Automotive Exterior Accessory Market to cross $ 727.5 Bn by 2034

Worldwide revenue from the sales of automotive exterior accessories (marché des accessoires extérieurs automobiles) is projected to reach US$ 340.1 billion in 2024. This market is expected to grow at a compound annual growth rate (CAGR) of 7.9%, reaching an estimated US$ 727.5 billion by the end of 2034.

Market Dynamics

The automotive exterior accessory market (自動車外装アクセサリー市場) is driven by several key factors, including the rising demand for vehicle customization, advancements in technology, and the increasing popularity of electric and hybrid vehicles. Consumers are more inclined towards personalizing their vehicles, which has significantly boosted the demand for exterior accessories such as spoilers, body kits, roof racks, and custom grilles. Additionally, the growing trend of car modification for aesthetic appeal and performance enhancement is further propelling market growth.

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Advancements in materials and manufacturing technologies have also played a crucial role in the market dynamics. The use of lightweight, durable, and high-performance materials such as carbon fiber, composites, and high-strength steel has enabled manufacturers to produce innovative and stylish exterior accessories. Moreover, the integration of advanced features like aerodynamics and improved safety components into these accessories is attracting more consumers.

The increasing number of electric and hybrid vehicles on the road is another significant driver. These vehicles often come with unique design requirements and offer ample opportunities for customization, thus fueling the demand for exterior accessories.

Market Future Outlook

The future of the automotive exterior accessory market looks promising, with expected growth driven by ongoing trends in vehicle customization, technological advancements, and the expansion of the electric vehicle market. The market is anticipated to grow at a steady CAGR over the next decade, supported by the rising disposable income of consumers, particularly in emerging economies, and their growing preference for personalized vehicles.

Sustainability and environmental concerns are likely to shape the future of the market as well. Manufacturers are expected to focus on developing eco-friendly accessories made from recyclable and sustainable materials. The adoption of green manufacturing practices and the introduction of energy-efficient production processes will also be pivotal in meeting the increasing demand for environmentally conscious products.

The integration of smart technologies and connectivity features in exterior accessories, such as smart lighting systems and connected roof racks, is another trend that will shape the market's

future. These innovations will not only enhance the functionality and aesthetic appeal of vehicles but also cater to the evolving consumer preferences for advanced automotive solutions.

Market Insights

The automotive exterior accessory market is segmented based on product type, vehicle type, and distribution channel. Key product types include spoilers, bumpers, mirrors, body kits, roof racks, and custom grilles. Among these, body kits and spoilers are witnessing significant demand due to their ability to enhance the vehicle's performance and aesthetic appeal.

By vehicle type, the market is categorized into passenger cars, commercial vehicles, and electric vehicles. The passenger car segment dominates the market, driven by the high rate of vehicle ownership and the growing trend of vehicle customization. However, the electric vehicle segment is expected to register the highest growth rate, owing to the increasing adoption of electric and hybrid vehicles globally.

Distribution channels for automotive exterior accessories include OEMs (original equipment manufacturers) and aftermarket. The aftermarket segment holds a substantial share of the market, as consumers often prefer to purchase accessories post-purchase for customization purposes.

Key Players

Curt Manufacturing LLC
Car Mate Mfg. Co., Ltd.
Go Rhino
Hol-Mac Corporation
Steelcraft
Mont Blanc Industri AB
Owens Products
Westin Automotive
N-Fab Inc.
Dee Zee Inc
Lund International

Competitive Landscape

To gain better control of their supply chains, industry participants such as Husky Liners Inc. and Curt Manufacturing LLC have launched their own e-commerce platforms.

According to the Organization Internationale des Constructeurs d'Automobiles (OICA), sales of passenger cars reached 57.4 million units worldwide in 2022. This growing demand for passenger cars has led to a maturing fleet of vehicles, thereby increasing the need for component replacement and maintenance.

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Segmentation of Automotive Exterior Accessory Market (자동차 외장 액세서리 시장) Research

By Product Type :
Covers
Front Guards
Racks
Body Kits
Window Films

By Vehicle Type :
Passenger Cars
LCVs
HCVs

Sales Channel :
Online
Offline

By Region :
North America
Europe
Latin America
East Asia
South Asia & Oceania
Middle East & Africa

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This release was published on openPR.