Mercury Lamp, UV LEDs.
Companies covered (15):

Thule Group, Truck Covers USA LLC, HELLA KGaA Hueck & Co., F.LLI MENABÒ SRL, Oakmore Pty Ltd., Mont Blanc Industri AB, Lund International, Inc., Momo Srl., Covercraft Industries, LLC, Star Automotive Accessories, Classic Soft Trim, H.I Motors CAR MATE MFG. CO., LTD, O'Reilly Auto Parts, Pep Boys, and U.S. Auto Parts Network, Inc.

Growth Drivers:
  • High growth in automotive industry
  • Rising expenditure on car accessories
Restraints & Challenges:
  • Regulatory policies regarding exterior modification of vehicles
  • High cost associated with exterior car accessories

Market Opportunities

  1. Growing consumer inclination towards active lifestyle can present lucrative growth opportunities

Consumers are increasingly focused on active lifestyle. This is owing to rising disposable income of consumers, which has led to increased expenditure on different sports and leisure activities. Moreover, rising number of consumers are traveling, skiing, kayaking, and cycling, and thus seeing suitable accessories to carry their sport and travel gear. As a result of this, car accessories such as roof racks, bike racks, and cargo boxes have witnessed massive demand. Thus, manufacturers in the market can capitalize on these opportunities and gain a competitive edge in the market.

  1. Growing sales of pickup trucks can offer major business opportunities

Lifestyle pickup trucks from major automobile companies such as GMC, Toyota, Ford, Chevrolet, and RAM have witnessed a significant demand across globe. According to Coherent Market Insights’ analysis, in April 2016, .5 million units of lifestyle pickup trucks were sold in North America, registering double-digit Y-o-Y growth. Thus, subsequent growth of pickup trucks is expected to increase along with increasing demand for chrome billet grills, deflectors, bull bars, etc.

Figure 2: Global Exterior Car Accessories Market Value (US$ Mn), 2017 - 2027

Exterior Car Accessories  | Coherent Market Insights

The global exterior car accessories market was valued at US$ 175236.9 Mn in 2019 and is forecast to reach a value of US$ 314,392.8 Mn by 2027 at a CAGR of 7.6% between 2020 and 2027.

Market Trends

  1. North America Trends

High sales of pickup trucks as compared to passenger cars in the U.S.

Currently, there is a high demand for lifestyle pickup trucks as compared to passenger cars. According to the Specialty Equipment Manufacturers Association (SEMA) around 2.5 million units of pickup trucks were sold in the first half of 2016. Furthermore, gasoline price has reduced in the U.S, reaching a mere US$ 2 per gallon, which in turn, is boosting the sales of pickup trucks. As a result of this, pickup truck accessories have witnessed significant demand and is expected to increase over the forecast period.

Launch of novel products to address the increasing demand for Tonneau covers

Tonneau covers are expected to be the most sought after exterior car accessory for pickup trucks in the U.S., owing to the rise in sales of pickup trucks. In contrast to the strong sales growth of pickup truck sales in the U.S., TruXmart has recently launched innovative lightweight (around 20 lbs lighter its other tonneau covers) tonneau covers under brand name “Forte”, which is scratch-resistant and easy to install.

  1. Latin America Trends

Growing preference for branded accessories

According to a study conducted by Specialty Equipment Manufacturers Association (SEMA), preference for “Made in U.S.” car accessories are more prevalent in the Latin America automotive aftermarket. Consumers in the region are more inclined towards quality and deliberately seek car accessories and tuning products with the “Made in U.S.” mark.

Rising popularity of amateur races and vehicle restoration

According to SEMA, amateur races and drag races are becoming more popular in Brazil. The amateur races and vehicle customization trends are more prominent among younger individuals in Brazil. Passenger cars, SUVs, and pickup trucks are customized for such races in order to increase performance and achieve sporty aesthetics. Another trend that has been noticed in Brazil is car restoration, where old European and American muscle cars are restored by vehicle enthusiasts by completely modifying the exterior of the vehicle.

Competitive Section

Key players operating in the global exterior car accessories market are Thule Group, Truck Covers USA LLC, HELLA KGaA Hueck & Co., F.LLI MENABÒ SRL, Oakmore Pty Ltd., Mont Blanc Industri AB, Lund International, Inc., Momo Srl., Covercraft Industries, LLC, Star Automotive Accessories, Classic Soft Trim, H.I Motors CAR MATE MFG. CO., LTD, O'Reilly Auto Parts, Pep Boys, and U.S. Auto Parts Network, Inc.

