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Growing Demand Drives Automotive Chrome Accessories Market Development through 2017-2022 | Key Players are Pep Boys - Manny, O'Reilly Automotive Inc., Moe & Jack, U.S. Auto Parts Network Inc., Fratelli Menabo' Srl, and Mont Blanc Industri AB
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Booming demand for stainless steel has been resulting in scarce chrome ore supply over the recent past, which is expected to continue in the long run. Although hard chrome plating has been a top choice among automakers and drivers for its superior protection against corrosion and abrasion, and gleaming shine, research highlights a few of its severe disadvantages – including difficulty in achieving uniform coatings. Moreover, carcinogenic properties of hexavalent chrome used for plating automotive chrome accessories will also continue to limit its adoption in the near future. Hexavalent chromium manufacturing is highly cost-sensitive, and manufacturing plants and automakers indulged in hard chrome plating over accessories are recommended to adhere to the stringent guideline by the USEPA (US Environmental Protection Agency).
Chrome Trim Products Are Back, Estimated to Sustain Steady Sales of Automotive Chrome Accessories
In addition to enhancing aesthetics of vehicles, automotive chrome accessories prominently improve the vehicle resistance to weathering. While chrome trim perfectly matches the OEM factory finish, it also allows vehicle features to stand out with a luxurious aesthetic appeal. The versatility and diversity of chrome usage will continue to sustain the sales of automotive chrome accessories in the near future. Although promising comeback of a range of chrome trim products is expected to continue generating steady demand for automotive chrome accessories, the overall sales of chrome trim products will remain passive - exhibiting a CAGR of just over 2.5% during 2017-2022.
Vehicle Customization Trending in Developing Regions, Uplifting Revenue Sales of Automotive Chrome Accessories in Aftermarket
A booming trend of vehicle customization has been trending among vehicle owners based on developing Asian and Latin American economies, fueling steady demand for exterior accessories, including automotive chrome accessories. As consumers are increasingly investing in luxury, leisure, and superior aesthetic appeal of vehicles, chrome plated automotive chrome accessories are likely to witness continued steady traction in the near future. Automotive aftermarket offers an extensive range of custom-made accessories for a versatile range of vehicles, which even include bug shields, pillar post trim, and rain guards. By the end of 2022, aftermarket sales of automotive chrome accessories are projected to reach beyond US$ 5 Bn. Increasing online market penetration is anticipated to play a major role in supporting aftermarket sales of automotive chrome accessories.
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In the backdrop of declining chrome supply and increasing health concerns regarding the use of chrome for plating, nickel is rapidly emerging as a solid replacement to chrome used for hard chrome plating of automotive chrome accessories. Several metal finishing work providers and automakers are rapidly shifting to nickel and nickel-based alloys as an equally efficient corrosion resistant substitute. Consumer acceptance of nickel is also witnessing visible traction, as nickel serves as an effective top coat or under coat and provides a unique gold-tinged silvery-white finish to automotive accessories. Moreover, chrome plated automotive chrome accessories are predicted to lose market share owing to a heap of other alternatives such as bare metal coating, powder coating, media-blasting, creative plating, durable ABS plastic, spray-on coating, and DIY plating.
Automotive Chrome Accessories Market: Competition Analysis
The report on global automotive chrome accessories market tracks some of the prominent players participating in the competitive landscape of automotive chrome accessories market. HELLA KGaA Hueck & Co, Oakmore Pty Ltd, Thule Group AB, Covercraft Industries, LLC, Lund International, Inc., Pep Boys - Manny, O'Reilly Automotive, Inc., Moe & Jack, U.S. Auto Parts Network, Inc., Fratelli Menabo' Srl, and Mont Blanc Industri AB are some of the companies that have been assessed in terms of their profiles, financial status, key offerings, developmental strategies, and value shares in the automotive chrome accessories market.
Mahindra & Mahindra Limited, a leading Indian automaker, recently launched the fully kitted Marazzo – equipped with a set of official accessories. While the model is already in talks due to more than 90 official accessories, an excellent use of chrome plating over accessories is expected to improve the prospects for automotive chrome accessories. Gleaming chrome bezels on front grille and headlights, the bumper protection plate, chrome door handles equipped with footsteps and rain visors, and chrome plates ORVM covers include some of the chrome accessories in Mahindra Marazzo. Moreover, chrome plates tailgate add-ons, bumper lip, and chrome bezels around taillights and reflectors add an aesthetic appeal to the rear profile.
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