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Automotive chrome Market to Witness Exponential Growth by 2025
Furthermore, customization of vehicles have increased the demand of chroming material for various exterior and interior automobile components. Now a day’s, vehicle drivers are inclined towards modified vehicles, and for these modification vehicles, chrome accessories have been commonly offered by the aftermarket vendors. Of the vehicle types, passenger vehicle and luxury car vehicle segment have a prominent market share in the automotive chrome market.
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New age aesthetics and cost-effectiveness are the characteristics associated with chrome decorative articles. Chrome plating is being progressively used for plating numerous passenger vehicle mechanisms such as mirror, inner & outer door handle, bumper, interior decorative parts, grill covers headrest and other parts. In addition, the emerging adoption of the chrome plating in passenger vehicles is anticipated to drive the market growth over the forecast period. In order to make luxury cars more gratifying, prominent OEMs such as Bentley, BMW, Audi and other luxury vehicle manufacturers have been endorsing chrome embellishments thus fortifying the automotive chrome market.
The demand for functional chrome plating is mainly driven by the growth in commercial and passenger vehicle industry. Increased demand from the commercial vehicles on account of factors such as high strength and improved processes is expected to have positive impact on the market over the next nine years. Fair rate of product replacement coupled with high margins on sales and installation is expected to drive the global automotive chrome market.
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The easy availability of counterfeit and cheap automotive chrome accessories in addition to products provided by leading manufacturers have also provided sales impetus to the market of automotive chrome accessories. The growth in two wheeler industry is expected to have a positive impact on the market. In addition, this market is highly fragmented, making it cost competitive to cut throat levels. Also, there are some regulations related to vehicle exterior modifications in certain regions of the world that are hampering the growth prospects of this market during the assessment period.
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