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), and by Region (North America, Europe, Asia Pacific, Latin America, MEA) - Global Forecast to 2027, is expected to be valued at US$ 314,392.8 million by 2027, exhibiting a CAGR of 7.6% during the forecast period (2020-2027), as highlighted in a report published by Coherent Market Insights.
Exterior car accessories are external components of automotive parts that are used to enhance the overall appearance of the car. 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.
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.
Increased average life cycle of passenger cars and pickup trucks are expected to accelerate growth of the global exterior car accessories market growth over the forecast period
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.
Rising vehicle customization among the young population can present lucrative growth opportunities
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.
Cost competitiveness due to market fragmentation is expected to hamper the global exterior car accessories market growth over the forecast period
The global car exterior accessories market is fragmented in nature and constitutes a large number of unorganized players and a few organized players. Unorganized players dominate the market, due to which organized players face significant competition in terms of pricing, thereby resulting in decline in profit margins. Most car accessories in the unorganized market are imported from countries such as China, Taiwan, South Korea, and Thailand. Car accessories imported from these countries are sold at almost half the price of car accessories offered by organized players in the local market. Thus, these factors are expected to propel the global exterior car accessories market growth in the near future.
Rising popularity of ‘Made in Russia’ SUVs among consumers due to ease of vehicle customization
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.
Growth of automotive aftermarket e-retailing in Asia Pacific
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. In 2015, average online buying rates of car accessories in Asia Pacific rose from 8% in 2011 to 20% in 2014.
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.