Automotive Exterior Accessories Market
Presentation of the report
The global automotive exterior accessories market will reach the value of 51.6 billion US$ by the end of 2029, expanding at a moderate CAGR during 2019-2029.
This report provides in depth study of “Automotive Exterior Accessories Market” using SWOT analysis i.e. Strengths, Weaknesses, Opportunities and Threats to the organization. The Automotive Exterior Accessories Market report also provides an in-depth investigation of major market players based on the various objectives of an organization such as profiling, product outline, production quantity, required raw material and financial health. organisation.
A new research report suggests that vehicle owners’ growing focus on high-quality aesthetics, in addition to the continued focus on improving safety and performance, will contribute significantly to the sustained demand for automotive exterior accessories in the near future.
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The report highlights that major companies operating in automotive exterior accessories prioritize partnerships with e-commerce leaders. They are even considering large investments in brand-owned online portals to grow their customer base in the foreseeable future. These would remain important trends shaping the development strategies of the automotive exterior accessories market players.
Automotive Exterior Accessories Market – Key Takeaways
The automotive industry experienced a reduction in sales volume of 0.6% compared to last year. However, demand from the existing fleet of passenger cars and light commercial vehicles (LCVs), especially pickup trucks, strongly influences the sales of automotive exterior accessories.
Product replacements and consumer demand for specific accessories should ensure the persistence of automotive exterior accessories sales.
In developing countries such as India, China, Indonesia and Thailand, the price and service life of automotive exterior accessories are decisive factors for aftermarket sales.
Consumers in developed regions such as the US and EU are more inclined to purchase accessories from premium brands.
North America is estimated to hold a major share in the global automotive exterior accessories market owing to the good customer base for the product from all vehicle class owners.
Body kit products are expected to remain the major accessories installed in vehicles according to the product type analysis of the global automotive exterior accessories market
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Designing strong brand management measures through various sales channels and impacting product promotions should be the priority strategy of manufacturers. This would allow them to sustainably strengthen sales of automotive exterior accessories, while gaining brand awareness.
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In passenger cars, SUVs are estimated to create significant demand for automotive exterior accessories. Front guards and body kits are mainly installed in SUVs and LCVs. These products contribute a major revenue share to the value of the global automotive accessories market. North America leads with more than 50% market share in the global LCV fleet and, therefore, in the automotive accessories market.
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