Exterior Car Accessories Market Rising Demand In Upcoming Year

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Market Dynamics

Initial high cost of advanced exterior accessories is one of the major factor hindering the global market growth. For instance, the price for LED lights per lumen is more expensive than conventional lights. Moreover, LED light’s performance largely depends on correctly engineering the fixture to manage the heat generated by the LED, which causes deterioration of the LED chip itself.

Exterior car accessories is primarily concerned with developing the visual appearance or aesthetics of the vehicle. Advanced exterior car components enable the consumer to upgrade their cars with advanced features.

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Exterior car accessories consist of products associated with automotive parts, which is responsible for enhancing the appearance of a vehicle. These exterior car accessories includes racks, led lights, body kits, chrome accessories, covers, alloy wheels, window films, and others.

Market Driver:

Rampant growth of vehicle sales across the globe is major factor propelling demand for exterior car accessories. For instance, according to International Organization of Motor Vehicle Manufacturers statistics (OICA), the total number of vehicles sold in 2016, were 94 million units, which increased to 96 million units in 2017, worldwide. This growth is attributed to rapid urbanization and industrialization in various emerging economies such as India and China, where increasing GDP is supporting growing urbanization.

LED lighting segment accounted for largest market share in 2017

Among product type, LED lights segment is expected to account for the largest market share by 2026 and it is expected to be valued at US$ 89.80 billion by 2026. Furthermore, technological advancement in lighting industry coupled with rampant product invention is fueling market growth, owing to rapid advancements in semiconductor industry and evolution of light bulbs from incandescent bulbs to LEDs, leading to introduction of smart and intelligent lighting systems.

Detailed Segmentation:

• Global Exterior Car Accessories Market, By Product Type:

  • Racks

  • Led Lights

  • Body Kits

  • Chrome Accessories

  • Covers

  • Alloy Wheels

  • Window Films

  • Others

• Global Exterior Car Accessories Market, By Vehicle Type:

  • Passenger Car

  • Light Commercial Vehicle

  • Heavy Commercial Vehicle

• Global Exterior Car Accessories Market, By Sales Channel:

  • OEM

  • Aftermarket

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Key companies

Major players operating in the global exterior car accessories market include Oakmore Pvt Ltd, Car Mate Manufacturing Co. Ltd., Lund International, Inc., Truck Covers Usa Llc, Lloyd Mats, Pep Boys, Thule Group, U.S. Auto Parts Network, Inc., Covercraft Industries Llc, and Mont Blac Industri Ab.

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