Global Exterior Car Accessories Market Outlook, 2028

Global Exterior Car Accessories Market Outlook, 2028

Exterior car accessories comprise products related to those automotive parts that enhance the look of an automobile. Increased growth in the automobile market has strengthened the demand for exterior car accessories. During the forecast period, the exterior car accessories market is expected to grow due to an increase in demand for vehicle customization. Besides, the inclination of customers towards a superior performance experience while driving is anticipated to create more demand for exterior car accessories in the next few years. The robust growth of the automotive sector in the developing countries, such as Russia, China, and India, is anticipated to further increase the growth of the exterior car accessories market during the forecast period. For instance, the automobile industry is shifting from internal combustion engine vehicles to electric vehicles; this shift will increase the demand for exterior car accessories that are compatible with electric vehicles, such as electric vehicle stickers, home chargers, and others. Furthermore, increasing demand for customised vehicles among the young population can present lucrative growth opportunities for the exterior car accessories market. Vehicle owners in the range of 18 to 30 are inclined towards spending money on car accessories such as alloy wheels, high-power LED lights, different-coloured LED lights, and others. Thus, increasing demand for customised vehicles among the young population can present lucrative growth opportunities for the exterior car accessories market.

According to the research report, """"Global Exterior Car Accessories Market Outlook, 2028,"""" published by Bonafide Research, the market is anticipated to reach a size of over USD 330 billion, up from USD 211.47 billion in 2022. From 2023 to 2028, the market is expected to grow at an 8.06 percent CAGR. The global market for exterior car accessories is expected to grow as a result of increased sales of passenger cars and pickup trucks. In developed markets, there is also a growing automotive aftermarket e-retail industry, which is expected to drive the exterior car accessories market over the forecast period. Other factors expected to drive the growth of the global exterior car accessories market include a growing consumer preference for an enjoyable driving experience, rising demand for fast-moving car accessories, and increasing vehicle customization among a young population. In addition, the rising focus of major manufacturers on the research and development of smart exterior car accessories and technologically advanced sensors that enable protection as well as enhance the performance of the vehicle is another key factor projected to further fuel market growth over the next 10 years.

According to the report, the market is segmented into five major regions, including North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. Among them, Europe will dominate the market in 2022 with over 30% of the market share, followed by North America and Asia-Pacific. The leading share of market growth is anticipated to be driven by the strong demand for automotive exterior accessories from Europe, followed by Asia-Pacific and East Asia. Spending on automotive exterior accessories, increasing automotive fleets, and E-commerce expansion in fast-developing economies like India and Russia would all have a significant impact on demand for automotive exterior accessories. When it comes to South America, the Middle East, and Africa, the car exterior accessories category is still emerging as these regions have lower automotive sales compared to other regions. In terms of countries, the United States leads the market in 2022, while China ranks second in the same year in the global market for exterior car accessories. Across these regions; vehicle owners prefer high-quality automotive exterior accessories, which improve the performance and safety of the vehicle while also adding an aesthetic appeal to it. These factors are projected to increase demands for car exterior accessories in the upcoming timeframe.

The global exterior car accessories market is segmented into body kits (front and rear bumper kits, spoilers, lip kits, front grilles, tuning hoods, etc.), exhaust mufflers, lights, alloy wheels, chrome accessories, window films, graphic stickers & reflectors, racks, and others (crash guards, side beading, window door visors, licence plate frames, exterior covers, side mirror covers, etc.). Among these accessories, body kits are projected to dominate the market during the forecast period with the highest market share. They are usually installed by car owners or car enthusiasts to improve the overall appearance of their new car and create a custom look. Body kits can also improve the performance of a vehicle by improving aerodynamics and reducing drag. The components of a body kit are typically designed to reduce air resistance, which can result in better fuel efficiency and improved handling at high speeds. Also, body kits are popular among car enthusiasts because they offer a way to customise and personalise a vehicle. With a wide range of styles and designs available, drivers can choose a body kit that suits their individual taste and preferences. On the other hand, the other car exterior accessories segment is growing with a higher CAGR by 2023–28 owing to the increasing demands across the globe. In recent years, consumers have been focusing more on various automotive exterior accessories, ranging from front guards to body kits such as rocker panels, spoilers, bumper kits, and fender flares.

