PRESS RELEASE
Frost & Sullivan Announce Report on Market Success of Truck Accessories
3 February 1997
Frost & Sullivan: Truck Accessories Gain Popularity With the Consumer as Well as OEMs
MOUNTAIN VIEW, Calif., Feb. 3 -- Life's little luxuries are
starting to cost more and more as people are accessorizing their trucks within
the first month of purchase. According to recent strategic research by Frost
& Sullivan, "The North American Truck Accessory Aftermarket," consumer
demographics are changing and trucks are being acquired to be used as the
second vehicle in today's households.
This surge in growth can be attributed to the increase in sales for the
light truck industry, which includes pickup trucks, sport utility vehicles,
and vans. It is expected that by the year 2000, light truck sales will have
reached approximately 50 percent of the total vehicle sales. Accordingly,
the market for light truck accessories is expected to grow with revenues of
approximately $1.54 billion in 1996.
In the first year of ownership, consumers will spend approximately
$1,700 to accessorize their new wheels. Automotive analyst Danielle McDonald
says, "Accessories are purchased for two primary reasons: they serve a
particular function and they add cosmetically to the vehicle." Trucks are
being purchased for recreational use and are no longer strictly work-related.
Women and families are purchasing trucks in increasing numbers, and are
opting for those vehicles that come equipped with luxury items.
Customers are looking for features that add an element of style to their
vehicle. Those luxury items have been putting the accessory manufacturers as
well as the OEM designers on the edge of their seats while consumers are
changing their preferences. It is becoming obvious that the aesthetics of a
truck are becoming more significant then just the pleasures of having a new
vehicle. The accessories on the truck and how it looks may even be just as
important as how the truck actually handles on the road.
In answer to customers' needs, aftermarket manufacturers are turning to
alternative materials to achieve an OEM look. Instead of designing a
one-size-fits-all accessory, manufacturers are designing the accessories to
fit the light truck and achieve an OEM look. Manufacturers are using
alternative materials, such as fiberglass and ABS plastic, to accommodate the
new styling of contoured light trucks.
Competition in this market is becoming extremely heavy, as both large and
small manufacturers are competing for the consumers' dollar. Companies that
can win an original equipment manufacturer (OEM) contract have the competitive
edge. They can sell their accessories through new car dealers and can view
model specifications before the rest of the competition does.
The accessories most popular with new truck owners are bedliners and truck
caps. These are the most commonly purchased items and are used primarily to
protect the bed of the truck and to enhance the cosmetic appearance of the
vehicle.
Other accessories included in this research are running boards and steps,
hood shields, light covers, grille guards and brush guards, tool boxes,
overhead truck and van racks, trailer hitches, and side rails.
The companies participating in this market include: 20th Century
Fiberglass, A.R.E. Inc., Accord Manufacturing Corporation, Adrian Steel
Company, Aduco International, Inc., Aero-Tec, Amzee Corporation, Atwell
Industries, Inc., Auto Ventshade Company, BAK Industries, BCI Incorporated,
Backrack Inc., Bodygard, Camper Products Inc., Canuck Industries, Cheyenne
Products, Inc., The Colonel's, Inc., Contico Manufacturing Company, Inc.,
Continental Accessories, Inc., Cross Tread Industries Inc., Crown Steel
Company, Inc., Custom Form Manufacturing, Inc., Daws Manufacturing Co. Inc.,
Dee Zee, Inc., Deflecta-Shield Accessories, Delta Consolidated Industries,
Inc., Donmar Enterprises, Inc., Douglas Dynamics LLC, Downey Products, Inc.,
Draw-Tite, Incorporated, Durakon Industries Inc., EGR Incorporated, Excalibur
Swift Lift, Extang Corporation, Fisher Engineering, Freedom Design, GT
Styling, Inc., Gaylord's Fiberglass Custom Lids & Access., Gem Top
Manufacturing, Inc., Glasstite, Inc., Go Industries Inc., Go Rhino! Products,
Inc., Grizzly Products , Guidon Truck Covers, Hauler Racks, Hidden Hitch of
America, Inc., Homestead Products, Inc., Hop Cap, Incorporated, ICI, J & J
Enterprises, Jason Industries, Inc., K & W Manufacturing Company,Inc.,
Kenco/Williams,Inc., Knaack Manufacturing Company, Koneta/LRV, Leer,Inc.,
Leonard Buildings & Truck Covers, Longtech International Inc., Lund Industries
Incorporated, Manik Motors Inc., Master Rack, Maxwell Trailers & Pickup
Accessories, Metcalfe Plastics Corporation, Mid America Automotive Products,
Inc., Millennium Products, Inc., MITO Corporation, New Vision Fiberglass,
Inc., Owens Products Inc., Pardners Unlimited,Inc., PCI Truck Accessories,
PENDA Corp., Perrycraft Inc., Prestigious Accessories,Inc., 901Prime Designs,
Pro Rac Systems,Inc., PUTCO, Inc., Putnam Hitch Products,Inc., Quality S
Manufacturing, Quest Product Manufacturing & Sales, Inc., Raider Industries,
Inc., Rail-N-Rack / Seaport Marine,Inc., Ram Off Road Accessories, Ranch
Fiberglass, Rawson Koenig Inc., Reese Trailer Hitches, Rugged Liner, Inc.,
Shelton Industries, SMITTYBILT,Inc., SNUGTOP, Sport Masters, Inc., Sportsman
Pickup Covers, Inc., Sta-Tyte, America., Stampede Products, Inc., Statewide
Aluminum Inc., Street Stuff, Stull Industries, Inc., System One Modular Truck
Equipment, Tail Gater Inc., Tekstyle By Design/Design Automotive Group, Top
Cap Easy Lift, Urban Industries, Inc., Valley Industries,Inc., Vanguard
Manufacturing Inc., V-Tech, Wolf Automotive, York Products, Inc., Arma
Coatings, AutoZone, BedRock of St. Louis, Bell Tech, Incorporated, Bushwacker,
Inc., C.R. Laurence Co. Inc., Hide-N-Side, Husky Liners, Incredible Truck
Accessories, Line-X, Loadhandler Industries, Inc., PEP BOYS, T-Rex Truck
Products, Inc., Westin (subsidiary of Wedgestone), Wise Industries, Inc.,
Yukon Tool Boxes, and Zolatone Automotive Division.
Frost & Sullivan is an international marketing consulting company that
monitors the automotive industry for market trends, market measurements, and
strategies. This ongoing research is utilized to update a series of research
publications such as #5365-18 North American Accessory Aftermarkets and to
support industry participants with customized consulting needs.
Report: 5574-18 Publish Date: March 1997 Price: $2950
SOURCE Frost & Sullivan
CONTACT: Amanda Christensen of Frost & Sullivan, 415-237-4385, or fax, 415-903-0915,
or achristensen@frost.com, or visit Frost & Sullivan's web site at http://www.frost.com