The Auto Channel
The Largest Independent Automotive Research Resource
The Largest Independent Automotive Research Resource
Official Website of the New Car Buyer

Press Release: Global Exterior Car Accessories Market to Surpass US$ 250 Bn in Revenues by 2024 End; Europe to Remain the Market Leader

Global Exterior Car Accessories Market to Surpass US$ 250 Bn in Revenues by
2024 End; Europe to Remain the Market Leader

 

The global exterior car accessories market revenues are predicted to reach
US$ 142.24 Bn by the end of 2016, which will further reach US$ 253.07 Bn
through to 2024. The market is expected to witness healthy growth at a
robust CAGR of 7.5% over the forecast period. In terms of volume, the number
of units is anticipated to reach 2, 53,174.8 thousand by 2024 end, up from
2, 53,174.8 thousand estimated for 2016. The volume CAGR will be moderate up
to 4%.

 



Rising trend of car customization will remain a key factor pushing the
demand for exterior car accessories globally. Consumers are also inclining
more toward an enhanced performance experience while driving, which is
another important driver pushing the market of high performance exterior
accessories. While staggering growth of the global automotive industry holds
a direct positive impact on exterior accessories market, exception growth
observed in the automotive sector of BRIC nations will especially continue
to provide an impetus to the accessories market. In addition, developed
nations are expected to witness burgeoning sales of pickup trucks,
eventually fueling the demand for accessories. 

The market for external car accessories is however extremely fragmented and
has a large number of counterfeit accessory brands, which sell superior
quality products at relatively lower prices. This has been a longstanding
challenge for key players and the overall market growth. Several regions
have set stringent regulations related to vehicle exterior modification,
which may restrict the pace of the market growth during the forecast period.
Cost competitiveness will also remain a critical factor hampering the
market. 

By product type, the global market for exterior car accessories has a wide
range of segments. Body kits will however remain a key segment compared to
covers, racks, body kits, led lights, alloy wheels, chrome accessories,
exhaust mufflers, window films, license plate frames, graphics, and
reflectors. With an uplift from 99,647.1 thousand units expected in 2016 to
131,232.5 thousand units projected for 2024, this segment is estimated to
witness moderate volume growth at a CAGR of 3.5% by 2024 end. 

Based on vehicle type, although the sales of pickup trucks are gaining
exceptional sprint in developed markets, passenger cars will continue to
dominate and account for a larger market share of over 76% by 2016 end.  

By distribution channel, aftermarket segment will remain a clear dominator
over OEM segment. With increasing consumer population purchasing accessories
later within the three months of car purchase, the aftermarket segment
revenues are estimated to reach US$ 182.97 Bn by 2024. Whereas, OEM segment
will reach US$ 70.10 Bn in revenues by 2024 end.

Europe will remain the largest market for exterior car accessories globally,
and is predicted to account for nearly 40% of the total market share in
2016. The European market will reach US$ 102.19 Bn in revenues by 2024,
compared to US$ 56.38 Bn revenues expected in 2016. The growth is expected
to be robust at a CAGR of 7.7% over the forecast period. North America is
also expected to be a key market, accounting for around 25% of the total
market share in 2016. Registering a moderate CAGR of 3.2% in terms of
volume, the North American market will witness a healthy CAGR of 7.5% by
2024 end. Asia Pacific is projected to be an attractive market globally,
accounting for over 21% of the market share by 2016 end. The APAC market for
exterior car accessories will register an impressive CAGR of 7.5% throughout
the forecast period. 

Some of the prominent market players operating in the exterior car
accessories sector include 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. 

 

Get more information @
http://www.persistencemarketresearch.com/market-research/exterior-car-access
ories-market.asp 

 

Long-term Outlook: The global exterior car accessories market is expected to
witness robust growth at a CAGR of 7.5% over the forecast period 2016-2024,
reaching revenues of US$ 253.07 Bn.

 

 

Thanks & Regards,

Shreyas N. Deshmukh | Sr. SEO

Persistence Market Research

Email:  <mailto:shreyas.d@persistencemarketresearch.com>
shreyas.d@persistencemarketresearch.com 

Web:  <http://www.persistencemarketresearch.com/>
www.persistencemarketresearch.com

 



Persistence Market Research Pvt. Ltd.

PHOTO (select to view enlarged photo)


PHOTO