Press release
Exterior Car Accessories Market Worth at 7.5% CAGR by 2024
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.
In a new publication titled “Exterior Car Accessories Market: Global Industry Analysis and Forecast 2016-2024”, Persistence Market Research presents a forecast for the global exterior car accessories market for the period 2016–2024. The 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.
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.
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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.
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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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