The European Accessories Market 2011-2019; Market size, market forecast and recommendations

Summary
– Accessories sales (those considered here) are a €10.2 billion market. Consumers consistently spend heavily on vehicle accessories, including floor mats, roof boxes, roof bars, tow bars, in-car entertainment systems and satellite navigation (sat nav) devices.

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– The majority of consumers will buy accessories within the first 90 days of purchasing their vehicle and most would prefer to buy accessories at the dealership, yet fewer than 5% do.

– As accessories continue to gain importance in the eyes of consumers, the opportunity for dealers to capture this profit potential is there for the taking.

– Dealers who are embracing the right technology and processes to sell accessories in the dealership are increasing gross profit and changing the consumer experience. In the “new normal” for automotive retailing, selling accessories is helping to separate the best dealerships from the rest.

– Overall sales volumes within the European in-car entertainment (ICE) system market grew between 2011 and 2015, driven by strong sales in the Nordic markets and a reviving Italian market.

– The European satellite navigation market continues to be driven by the seemingly unending demand for smart phones and Smartphone technologies, and at the same time, the introduction of new and improved technologies.

– The growing number of older vehicles and second hand vehicles within the European parc is driving a trend for aftermarket and replacement floor mats.

– Growing popularity of roof boxes and lifestyle sports supports sales of roof bars

– Tow bar market affected by increasing technological sophistication and vehicle parc preferences

– Alloy wheels remain a niche accessory for many motorists

Key Findings
– The European accessories market will continue to evolve over the next four-years to 2019. Manufacturers and retailers across Europe need to focus on diversifying their businesses to include other vehicles and services, as volumes are expected to continue to fall, with the biggest forecast decrease being seen in satellite navigation systems and alloy wheels.

– Forty years ago, dealers could count on a sizeable profit from a new vehicle sale. That’s not the case today. Retail gross profit per new vehicle – as well as service and parts sales – has fallen recently. Although new vehicle sales have increased in the recent past, dealers are still entrenched in a cycle of heavy discounting, meaning that they are being forced to look elsewhere to generate their profit. OEMs have long recognized the profit that accessories sales can bring; increasingly, they are looking at new ways to drive sales of their accessories and also to motivate dealers to think differently about selling them.

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Synopsis
“The European Accessories Market 2011-2019”, a Trend Report by Verdict Retail, provides an executive-level overview of the European vehicle accessories market today, with forecasts of values and volumes up to 2019. It delivers deep quantitative and qualitative insight into the European accessories market, analyzing key trends in the market based on proprietary data from Verdict Retail’s aftermarket databases.

It provides in-depth analysis of the following:

– Market size and forecast; a look at the total market size and forecast size for accessories in Europe, with an overview regional analysis.

– Market value and forecast; a look at the total market value and forecast value for accessories in Europe, with an overview regional analysis.

– Summary of main influences; an overview on the factors driving the evolution of the European accessories market.

Reasons To Buy
– This Trend Report helps executives build proactive, profitable growth strategies by offering comprehensive, relevant analysis of the European accessories market based on insights from within Verdict’s proprietary aftermarket database, consumer insight from our bespoke annual survey and interviews with industry experts.

– The report is designed for an executive-level audience, boasting presentation quality that allows it to be turned into presentable material immediately.

– The broad but detailed perspective will help manufacturers and retailers to understand and succeed in the challenging consumables market.

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This release was published on openPR.