Key Developments

  1. Major companies in the market are focused on product development, in order to gain a competitive edge in the market. For instance, in July 2018, Thule Group introduced its next-generation of roof Thule Evo System.
  2. Key market players are involved in merger and acquisition activities, in order to strengthen market position. For instance, in August 2018, Covercraft Industries acquired Marathon Seat Covers, a manufacturer of premium seat covers.

Exterior car accessories are comprised of products related to automotive products that enhance and appearance of the automobile. These parts include rear and front mudguard, spoiler, stainless steel car bumper guard, plastic car door guard, tire inflators, decals and stickers, wraps, etc. The global exterior car accessories market focuses on five regions namely North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

Market Dynamics

Major shift in automobile industry is expected to drive growth of the global exterior car accessories market during the forecast period. Automobile Industry is shifting from internal combustion engine vehicle to the electric power vehicle, this shift will increase the demand of exterior car accessories which are compatible with electric vehicles such as electric vehicle sticker, home charger and others. Furthermore, electrical car vehicle market is expected to grow in the near future, for instance, according to Coherent Market Insights’ analysis, global electric vehicle market is registered CAGR of 23.8% during the forecast period 2020-2027. Thus, Major change in automobile industry from IC engine powered vehicles to the electric power vehicle is expected to drive the global Exterior car accessories market in the forecast period.

Furthermore, increasing demand of customized vehicles in the young population can present lucrative growth opportunities to the exterior car accessories market. Vehicle owners in the range of 18 to 30 are inclined towards spending money on car accessories such as alloy wheels, high power LED lights, different color LED lights and others. Thus, increasing demand of customized vehicles in the young population can present lucrative growth opportunities to the exterior car accessories market.

Market Taxonomy

This report segments the global exterior car accessories market on the basis of end-use application, lamp type, and region. On the basis of End-use Application, the global exterior car accessories market is segmented into wastewater treatment, water treatment, air treatment, surface disinfection and food & beverages disinfection. On the basis of Lamp Type, the global exterior car accessories market is segmented into UV mercury lamp, and UV LEDs. On the basis of region, the global exterior car accessories market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East and Africa.

Key features of the study:

  • This report provides an in-depth analysis of the global exterior car accessories market and provides market size (US$ million) and compound annual growth rate (CAGR %) for the forecast period (2020-2027), considering 2019 as the base year.
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrix for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by leading players
  • It profiles leading players in the global exterior car accessories market based on the following parameters – regulatory landscape, company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
  • Key companies covered in the global exterior car accessories market are Thule Group, Truck Covers USA LLC, HELLA KGaA Hueck & Co., F.LLI MENABÒ SRL, Oakmore Pty Ltd., Mont Blanc Industri AB, Lund International, Inc., Momo Srl., Covercraft Industries, LLC, Star Automotive Accessories, Classic Soft Trim, H.I Motors CAR MATE MFG. CO., LTD, O'Reilly Auto Parts, Pep Boys, and U.S. Auto Parts Network, Inc.
  • The market players are focusing on strategic collaborations to innovate and launch new products to meet the increasing needs and requirements of consumers.
  • Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future product launches, technology upgradation, market expansion, and marketing tactics
  • The global exterior car accessories market report caters to various stakeholders in this industry including investors, suppliers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through the various strategy matrices used in analyzing the global exterior car accessories market.

Detailed Segmentation:

  • Global Exterior Car Accessories Market, By Product Type:
    • License Plate Frames
    • Body Kits
    • LED Lights
    • Graphics & Reflectors
    • Racks
    • Exhaust Mufflers
    • Alloy Wheels
    • Covers
    • Chrome Accessories
    • Window Films
  • Global Exterior Car Accessories Market, By Vehicle Type:
    • Mid-Size PC
    • Premium PC
    • Compact PC
    • Luxury PC
    • Pickup Trucks
  • Global Exterior Car Accessories Market, By Channel Type:
    • OEM
    • Aftermarket
  • Global Exterior Car Accessories Market, By Region:
    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East and Africa
  • Company Profiles
    • Thule Group
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments
      • Future Plans
    • Truck Covers USA LLC
    • HELLA KGaA Hueck & Co.
    • F.LLI MENABÒ SRL
    • Oakmore Pty Ltd.
    • Mont Blanc Industri AB
    • Lund International, Inc.
    • Momo Srl.
    • Covercraft Industries, LLC
    • Star Automotive Accessories
    • Classic Soft Trim
    • H.I Motors CAR MATE MFG. CO., LTD
    • O'Reilly Auto Parts
    • Pep Boys
    • U.S. Auto Parts Network, Inc.

