Growing Favoritism Towards Global Decorative Car Accessories Industry- Ken Research

Car accessories majorly include the body kits, rims, car alarms and stereo systems which enhance both the interior and exterior of cars, trucks and other vehicles. It makes the vehicle look much more attractive aesthetically, improves the comfort level and moreover, makes it fun to drive along. Due to the increasing popularity of car customization, the decorative car accessories market has become quite established among consumers.

Ken Research, a market research firm says, the aftermarket segment has been stacked with the highest demand for the decorative car accessories in comparison to the original equipment manufacturer (OEM) segment. The facilitating reasons could be its less expensiveness with heterogeneous range of customization available in terms of design and material types. The prominent players in both the value chain and supply chain are the franchise-based sales channels & the regional dealers. Recently, a new sales channel called the phone-based application sales is growing abundantly in the same sector. Furthermore, the strategies used for product positioning and consumer awareness include marketing and promotion via social platforms, trade fairs & exhibitions, motor racing events, seminars, and print & electronic media.

The market segmentation of the decorative care accessories industry can be done on the basis of product types: as interior (pedals & car mats, racing seats, steering wheel & seat covers, headrests, seatbelts, interior trims, gauges, shifters, door sills), and exterior (racks & carriers, spoilers & wings, mud & splash guards, sunroofs, louvers, mirrors, door skins, suspensions, light bars, exhausts & mufflers, air intake systems, and decals & stickers). Further it can segment on the basis of car type: as compact, sedan, executive, SUV/MUV, luxury, and premium. Each car type has been further analyzed based on regional and country levels. The varied price ranges and distribution channel as a basis of segregation can be applied as well. Regional bifurcation of the market for decorative car accessories include North America, Latin America, Western Europe, Eastern Europe, Asia Pacific exc. Japan (APEJ), Japan, and Middle East & Africa (MEA). The study entails country-level aspects based on each segment and gives estimates in terms of market size.

Given the facts that the world economy enlarged by just 2.2 per cent in the year 2016, and is anticipated to further extend by only 2.7 per cent in 2017 and reach till 2.9 per cent in 2018, it can be contemplated as a state of stagnant growth. It is not to say, that the market growth is impeded, but rather it’s moving on a very sedating pace of recovery indicating the state of economic stabilization for the present as well as the future rather than a robust revival of global demand. Moreover, the correspondence between the demand, investment, trade and productivity coupled with the weak global growth may prove to be self perpetuating for the Decorative Car Accessories industry- the information has been extracted from research report “Global Decorative Car Accessories Industry Situation and Prospects Research report 2017”.

The global market for decorative car accessories is being majorly driven by factors such as the growing automobile market, increasing popularity of car customization among consumers, enhancing car aesthetics and improving comfort. Apart from these, other factors such as the increasing rapid industrialization coupled with urbanization in developing nations are anticipated to drive the growth over the coming years. These factors are continuously anticipated to push the sales of the product in the global market. However, the safe use and disposal of automotive interiors turns out to be a significant restraint impeding the growth of the market currently.

The presence of the decorative car accessories industry is prominent across all major regions of the world including North America, Western & Eastern Europe, Asia-Pacific region, Japan, and Middle East & Africa. The largest contributor with the highest consumer base is the North American market which is further anticipated to witness healthy growth rates owing to its stable automotive sales. Value additions by suppliers and a strong sales channel would be indispensable for the market growth. The key players identified as playing significant role in the growth and development of the decorative car accessories industry include Delphi Automotive, Robert Bosch GmbH, Continental AG, Denso Corporation, Magna International, Aisin Seiki, Tenneco Inc, Federal Mogul, 3d Carbon Automotive, Carroll Shelby International, Roush Performance Products, Steeda Autosports, Classic Design Concepts, JC Whitney, Driven By Style, HKS, Sparco Motor Sports, and Injen Technology. These companies are further working on improving the product development and market sales with providing a detailed description of each in terms of headquarters, inception, stock listing, upcoming capacities, key mergers & acquisitions, financial overview, and recent developments.

Topics Covered in The Report

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For more coverage click on the link below:

https://www.kenresearch.com/automotive-transportation-and-warehousing/automotive-and-automotive-components/decorative-car-accessories-prospects/86944-100.html

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Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249

In 2016, the world economy expanded by just 2.2 per cent, the slowest rate of growth since the Great Recession of 2009. Underpinning the sluggish global economy are the feeble pace of global investment, dwindling world trade growth,

Contact Us:
Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249

This release was published on openPR.