Exterior Car Accessories Market
Exterior car accessories consist of products associated with automotive parts, which is responsible for enhancing the appearance of a vehicle. These exterior car accessories includes racks, led lights, body kits, chrome accessories, covers, alloy wheels, window films, and others.
Rampant growth of vehicle sales across the globe is major factor propelling demand for exterior car accessories. For instance, according to International Organization of Motor Vehicle Manufacturers statistics (OICA), the total number of vehicles sold in 2016, were 94 million units, which increased to 96 million units in 2017, worldwide. This growth is attributed to rapid urbanization and industrialization in various emerging economies such as India and China, where increasing GDP is supporting growing urbanization. For instance, according to the World Bank Group, GDP per capita has increased globally from US$ 9509.4 in 2010, to US$ 10,150.8 in 2016, indicating increased standard of living, which has significantly impacted affordability and expenditure on luxury vehicles. Hence, this factor is propelling the demand for exterior car accessories market.
LED lighting segment accounted for largest market share in 2017
Among product type, LED lights segment is expected to account for the largest market share by 2026 and it is expected to be valued at US$ 89.80 billion by 2026. Furthermore, technological advancement in lighting industry coupled with rampant product invention is fueling market growth, owing to rapid advancements in semiconductor industry and evolution of light bulbs from incandescent bulbs to LEDs, leading to introduction of smart and intelligent lighting systems.
Furthermore, increasing adoption of green technologies is driving growth of the LED lights segment. LED lighting systems consume around 50% less energy to generate an equivalent light intensity emitted by Compact Fluorescent Lamps (CFL) and Cold Cathode Fluorescent Lamps (CCFL). According to Coherent Market Insights analysis, this reduced energy consumption directly converts into a reduction of over 700 million tons of carbon dioxide emissions annually, owing to which LEDs are estimated to completely replace CFLs and CCFLs in the near future.
Passenger cars segment is expected to hold largest market share by 2026
Among vehicle types, passenger cars segment accounted for the largest share in the global exterior car accessories market in 2016. For instance, according to The Organisation Internationale des Constructeurs d'Automobiles (OICA), in 2016, total number vehicle manufactured globally was 94 million units, among them 72 million units were passenger cars produced in 2016, which is almost 75% of the global vehicle production. Therefore, increasing vehicle production is leading to high demand for exterior car accessories market worldwide. The passenger car segment is expected to be valued around US$ 210.26 billion by 2026.
Figure: Global Exterior Car Accessories Market Value (US$ billion) by Segments, 2026
SOURCE: COHERENT MARKET INSIGHTS ANALYSIS, 2018
North America exterior car accessories market is expected to grow at highest CAGR over the forecast period
The market for North America is expected to show significant growth rate over the forecast period (2018 -2026). The market for North America is expected to be valued at around US$ 64.06 billion by 2026, witnessing a CAGR of 7.4% throughout the forecast period (2018 – 2026). The key factor propelling regional market growth is increasing passenger car sales. The U.S. accounted for largest share in North America passenger car sales in 2017. According to Organization Internationale des Constructeurs d'Automobiles (OICA), in 2017, around 11 million units of passenger cars were sold, among which in the U.S. around 6 million units of passenger cars were sold. Hence, increasing adoption of passenger cars in this country is propelling demand for regional exterior car accessories market.
The market for Asia Pacific is expected to witness highest CAGR over the forecast period from 2018 to 2026. The market for exterior car accessories in Asia Pacific is expected to be valued around US$ 55.30 billion by 2026. Increasing demand for passenger car in Asia Pacific region is expected to provide growth opportunities to numerous local and international Exterior Car Accessories vendors in the automotive sector. China accounted for largest share in passenger cars sales in Asia Pacific region in 2017. According to OICA, in 2017, around 29 million units of passenger cars were sold, up from 28 million units in 2016.
Major players operating in the global exterior car accessories market include Oakmore Pvt Ltd, Car Mate Manufacturing Co. Ltd., Lund International, Inc., Truck Covers Usa Llc, Lloyd Mats, Pep Boys, Thule Group, U.S. Auto Parts Network, Inc., Covercraft Industries Llc, and Mont Blac Industri Ab.
Exterior car accessories is primarily concerned with developing the visual appearance or aesthetics of the vehicle. Advanced exterior car components enable the consumer to upgrade their cars with advanced features.
Initial high cost of advanced exterior accessories is one of the major factor hindering the global market growth. For instance, the price for LED lights per lumen is more expensive than conventional lights. Moreover, LED light’s performance largely depends on correctly engineering the fixture to manage the heat generated by the LED, which causes deterioration of the LED chip itself. LED lights may cause overheating, which is eventually leads to device failure. Hence, to maintain life of LED lights as well as the device, an additional heat-sink is required. Therefore, consumers need to spend extra along with lighting cost, which is making these automotive LED lighting more expensive, in turn negatively affecting growth of the market.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.
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