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Global Exterior Car Accessories Market Poised to Account for 2,53,174.8 Thousand Units by 2024

11-23-2016 01:37 PM CET | Logistics & Transport

Press release from: Persistence Market Research Pvt. Ltd

Global Exterior Car Accessories Market Poised to Account

Global exterior car accessories market is estimated to be valued at US$ 142.24 Bn in 2016, up 5.3% Y-o-Y. In terms of volume, the global exterior car accessories market is estimated to stand at 1,832,747.3 thousand units by the end of 2016 and is expected to reach 2,53,174.8 thousand units by 2024, expanding at a CAGR of 4.0% over the forecast period.

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An increasing inclination towards vehicle customizations especially among the younger generation, growing sales of pickup trucks in developed markets, and a rising demand for performance enhancing exterior car accessories are the main factors likely to boost the global market for exterior car accessories over the forecast period. The growth of the automotive sector in the BRIC nations is expected to further fuel market growth.

However, availability of counterfeit exterior and superior quality car accessories imported from Asian continents; and cost competitiveness owing to a huge fragmentation of the exterior car accessories market are factors anticipated to hamper the growth of the global exterior car accessories market over the forecast period. Also, regulations related to modification of vehicle exteriors in some regions is also anticipated to restrict growth of the global exterior car accessories market.

The global exterior car accessories market is categorized by product type (Covers, Racks, Body Kits, LED Lights, Alloy Wheels, Chrome Accessories, Exhaust Mufflers, Window Films, License Plate Frames, Graphics & Reflectors); by vehicle type (Passenger Cars, Pickup Trucks); by distribution channel (OEM, Aftermarket); and by region (North America, Latin America, Europe, Asia-Pacific, and Middle East & Africa). According to Persistence Market Research, the body kits product type segment is expected to register a moderate CAGR in terms of value over the forecast period. In terms of volume, the body kits segment is estimated to stand at 99,647.1 thousand units by the end of 2016 and is expected to reach 131,232.5 thousand units by 2024, expanding at a CAGR of 3.5% over the forecast period.

The passenger cars vehicle type segment is estimated to account for a value share of 76.3% in 2016 while the pickup trucks segment is likely to account for a value share of 23.7% in 2016.

The OEM distribution channel segment is expected to reach a valuation of US$ 70.10 Bn by 2024 while the aftermarket segment is estimated to be valued at US$ 182.97 Bn by 2024.
Among regions, Europe is expected to maintain its dominance in terms of market value in the global exterior car accessories market during the forecast period. The Europe exterior car accessories market is estimated to be valued at US$ 56.38 Bn in 2016 and is expected to reach US$ 102.19 Bn by 2024, expanding at a CAGR of 7.7% over the forecast period. In terms of volume, the North America exterior car accessories market is estimated to be pegged at 474,292.8 thousand units in 2016 and is expected to reach 608,134.8 thousand units by 2024, expanding at a CAGR of 3.2% over the forecast period.

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Thule Group, Pep Boys, Oakmore Pty Ltd., O’Reilly Auto Parts, U.S. Auto Parts Network, Inc., HELLA KGaA Hueck & Co., CAR MATE MFG CO. LTD., Covercraft Industries, LLC, Classic Soft Trim, Lund International, Inc., Truck Covers USA LLC, Mont Blac Industri AB, F.LLI MENABÒ SRL, H.I. Motors, Star Automotive Accessories, Momo Srl, and Lloyd Mats are some of the leading players operating in the global exterior car accessories market. These players are focusing on a vertical integration of their supply chain and are targeting new markets with strategic mergers and acquisitions.

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Persistence Market Research (PMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. We have an experienced team of Analysts, Researchers, and Consultants, who use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.

Each PMR Syndicated Research report covers a different sector - such as pharmaceuticals, chemical, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With a wider scope and stratified research methodology, our syndicated reports strive to serve clients and satisfy their overall research requirement.

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