Automotive Chrome Accessories Market is expected to reach US$ 9,539 Mn by 2022 end

Fact.MR has recently added a new report to its vast online database. This research study is titled as “Automotive Chrome Accessories Market Forecast, Trend Analysis & Competition Tracking: Global Review 2017 to 2022” which presents an in-depth study about the production, consumption, market volume, revenue (million USD) and market share across different geographical regions.

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Automotive chrome accessories market is exhibiting a steady growth throughout the world, owing to the fact that chrome accessories add shine, color and own distinct personality to any automobile. The drivers supporting this market are the increasing trend for vehicle customization, especially amongst the younger generation, which is fuelling the sales of chrome accessories for cars and other vehicles. Besides, there is a growing demand for pickup trucks in the developed countries of the world, which is also having a positive impact on the sales of automotive chrome accessories. In addition, there is a rising demand for performance enhancing exterior car accessories in the market, thereby directly increasing the sales of automotive chrome accessories. Also, the rapidly expanding automotive market in the developing regions of the world, especially APEJ, is giving a fillip to this market. Chrome accessories give a distinct look to the vehicle and make it stand out in the crowd. Presently, more and more people are preferring to opt for such automotive chrome accessories in order to enhance the performance of their car and shedding away the drab & boring-looking plastic accessories. However, there are many challenges that this market is facing. The main challenge is the easy availability of cheap and counterfeit chrome accessories imported mainly from the Asian countries. In addition, a huge fragmentation of the market leads to cost competitiveness and regulations related to modification of vehicle exteriors in some regions of the world may hamper the growth of the automotive chrome accessories market.

As per their general definition, automotive chrome accessories enhance the look and feel of the car and give it a distinct personality as compared with an automobile without any such accessories. They are mainly used for twin purposes of increasing the aesthetic value of the vehicle and enhancing its performance.

4 Forecast Highlights on Global Automotive Chrome Accessories Market

1. As per the forecast from Fact.MR, the grille covers automotive chrome accessories segment is slated to touch a value of nearly US$ 1,676 Mn in the year 2022. This represents a moderate CAGR growth during the assessment period of 2017-2022. The grille covers automotive chrome accessories segment is estimated to account for nearly one-fifth of the revenue share of the product type segment by the year 2017 end and is expected to gain in market share by the year 2022 end.

2. As per the forecast of Fact.MR, the aftermarket automotive chrome accessories segment will reach a value of nearly US$ 5,175 Mn in the year 2017. This represents a sluggish CAGR growth during the forecast period. The aftermarket automotive chrome accessories segment is estimated to account for nearly two-third of the revenue share of the sales channel segment in the year 2017 end and is expected to lose market share by the end of the year 2022.

3. As per the forecast of Fact.MR, the compact passenger cars segment is slated to reach a value of nearly US$ 2,771 Mn in 2022. The compact passenger cars segment is expected to gain some market value by the end of the year 2022. The largest share is contributed by the Europe region in the compact passenger cars segment.

4. Fact.MR forecasts the Germany automotive chrome accessories market to grow from nearly US$ 843 Mn in 2017 to nearly US$ 924 Mn in 2022. This represents a compound annual growth rate (CAGR) of 1.8% from 2017 to 2022.

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Europe Market Set to Dominate the Global Automotive Chrome Accessories Market in Terms of Revenue

The market in Europe is set to dominate the global automotive chrome accessories market in terms of value and this trend is projected to sustain itself throughout the assessment period. Europe automotive chrome accessories market is the most attractive market, growing at a sluggish CAGR over the assessment period.

Body Side Mounding Segment Poised to Touch a Value of Nearly US$ 1,786 Mn in 2022

As per the forecast of Fact.MR, the body side mounding segment is expected to reach a value of nearly US$ 1,786 Mn in the year 2022. This represents a sluggish CAGR during the forecast period of 2017-2022. Body side mounding segment is expected to account for nearly one-fifth of the revenue share of the product type segment by the year 2017 and is expected to lose market share by the end of the year 2022.

OEM Automotive Chrome Accessories Segment to exhibit a CAGR of 3.4% During the Assessment Period

As per the forecast of Fact.MR, the OEM automotive chrome accessories segment is slated to touch a figure of nearly US$ 3,682 Mn in the year 2022. This represents a CAGR of 3.4% during the assessment period from 2017 till the year 2022. This segment is expected to gain market share by the end of the year 2022. The OEM automotive chrome accessories segment is expected to account for more than one-third of the revenue share of the sales channel segment by the year 2017.

Competition Tracking

The report also profiles companies that are expected to remain active in the expansion of global automotive chrome accessories market through 2022, which include HELLA KGaA Hueck & Co, Thule Group AB, Oakmore Pty Ltd, Lund International, Inc., Covercraft Industries, LLC, Pep Boys - Manny, Moe & Jack, O'Reilly Automotive, Inc., U.S. Auto Parts Network, Inc., Mont Blanc Industri AB and Fratelli Menabo' Srl.

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