Wide-ranging automotive parts and accessories are sold through automotive aftermarket e-retailers such as AutoZone, Pep Boys, and Carid.com, as well as through mass e-retailers such as Amazon and eBay. Additionally, manufacturers are launching their own online e-commerce platforms to effectively reach vehicle owners. Market players such as Curt Manufacturing L.L.C. and Husky Liners, Inc. have launched their own e-commerce portals for effective supply chain management. The launch of self-e-commerce platforms by market participants also increases the recall value for the product and is a key trend shaping the growth of the global market. increasing popularity of amateur races Amateur races and drag races are becoming more popular across the globe, especially in the Americas. The National Hot Rod Association, the largest auto racing organisation in America, organises amateur and drag races such as the Chevrolet Performance U.S. Nationals. These races require customised vehicles with optimum performance as well as additional safety. In recent years, old European and American muscle cars have been restored by vehicle enthusiasts by completely modifying their exteriors. Such modifications require different types of automotive exterior accessories to attain the desired design structures.

Based on the report, the global market is segmented into major distribution channels such as OEM and aftermarket. Among them, aftermarket is leading the market with major revenue generation in 2022. The market's growth is attributed to its wide supply chains with major distributors and retailers and the advent of various e-commerce stores that are making it easier to purchase desired car accessories from the comfort of home. For instance, there are approximately 1800 online auto parts and accessories stores worldwide. On the other hand, the OEM segment is expected to grow with a higher CAGR due to the high focus of companies to offer in-built accessories and to comply with road safety measures and other related government regulations. The aftermarket is projected to record a moderately high revenue contribution in the global market, attributable to the constant need for vehicle servicing and replacement of accessories. Moreover, the aftermarket also offers accessories for vehicles that do not have in-built exterior and interior accessories. According to the findings, nearly 70% of vehicle owners who customise their vehicles focus on exterior upgrades, suggesting that a large portion of car enthusiasts do indeed add exterior accessories to their vehicles.

Being an emerging trend across the globe, there are many start-ups in the car exterior accessories market. For instance, CarCovers.com is a start-up that offers a wide range of car covers for different types of vehicles, from sedans to SUVs. The company focuses on providing high-quality covers that protect vehicles from weather and other environmental factors. Further, AutoAnything is an online retailer that specialises in aftermarket automotive parts and accessories, including exterior accessories such as running boards, grille guards, and bed caps. The company was founded in 1979 and has since become a leading provider of automotive products. In addition to that, CarCapsule is a start-up that offers a unique type of car cover. The CarCapsule is an inflatable bubble that covers the entire vehicle and protects it from dust, dirt, and other debris. The company also offers a variety of accessories for the CarCapsule, including air filtration systems and temperature control units. Also, Hail Protector is a start-up that offers a unique type of car cover designed specifically for protecting vehicles from hail damage. The cover uses an inflatable design to create a protective barrier around the vehicle and can be activated remotely using a smartphone app. The company also offers a range of accessories, including wind stakes and additional air pumps.

Furthermore, there are some common regulations and standards that may apply to exterior car accessories across the globe. Many countries have safety standards that exterior car accessories must meet to ensure they do not pose a hazard to other vehicles or pedestrians. For example, grille guards or bull bars may be subject to impact testing to ensure they do not interfere with the deployment of airbags or damage other vehicles in a crash. Some exterior accessories, such as LED lights or light bars, may be subject to regulations regarding their brightness, color, and placement on the vehicle. This is to ensure they do not blind other drivers or cause confusion on the road. Some exterior accessories, such as exhaust systems or air intakes, may be subject to emissions regulations to ensure they do not exceed maximum allowable levels of pollutants. In some cases, regulations may dictate how certain accessories must be installed on a vehicle. For example, roof racks or cargo carriers may need to be securely fastened to the vehicle to prevent them from becoming loose or detached while driving.

Covid-19 Impacts:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the manufacturing industry. Small and medium-sized companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. COVID-19 began in Wuhan (China) in December 2019, and has since spread rapidly throughout the world. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms of confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdowns of various plants and factories have affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in the global market. As automotive manufacturers have resumed operations due to steadily rising automobile sales in countries with a limited number of COVID-19 cases, the market is likely to recover during the forecast. Automotive sales in major markets like the United States, China, and India increased due to the demand generated by the post-COVID-19 economic recovery. Furthermore, the manufacturers are implementing contingency plans to mitigate future business uncertainties and retain continuity with clients in the critical sectors of the automobile industry.