*Browse all the market data tables and figures on “Global Exterior Car Accessories Market- Forecast to 2027”

Table of Contents

  1. Research Objectives and Assumptions
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By Product Type
      • Market Snippet, By Vehicle Type
      • Market Snippet, By Channel Type
      • Market Snippet, By Region
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
    • Regulatory Scenario
    • Industry Trend
    • Merger and Acquisitions
    • New System Launch/Approval
  4. Global Exterior Car Accessories Market, By Product Type, 2017-2027 (US$ Million)
    • Introduction
      • Market Share Analysis, 2019 and 2027 (%)
      • Segment Trends
    • License Plate Frames
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Body Kits
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • LED Lights
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Graphics & Reflectors
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Racks
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Exhaust Mufflers
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Alloy Wheels
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Covers
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Chrome Accessories
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Window Films
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
  5. Global Exterior Car Accessories Market, By Vehicle Type, 2017-2027 (US$ Million)
    • Introduction
      • Market Share Analysis, 2019 and 2027 (%)
      • Segment Trends
    • Mid-Size PC
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Premium PC
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Compact PC
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Luxury PC
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Pickup Trucks
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
  6. Global Exterior Car Accessories Market, By Channel Type, 2017-2027 (US$ Million)
    • Introduction
      • Market Share Analysis, 2019 and 2027 (%)
      • Segment Trends
    • OEM
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Aftermarket
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
  7. Global Exterior Car Accessories Market, By Region, 2017-2027  (US$ Million)
    • Introduction
      • Market Share Analysis, By Region, 2019 and 2027 (%)
    • North America
      • Regional Trends
      • Market Size and Forecast, By Product Type, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Vehicle Type, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Channel Type, 2020–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • U.S.
        • Canada
    • Europe
      • Regional Trends
      • Market Size and Forecast, By Product Type, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Vehicle Type, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Channel Type, 2020–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • U.K.
        • Germany
        • Italy
        • France
        • Russia
        • Rest of Europe
    • Asia Pacific
      • Regional Trends
      • Market Size and Forecast, By Product Type, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Vehicle Type, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Channel Type, 2020–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • India
        • Japan
        • ASEAN
        • Australia
        • South Korea
        • Rest of Asia Pacific
    • Latin America
      • Regional Trends
      • Market Size and Forecast, By Product Type, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Vehicle Type, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Channel Type, 2020–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • Brazil
        • Argentina
        • Mexico
        • Rest of Latin America
    • Middle East and Africa
      • Regional Trends
      • Market Size and Forecast, By Product Type, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Vehicle Type, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Channel Type, 2020–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • GCC Countries
        • South Africa
        • Rest of the Middle East and Africa
  8. Competitive Landscape
    • Company Profiles
      • Truck Covers USA LLC
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • HELLA KGaA Hueck & Co.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • LLI MENABÒ SRL
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Oakmore Pty Ltd.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Mont Blanc Industri AB
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Lund International, Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Momo Srl.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Covercraft Industries, LLC
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Star Automotive Accessories
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Classic Soft Trim
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • I Motors CAR MATE MFG. CO., LTD
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • O'Reilly Auto Parts
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Pep Boys
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • S. Auto Parts Network, Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
  9. Section
    • References
    • Research Methodology
    • About Us and Sales Contact

*Browse XX market data tables and XX figures on “Global Exterior Car Accessories Market-forecast to 2027”

Frequently Asked Questions

The global exterior car accessories market size was valued at US$ 175,236.9 million in 2019 and is estimated to exhibit a CAGR of 7.6% between 2020 and 2027.
Aftermarket, segment held the major market share in 2019 owing to high growth in automotive industry.
Major factor driving the growth of global exterior car accessories market during the forecast period are high growth in automotive industry, and rising expenditure on car accessories.
Major factors hampering the growth of the exterior car accessories market during the forecast period is Regulatory policies regarding exterior modification of vehicles.
Europe exterior car accessories market is expected to generate the highest revenue during the forecast period.
Some of the key players operating in the market are Thule Group, Truck Covers USA LLC, HELLA KGaA Hueck & Co., F.LLI MENABÒ SRL, Oakmore Pty Ltd., Mont Blanc Industri AB, Lund International, Inc., Momo Srl., Covercraft Industries, LLC, Star Automotive Accessories, Classic Soft Trim, H.I Motors CAR MATE MFG. CO., LTD, O'Reilly Auto Parts, Pep Boys, and U.S. Auto Parts Network, Inc.
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