With the global automobiles market expanding at a rapid pace owing to an increase in the sales of vehicles, the exterior car accessories market is poised to indicate sustained growth in the coming years. The global exterior car accessories market is estimated to be valued at US$ 142.24 Bn in 2016 and is expected to reach US$ 253.07 Bn by 2024, expanding at a CAGR of 7.5% over the forecast period.
Market dynamics
Rising consumer inclination towards vehicle customizations, rise in the sales of pickup trucks in developed markets, and a growing demand for performance enhancing exterior car accessories are some of the factors likely to favor the growth of the global exterior car accessories market. The growth of the automotive sector in the BRIC nations is expected to further fuel market growth. A substantial spending on exterior car accessories and increasing demand for bull bars and spoilers among vehicle enthusiasts is anticipated to drive the market over the forecast period.
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Availability of counterfeit exterior and superior quality car accessories, which are mostly imported from Asian continents; and a huge fragmentation of the exterior car accessories market leading to cost competitiveness are factors anticipated to hamper the growth of the global exterior car accessories market over the forecast period. Also, regulations related to modification of vehicle exteriors in some regions is also anticipated to restrict growth of the global exterior car accessories market.
Segmentation-wise market forecast
The global exterior car accessories market is categorized by product type (Covers, Racks, Body Kits, LED Lights, Alloy Wheels, Chrome Accessories, Exhaust Mufflers, Window Films, License Plate Frames, Graphics & Reflectors); by vehicle type (Passenger Cars, Pickup Trucks); and by distribution channel (OEM, Aftermarket). In the product type segment, revenue from the LED lights segment is anticipated to expand at a CAGR of 12.8% between 2016 and 2024; whereas the body kits segment is anticipated to expand at a CAGR of 5.6% in value over the forecast period.
In the vehicle type category, the passenger cars segment is expected to dominate the global exterior car accessories market in terms of value over the forecast period. This segment is projected to register a CAGR of 7.4% over the forecast period. The pickup trucks segment is projected to register a CAGR of 7.8% over the forecast period. In the distribution channel segment, the aftermarket segment is estimated to account for 75.2% value share in 2016 and is projected to register a CAGR of 7.0% over the forecast period; while the OEM segment is estimated to account for 24.8% value share in 2016 and is projected to register a CAGR of 8.8% over the forecast period.
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Key markets
The global exterior car accessories market is segmented into five key regions namely – North America, Latin America, Europe, Asia-Pacific, and Middle East & Africa. The Europe market is expected to retain its dominance in the global exterior car accessories market during the forecast period. This market is estimated to account for 39.6% revenue share by the end of 2016 and is expected to register a CAGR of 7.7% over the forecast period. The exterior car accessories market in APAC is expected to account for 21.2% revenue share by the end of 2016 and is estimated to register a CAGR of 7.5% over the forecast period. The exterior car accessories market in North America is estimated to account for 25.0% revenue share by the end of 2016 and is expected to register a CAGR of 7.5% over the forecast period.
Leading market players
Thule Group, Pep Boys, Oakmore Pty Ltd., O'Reilly Auto Parts, U.S. Auto Parts Network, Inc., HELLA KGaA Hueck & Co., CAR MATE MFG CO. LTD., Covercraft Industries, LLC, Classic Soft Trim, Lund International, Inc., Truck Covers USA LLC, Mont Blac Industri AB, F.LLI MENABÒ SRL, H.I. Motors, Star Automotive Accessories, Momo Srl, and Lloyd Mats are some of the leading market players operating in the global exterior car accessories space.
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References
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