Projected to reach the revenues of US$ 51 Bn towards the end of forecast period (2019 – 2029), global market for automotive exterior accessories will exhibit a steady CAGR. A new research report suggests that the increasing emphasis of vehicle owners on high-quality aesthetics, in addition to continued focus on improved safety and performance, will significantly contribute to sustained demand for automotive exterior accessories in the near future.
The report highlights that prominent companies operating in automotive exterior accessories are prioritizing partnerships with E-commerce leaders. They are even considering hefty investments in brand-owned online portals for increasing their customer reach over the foreseeable future. These would remain important trends shaping developmental strategies of automotive exterior accessories market players.
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Automotive Exterior Accessories Market – Key Takeaways
- The automotive industry has witnessed reduction in sales volume by 0.6% versus the last fiscal. However, demand from existing fleet of passenger cars and light commercial vehicles (LCVs), especially pickup trucks, is highly influencing sales of automotive exterior accessories.
- Product replacements and demand for specific accessories by consumers are anticipated to ensure persistent sales of automotive exterior accessories.
- In developing countries such as India, China, Indonesia, and Thailand, price and service life of automotive exterior accessories are deciding factors for aftermarket sales.
- Consumers in developed regions such as the U.S. and EU are more inclined towards accessories of premium brands.
- North America is estimated to hold a major share in the global automotive exterior accessories market due to healthy patronage for the product from all vehicle class owners.
- Body kit products are anticipated to remain as primary accessories installed in vehicles as per product type analysis of the global automotive exterior accessories market
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Devising strong brand management measures through diverse sales channels and impacting product promotions should be the top-of-mind strategy of manufacturers. This would enable them to strengthen sales of automotive exterior accessories in the long term, while gaining brand recognition.
In passenger cars, SUVs are estimated to create significant demand for automotive exterior accessories. Front guards and body kits are mostly installed in SUVs and LCVs. These products contribute a significant revenue share to the global automotive accessories market value. North America leads the way with over 50% share in global LCV fleet and thereby, in the automotive accessories market.
Interested in Competitive Insights?
The automotive exterior accessories market is fairly fragmented. Counterfeiters taking advantage of the unorganized market and selling ordinary quality products at relatively lower prices has been a longstanding challenge for key players. Most of the market players are focused on developing lightweight, easy-to-fix, and durable products, which can be installed by garage and service stations as well as by individuals pursuing DIY activities.
Top Key Players:
- Curt Manufacturing LLC
- Covercraft Industries, LLC
- CAR MATE MFG. CO., LTD.
- Dee Zee, Inc
- Eastman Chemical Company
- Go Rhino
- Hol-Mac Corporation
- Lund International
- Mont Blac Industri AB
- N-Fab Inc.
- Owens Products
- Onki Corporation
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