Frost & Sullivan: Creativity, Innovation are Keys to Success in North American Light Truck Accessories Aftermarket
6 July 1999
Frost & Sullivan: Creativity, Innovation are Keys to Success in North American Light Truck Accessories Aftermarket
MOUNTAIN VIEW, Calif., July 6 -- The North American light
truck accessories aftermarket is booming, propelled by a vigorous growth in
light truck sales and an increasing consumer desire to customize and
personalize vehicles.
According to the most recent research by Frost & Sullivan (http://www.frost.com),
North American Light Truck Accessories Aftermarket, the light truck
accessories aftermarket rose to $1.6 billion at manufacturers' prices in 1998,
posting a 9.6 percent increase over 1997.
"However, the accessories aftermarket also faces turbulent times ahead,
with growing competition, price erosion, and maturing markets casting dark
shadows," said Meenakshi Ganjoo, automotive analyst for Frost & Sullivan.
Consolidation, both at the manufacturing and the distribution level,
growth in the retail distribution channels, absence of differentiating
features, and a lack of brand awareness is already compelling suppliers to
improve competitiveness.
"Creativity, design innovation, competitive pricing, consistent quality,
efficient distribution and brand awareness will be critical for success in
this aftermarket, which is expected to see a heightened level of competition
from the quality-conscious original equipment manufacturers (OEMs)," said
Ganjoo.
"Manufacturers who will succeed in the accessories aftermarket will be
those who are best able to identify and address niche markets, differentiate
themselves in maturing markets, increase production efficiencies, and widen
and improve distribution network."
North American Light Truck Accessories Aftermarket will provide market
participants with insights into emerging customer segments for various
categories in this growing market, exhaustive forecasts, detailed analyses and
competitive strategies for staying ahead.
Frost & Sullivan presents Market Engineering Awards to participants in the
light truck accessories aftermarket to recognize the companies that have
worked hard to make a positive contribution to the industry.
The 1999 Market Engineering Competitive Strategy Award has been given to
Westin Automotive Products, Inc., for implementing an effective competitive
strategy to significantly increase its market share in the running board and
step aftermarket, despite the dominance of large market participants. The
1999 Market Engineering Product Line Strategy Award has gone to toolbox
manufacturer Delta Consolidated Industries, Inc. (DCI) for servicing different
customer segments with different, and distinct brand names.
The 1999 Market Engineering Marketing Strategy Award has gone to Penda
Corporation, which has succeeded in boosting the sales of its premium product
lines in a commodity-like bedliner market. Lund Industries, Inc., receives
the 1999 Market Engineering Market Integration Award for its significant
consolidation efforts in a highly fragmented market.
Companies participating in this market include: 20th Century Fiberglass,
A.R.E. Inc., Accord Plastics Corporation, Adrian Steel Company, Aduco
International Inc., Aero-Tec, Agri-Cover Inc., All American Tonneau, Astro Cap
Manufacturing West Inc., Atwell Industries Inc., Auto Ventshade Company, BAK
Industries, BCI Incorporated, Backrack Inc., Benton Plastic Inc./Bodygard
Division, Camper Products Inc., Canuck Industries, Carr Pattern Co. Inc., The
Colonel's International Inc., Contico Manufacturing Company Inc., Continental
Accessories Inc., Continental Camper Co. Inc., Cord Designs Inc., Covercraft
Industries Inc., C.O. Tools Inc., Creative Industries, Covermaster Inc,
Craftec Inc., Cross Tread Industries Inc., Curt Manufacturing Inc., Dawn
Enterprises Inc., Daws Manufacturing Co. Inc., Dee Zee Manufacturing Inc.,
Delta Consolidated Industries Inc., Design Automotive Group, Douglas Dynamics
LLC, Downey Products Inc., Draw-Tite Incorporated, Durakon Industries Inc.,
EGR Incorporated, Electrodyne Inc., Extang Corporation, FEY Automotive
Products Inc., GT Styling Inc., Gaylord's Fiberglass Custom Lids &
Accessories, Gem Top Manufacturing Inc., Glasstite Inc., Go Industries Inc.,
Go Rhino! Products Inc., Grant Products, Hauler Racks, Hidden Hitch of America
Inc., Homestead Products Inc., Hop Cap Incorporated, ICI, J & J Enterprises,
Jason Industries Inc, Kargo Master, K & W Manufacturing Company Inc.,
Kenco/Williams Inc., Knaack Manufacturing Company, Koneta/LRV, Leer Inc.,
Longtech International Inc., Lund Industries Incorporated, Manik Motors Inc.,
Masterack, MCM Legacy, Metcalfe Plastics Corporation, Mid America Automotive
Products Inc., Millennium Products Inc., New Vision Fiberglass Inc., Owens
Products Inc., Pardners Unlimited Inc., Pace Edwards Co, PCI Truck
Accessories, PENDA Corp, Perrycraft Inc., Pickup Top Up, Prestigious
Accessories Inc., Pro-Hitch Manufacturing Inc., Pro Rac Systems Inc., Pro Tech
Industries, Putco Inc., Putnam Hitch Products Inc., Quality S Manufacturing,
Raider Industries Inc., Ram Off Road Accessories, Ranch Fiberglass, Rawson
Koenig Inc., Reese Products, Rotocast International Inc., Saddleman Inc.,
Seaport Marine Inc., Shelton Industries, SMITTYBILT Inc., SNUGTOP, Sport
Masters Inc., Sportsman Pickup Covers Inc., Stampede Products Inc., Steel
Horse Automotive, Stockland Company, Street Stuff, Stull Industries Inc.,
System One Modular Truck Equipment, Tailgater Inc., Tracrac Inc., Transpro
Inc./Crown Divisions, Urban Industries Inc., Valley Industries LLC., Valley
Manufacturing Inc., Vanguard Manufacturing Inc., V-Tech, WAAG, Wade Automotive
Products, Westin Automotive Products Inc., Wolf Automotive, Willmore
Manufacturing Inc., and York Products Inc.
This automotive industry research has integrated the Market Engineering
consulting philosophy into the entire research process. Critical phases of
this research include: Identification of industry challenges, market
engineering measurements, strategic recommendations, planning and market
monitoring. All of the vital elements of this system help market participants
navigate successfully through the automotive aftermarket.
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 online
research subscriptions such as the Transportation Market Segment Subscription
(http://www.frost.com/online), and to support industry participants with customized
consulting needs.
Visit the Frost & Sullivan Web site at http://www.frost.com/.
North American Light Truck Accessories Aftermarket
Report: 7060-18 Publication Date: June 1999 Price: $3950