Automotive Accessories Market – Impact of Covid-19 &

The global auto accessories market is expected to register significant growth in the near future, owing to the increasing demand for vehicle customization, especially among the younger generation. In addition, the inclination of customers towards an enhanced performance experience while stimulating the growth of the automotive aftermarket. In addition, rising demand for passenger cars due to increased disposable income and improved lifestyle is fueling the growth of the market. However, the availability of cheap and low-quality accessories is expected to limit the growth of the market. On the contrary, the introduction of new technologies in the automotive industry, such as biometric access to vehicles and active window display, is expected to provide lucrative growth opportunities for the market in the years to come.

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Automated accessories play an important role in the vehicle maintenance process, thus improving the performance of the vehicle. In addition, vehicle owners need various external and internal accessories such as chrome accessories, covers, alloy wheels, window films, central locking system, dashboard kits and others, which provide comfort and a trendy look to the vehicle.

The major companies in the Automotive Accessories market are Pioneer Corporation, Garmin Ltd., HI motors, MOMO, Oakmore Pty Ltd., Covercraft Industries LLC, Mont Blac Industries Ab, Car Mate Manufacturing Co. Ltd., Lund International, Inc. and Lioyd Mats are some of the key players operating in the global automotive accessories market.

The scope of auto accessories is derived from different accessory components. The report includes a micro-level study of different regions adopting automated accessories for various applications such as passenger cars, commercial vehicles and two-wheelers. In addition, it examines the potential opportunities for market players to enter the market. Additionally, it provides in-depth automotive filter analysis outlining current trends, key drivers, and potential areas for product investment.

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Segment overview

The global automotive accessories market is segmented on the basis of components, distribution channels, applications, and regions. Based on the component, the market is divided into external component and internal component. The external components segment includes racks, LED lights, body kits, chrome accessories, covers, alloy rims, window films, helmets and others. Internal components include covers, electronic accessories, buttons, communication system, mats, fragrance, central locking system, dash kits and others. Electronic accessories segment is classified into LCD displays, mobile charger and music system. The communication segment is divided into a Bluetooth and GPS system. By distribution channel, the market is divided into original equipment manufacturer (OEM) and aftermarket. Applications covered by the study include passenger cars, utility vehicles and two-wheelers. Regionally, the market is analyzed North America, Europe, Asia-Pacific, and LAMEA.

Main impact factors

Increase in demand for vehicle customization, especially among younger generations, tendency of customers to improve performance while driving, increase in demand for premium vehicles, increase in passenger vehicle registration, availability of Cheap and low-quality accessories and the introduction of new technologies in the automotive industry such as biometric access to vehicles and active window display are the important factors impacting the growth of the global accessories market automobiles. These factors are expected to drive or hinder the growth of the market.

Conductors

Increased demand for luxury vehicles

Although luxury vehicles are more expensive than conventional vehicles, luxury vehicles are a mandatory status symbol for the wealthy. Around 28,500 luxury vehicles were sold in 2016. Around 15.9% increase was recorded in the sales of luxury vehicles in 2016 compared to 2015. In addition, the demand for luxury vehicles was particularly fueled by China, due to the improvement in the standard of living and increase in the disposable income of the population. Thus, all these factors combined are expected to create lucrative opportunities for the growth of the automotive accessories market.

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Increase in passenger vehicle registrations

New passenger car registrations increased in Europe, Russia, Japan, Brazil, India and China, but fell sharply in the United States. In July 2017, the United States was the only major auto market in the world with light vehicle sales down 7%. The Indian and Russian auto markets grew rapidly with double-digit growth, while the recovery in Brazil continued but at a more moderate pace. New passenger registrations in Japan increased for the ninth consecutive month. Additionally, in Europe and China, car sales were stronger, but the UK recorded the fourth consecutive month of weaker car sales. Thus, the overall increase in passenger vehicle registrations is driving the growth of the automotive accessories market.

Main advantages of the automotive aftermarket:

o This report studies the global automotive accessories market with current trends and future estimates to describe impending pockets of investment.
o The overall market potential is determined to understand profitable trends to gain a foothold.
o The report presents information related to the main drivers, constraints and opportunities with a detailed impact analysis.
o The current market is analyzed quantitatively from 2017 to 2025 to highlight the financial competence of the market.
o Porters’ five strengths analysis illustrates the power of buyers and suppliers in the industry.

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