Exterior Car Accessories Market Poised to Expand at a Robust Pace Over 2018 - 2026 | Oakmore, Car Mate Manufacturing, Lund International, Truck Covers Usa Llc, Lloyd Mats, Pep Boys, Thule Group, U.S. Auto Parts Network

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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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. LED lights may cause overheating, which is eventually leads to device failure. Hence, to maintain life of LED lights as well as the device, an additional heat-sink is required. Therefore, consumers need to spend extra along with lighting cost, which is making these automotive LED lighting more expensive, in turn negatively affecting growth of the market.

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. For instance, according to the World Bank Group, GDP per capita has increased globally from US$ 9509.4 in 2010, to US$ 10,150.8 in 2016, indicating increased standard of living, which has significantly impacted affordability and expenditure on luxury vehicles. Hence, this factor is propelling the demand for exterior car accessories market.

North America exterior car accessories market is expected to grow at highest CAGR over the forecast period

The market for North America is expected to show significant growth rate over the forecast period (2018 -2026). The market for North America is expected to be valued at around US$ 64.06 billion by 2026, witnessing a CAGR of 7.4% throughout the forecast period (2018 – 2026). The key factor propelling regional market growth is increasing passenger car sales. The U.S. accounted for largest share in North America passenger car sales in 2017. According to Organization Internationale des Constructeurs d'Automobiles (OICA), in 2017, around 11 million units of passenger cars were sold, among which in the U.S. around 6 million units of passenger cars were sold. Hence, increasing adoption of passenger cars in this country is propelling demand for regional exterior car accessories market.

The market for Asia Pacific is expected to witness highest CAGR over the forecast period from 2018 to 2026. The market for exterior car accessories in Asia Pacific is expected to be valued around US$ 55.30 billion by 2026. Increasing demand for passenger car in Asia Pacific region is expected to provide growth opportunities to numerous local and international Exterior Car Accessories vendors in the automotive sector. China accounted for largest share in passenger cars sales in Asia Pacific region in 2017. According to OICA, in 2017, around 29 million units of passenger cars were sold, up from 28 million units in 2016.

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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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