According to the report by Persistence Market Research (PMR), the global market for exterior car accessories is likely to see a robust growth by 2024. The global market is also projected to bring in more than US$ 253,000 Million revenue by the end of 2024.
Increase in the sales of cars globally and growing interest in the concept of vehicle customization are driving the global exterior car accessories market. However, the latest trend of car customization is likely to remain one of the key factors in the growing demand for exterior car accessories.
Need for speed and performance is also pushing the market for car accessories that support high performance. The most cocmmon exterior car accessories include mud guard, car wrap, taillight, reflectors, window films, fog lamp covers, sun roof, license plate cover, LED lights, bugflectors, decals, and others. Car owners are also moving towards personalization trend to enhance the look and overall style of the car.
The biggest challenge in the global market for exterior car accessories is the availability of counterfeit products that are sold at relatively low cost. These products are designed in such a way that it becomes difficult to differentiate between original and counterfeit product.
However, regulatory bodies are introducing some guidelines that can help in differentiating between the counterfeit and original accessories for cars. Cost competitiveness is also likely to hamper the growth of the market in the near future. Meanwhile, the automotive industry is constantly coming up with innovative technologies such as smart lighting technology, active window display, biometric access, etc.
LED Lights to Gain Maximum Traction in the Global Market for Exterior Car Accessories
On the basis of product type, LED lights are likely to emerge as one of the most preferred exterior car accessory during 2017-2024. LED lights are estimated to surpass US$ 76,000 Million revenue. Meanwhile, body kits are also expected to witness substantial growth during the forecast period.
Based on the vehicle type, passenger cars are likely to emerge as the largest users of exterior car accessories during 2017-2024. Passenger cars are projected to be valued at more than US$ 191,000 Million revenue towards the end of 2024.
By the distribution channel, sales of exterior car accessories are likely to be highest through aftermarket distribution channel. By the end of 2024, aftermarket distribution channel is estimated to surpass US$ 182,000 Million revenue.
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Europe to Dominate the Global Exterior Car Accessories Market
Europe is likely to remain dominant in the global market for exterior car accessories during 2017-2024. Europe is anticipated to exceed US$ 102,000 Million in terms of revenue. Countries in Europe such as Germany and U.K. are the major countries in the automotive industry. With increasing production and demand for cars in Europe, the market for exterior car accessories is also witnessing a growth. Meanwhile, increasing demand for car modification in North America is also likely to boost the global market for exterior car accessories in the region.
Leading Companies in the Global Exterior Car Accessories Market
Thule Group, Oakmore Pty Ltd., HELLA KGaA Hueck & Co., Covercraft Industries, LLC, CAR MATE MFG.CO., LTD., U.S. Auto Parts Network, Inc., O’Reilly Auto Parts, Star Automotive Accessories, Truck Covers USA LLC, Mont Blanc Industri AB, and Classic Soft Trim, are some of the companies in the global market for exterior car accessories.