Press release
Exterior Car Accessories Market to Reflect a Significant CAGR of 4.0% During 2016-2024
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.
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.
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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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