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Automotive Accessories Market The Changing Aftermarket Selling Game And How Car Providers Can Profit by Emerging Chances

03-05-2020 02:59 PM CET | Logistics & Transport

Press release from: Allied Market Research

Automotive Accessories Market 2020-2030

Automotive Accessories Market 2020-2030

Automotive Accessories Market 2020-2030: Automated accessories play an important role in vehicle maintenance process, thereby enhancing the vehicle performance. Furthermore, vehicle owners require various external and internal accessories such as chrome accessories, covers, alloy wheels, window films, central locking system, dash kits, and others, which offer comfort and trendy look to the vehicle.

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The top companies in automotive accessories market are Pioneer Corporation, Garmin Ltd., H-I 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 global automotive accessories market is expected to register significant growth in the near future, owing to increase in demand for customization of vehicles, especially among the young generation. In addition, inclination of customers towards enhanced performance experience while driving fuel the growth of automotive accessories market. Furthermore, surge in demand of passenger cars owing to rise in disposable income and improved lifestyle fuels the market growth of the market. However, the availability of cheap, low-quality accessories is expected to limit the market growth. On the contrary, the introduction of new technologies in the automotive industry such as biometric vehicle access and active window display is expected to provide lucrative growth opportunity to the market in the coming years.

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The scope of automotive accessories is derived from different components of accessories. 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 discusses the potential opportunities for market players to enter the market. Moreover, it provides an in-depth analysis of automotive filter outlining current trends, key driving factors, and potential areas for product investments.

Segment Overview

The global automotive accessories market is segmented based on component, distribution channel, application, and region. On the basis of component, the market is bifurcated into external component and internal component. The external components segment includes racks, LED lights, body kits, chrome accessories, covers, alloy wheels, window films, helmets, and others. The internal components include covers, electronics accessories, knobs, communication system, mats, fragrance, central locking system, dash kits, and others. The electronic accessories segment is classified into LCDs, mobile charger, and music system. The communication segment is bifurcated into Bluetooth and GPS system. By distribution channel, the market is divided into original equipment manufacturer (OEM) and aftersales. The applications covered in the study include passenger cars, commercial vehicles, and two-wheelers. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Top Impacting Factors

Increase in demand for customization of vehicles, especially among young generation, inclination of customers towards enhanced performance experience while driving, upsurge in demand for premium vehicles, increase in passenger vehicle registration, availability of cheap, low-quality accessories, and introduction of new technologies in the automotive industry such as biometric vehicle access and active window display are the significant factors that impact the growth of the global automotive accessories market. These factors are anticipated to either drive or hamper the market growth.

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Drivers

Increase in Demand for Luxury Vehicles

Although luxury vehicles are more expensive than conventional vehicles, luxury vehicles are an obligatory status symbol for well-to-do individuals. Around 28,500 of luxury vehicles were sold in 2016. Around 15.9% of rise was recorded in the sales of luxury vehicles in 2016 as compared to 2015. Furthermore, the demand for luxury vehicles was particularly fueled by China, owing to improved standard of living and rise in disposable income of the population. Thus, all these factors together are expected to create lucrative opportunities for automotive accessories market growth.

Rise in Passenger Vehicle Registrations

New passenger vehicle registrations increased in Europe, Russia, Japan, Brazil, India, and China, though it was sharply down in the U.S. In July 2017, the U.S. was the only major car market in the world with light vehicle sales down 7%. The Indian and Russian car markets expanded 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. Moreover, in Europe and China car sales was stronger, but the UK recorded the fourth consecutive month of weaker car sales. Thus, the overall increase in registration of passenger vehicles drives the growth of the automotive accessories market.

Key Benefits
o This report studies the global automotive accessories market with current trends and future estimations to portray the imminent investment pockets.
o The overall market potential is determined to understand the profitable trends to gain a strong foothold.
o The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
o The current market is quantitatively analyzed from 2017 to 2025 to highlight the financial competency of the market.
o Porters Five Forces analysis illustrates the potency of the buyers and suppliers in the industry.

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