The Exterior Car Accessories Market was valued at US$ 148.39 billion in 2017, and is expected to increase to US$ 273.78 billion by 2026 , registering a CAGR of 7.1% over the forecast period from 2018 to 2026, according to Exterior Car Accessories Market Report, by Product Type (Racks, Led Lights, Body Kits, Chrome Accessories, Covers, Alloy Wheels, Window Films, and Others), by Vehicle Type (Passenger Cars, Light commercial vehicles and Heavy commercial vehicles), by Sales Channel (Original Equipment Manufacturer (OEM) and Aftermarket), and by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) published by Coherent Market Insights.
Major factor driving growth of the exterior car accessories market is increasing demand for vehicles worldwide. For instance, according to International Organization of Motor Vehicle Manufacturers statistics (OICA), the total number of vehicles sold in 2016, was 94 million units, which increased to 96 million units in 2017, worldwide. Hence, increasing demand for vehicles is influencing OEMs to manufacture more vehicles to meet the growing consumer demand. According to the OICA, the total number of vehicles produced in 2016, was 95 million units, which increased to 97 million units worldwide. Hence, these factors are rising demand for interior styling, cabin comfort, perceived quality, and convenience features, which is expected to drive growth of the exterior car accessories market.
Implementation of new technologies in lighting is the one of the key factors propelling growth of the market
LED lights market is expected to account for the largest market share by 2026. The LED Lighting segment is expected to be valued around US$ 89.80 billion by 2026. Increasing implementation of new lighting technologies plays a major role for the growth of the LED lighting market. Light emitting diode (LEDs), Organic light emitting diode (OLEDs), and Adaptive Front-lighting System (AFS) are some of the new lighting technologies, which are boosting the growth of automotive lighting market This technology helps in improving the driver visibility, which results in increasing road traffic safety and helps to reduce the collision. Furthermore, various advantages such as long life, energy efficiency, and less heat generation is fuelling growth of the LED lighting industry in automotive sector.
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Key Trends and Analysis of the Global Exterior Car Accessories Market:
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