The Global Exterior Car Accessories Market was valued at US$ 194,166.9 Million in 2021 and is expected to surpass US$ 524,761.2 Million by 2030, registering a CAGR of 7.9% during the forecast period (2022-2030), according to the 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), By Vehicle Type (Mid-Size PC, Premium PC, Compact PC, Luxury PC, Pickup Trucks), By Channel Type (OEM and Aftermarket), by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa), published by Coherent Market Insights.
According to a recent study conducted by IHS Automotive, the average age of cars and pickup trucks in the U.S was estimated to be 11.5 years in 2015, and it is anticipated to increase by the end of 2019 to 11.7 years. As a result of this, replacement rates of car parts and car accessories has increased, in order to maintain the aesthetics and performance of the vehicles. This, in turn, provides major growth opportunities for suppliers, manufacturers, and retailers. Thus, these factors are expected to drive growth of the global exterior car accessories market during the forecast period..
Vehicle owners worldwide – mostly aged around 25–30 years – are more inclined towards customizing the exterior aesthetics of their vehicles. Consumers spend on various exterior car accessories ranging from alloy wheels, LED lights bars to body kits such as rocker panels, spoilers, bumper kits, and fender flares. Thus, increasing popularity of vehicle customization trends among vehicle enthusiasts is anticipated to drive growth of the global exterior car accessories market over the forecast period..
Key Developments
- In January 2019, HELLA and Plastic Omnium, two suppliers of the automobile industry, form a strategic partnership. The partnership will concentrate on expediting the comprehensive integration of lighting technologies into the outside of vehicles, particularly for the front and rear portions. The collaboration benefits from HELLA's expertise in automotive lighting technology and Plastic Omnium's knowledge of plastics processing for exterior body parts.
Global Exterior Car Accessories Market - Impact of Coronavirus (Covid-19) Pandemic:
The global market for external car accessories has been negatively impacted by the COVID-19 outbreak. Since automobile manufacturing businesses have the potential to provide better design and better safety features, outside car accessories are frequently produced there. The pandemic caused financial problems for car manufacturing companies and disrupted supply chains, which resulted in a shortage of raw materials and components needed for the production of automobiles. As a result, many new projects were put on hold, which negatively impacted the sales of exterior car accessories. As a result, the global market for exterior car accessories grew slowly during the pandemic.
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https://www.coherentmarketinsights.com/market-insight/exterior-car-accessories-market-1868
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Key Trends and Analysis of the Global Exterior Car Accessories Market:
- In Russia, SUVs account for significant share in terms of sales in the passenger car segment. Most SUVs sold in the country are manufactured in Russia, and consumers prefer “Made in Russia” SUVs due to the low cost compared as compared to manufactured outside the country. Another reason is that Russian SUVs are easy to accessorize and customize. Abundance of locally manufactured exterior accessories is available in the Russian market, and a large volume of consumers tend to purchase exterior accessories from these manufacturers.
- Increasing penetration of smartphones and the internet in countries in Asia Pacific has resulted in subsequent increases in online browsing and online buying rates. Increasing penetration of smartphones, especially in countries such as China and India has given rise to the e-Commerce industry in the Asia Pacific region, and consumers tend to opt for more online purchases to access better deals, more product varieties, and discounts.
- Major players operating in the global chemical sensors market include 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.