Recent Developments
• In January 2022, Covercraft, a custom cover maker, announced plans to acquire Lloyd Mats, a custom carpet maker for automobiles such as cars, trucks, SUVs, and vans. With this acquisition, both companies aim to provide fast and improved services to the market.
• In 2022, Velocity Moto launched its new body kit for the Yamaha XSR700, inspired by the RD350. This bodywork allows bike lovers to get a new look for their bikes. This kit includes a seat, side panel, retro tail lamp, plate holder, tinted visor, and headlight bracket as well.
• In May 2022, Lanxess and Advent International signed an agreement to acquire DSM Engineering Materials from Royal DSM for around USD 3.9 billion. The DSM Engineering Materials will become part of a joint venture established by Lanxess and Advent International, which hold 40% and 60% of the joint venture, respectively.
• In April 2021, Carluxxe Outfitters announced the launch of its new website to bring accessories closer to car buffs. Carluxxe Outfitters seeks to provide the best possible shopping experience to people looking to give their cars and trucks the best form of treatment to meet their vehicle needs.
• In December 2021, UpScalio, a funding and Management Company for e-commerce brands invested an undisclosed sum in AutoFurnish and three other accessory companies that operate online.
• In August 2021, Covercraft Industries LLC has announced the launch of its new line of multi-layer car cover fabrics for different vehicle segments, including Sedans, SUVs, MUVs, trucks etc. The water-resistant car covers line includes 3-layer moderate weather covers and 5-layer indoor/outdoor car covers to provide much-needed protection to the car from dust and external factors.
• In September 2021, Y&Y store, an online shopping platform, promises ‘vinoya’ to introduce automatic car covers for all weather conditions. The anti-theft and water-proof covers can be operated with one button push.
• In September 2021, Hyundai Motor India announced the launch of a wide range of Hyundai i20 N Line accessories. The accessories for the i20 N Line will be made available in two packages - Athletic Package and Flamboyant Package.
• Thule Group, a leading provider of exterior car accessories, recently announced its acquisition of Tepui Outdoors, a manufacturer of rooftop tents for outdoor enthusiasts. This acquisition will allow Thule to expand its product offerings in the outdoor and camping market.
• Yakima, a manufacturer of car racks and cargo solutions, recently launched a new line of rooftop cargo boxes. The new line includes six different models, ranging in size from 12 to 21 cubic feet, and featuring updated designs and features such as dual-side opening and a new QuickChange mounting system.
• Ford recently announced a new line of custom grilles for its popular F-150 pickup truck. The grilles, which are designed to give the F-150 a more aggressive and personalized look, are available in a variety of styles and finishes.
• Husky Liners, a manufacturer of automotive floor liners and other accessories, recently introduced a new line of mud flaps for trucks and SUVs. The mud flaps are designed to provide better protection against mud, rocks, and other debris, while also adding a stylish look to the vehicle.
• Roush Performance, a company specializing in performance upgrades for Ford vehicles, recently unveiled a new body kit for the Ford Mustang. The kit includes a new front splitter, side skirts, rear spoiler, and diffuser, and is designed to improve the Mustang's aerodynamics and give it a more aggressive look.
• WeatherTech, a manufacturer of automotive floor mats and other accessories, recently introduced a new line of side window deflectors for trucks and SUVs. These deflectors are designed to reduce wind noise and provide better ventilation in the cabin, while also protecting the interior from rain and other elements.

Major Companies present in the market:
Oakmoore Pty Ltd., Car Mate Manufacturing Co Ltd, Lund International, Inc., Thule Group, Faurecia Se, F.Lli Menabo Srl, Momo Srl., Toyodo Gosei Co Ltd., Magna International Inc., Cie Automotive S.A., Hayashi Telempu Corporation, Ideal Automotive Gmbh, Kasai Kogyo Co., Ltd., Novares, Samvardhana Motherson, Truck Covers Usa Llc, Mont Blanc Group AB, Yakima, Inc., Covercraft Industries LLC, Gronbach

Considered in this report
• Geography: Global
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report
• Global Exterior Car Accessories market with its value and forecast along with its segments
• Region-wise Exterior Car Accessories market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Regions & Countries covered in the report:
• North America (United States, Canada, Mexico)
• Europe (Germany, United Kingdom, France, Spain, Italy, Russia)
• Asia-Pacific (China, Japan, India, Australia, South Korea)
• South America (Brazil, Argentina, Colombia)
• Middle-East & Africa (UAE, Saudi Arabia, South Africa)

By Accessories Type:
• Body Kits (Front and Rear Bumper Kits, Spoilers, Lip Kit, Front Grille, Tuning Hoods, etc)
• Exhaust Muffler
• Lights
• Alloy Wheels
• Chrome Accessories
• Window Films
• Graphic Stickers & Reflectors
• Racks
• Others (Crash Guards, Side Beading, Window Door Visors, License Plate Frames, Exterior Covers, Side Mirror Covers, etc)

By Distribution Channel:
• OEM
• Aftermarket

By Vehicle Type
• Small-sized Cars
• Mid-sized Cars
• SUVs
• MPVs
• Luxury
• Pickup Trucks (Toyota Tacoma, Ford Ranger, Jeep Gladiator, Chevrolet Colorado, GMC Canyon, Hyundai Santa Cruz)

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, and annual reports of companies, analyzing the government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the Exterior Car Accessories industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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