Global Exterior Car Accessories Market Overview, 2023-28

Global Exterior Car Accessories Market Overview, 2023-28

Automotive is a significant industry in terms of its contribution to the global GDP. According to the World Association of Car Manufacturers, OICA, in 2017, the automotive industry is important to global economic development. Globally, automotive contributes roughly 3 percent of all GDP output; the share is even higher in emerging markets, with rates in China and India at 7 percent and rising. Automotive offers considerable opportunity in terms of employment. Therefore, a rise in the demand for personal vehicles globally is likely to boost the car accessories market. Consumers' increasing preference for comfortable travel is expected to propel the car accessory market. Increasing consumer inclination towards an entertaining, luxurious driving experience, a rise in trends towards moving car accessories, and a surge in vehicle customization among the young population are prominent factors that are expected to fuel the global car accessory market. Automakers are likely to offer different types of car accessories to attract a larger number of consumers and gain a competitive edge over other rivals owing to increased competition among vehicle manufacturers. This, in turn, is likely to propel the exterior car accessories market during the forecast period. The global exterior car accessories market is a growing segment of the automotive aftermarket industry, which includes a wide range of products designed to enhance the appearance, functionality, and performance of vehicles.

According to the research report, ""Global Exterior Car Accessories Market Overview, 2023–28,"" 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. Increasing production and sales of all types of vehicles across the globe, coupled with a rising inclination towards trendy exteriors to enhance the look of the vehicles, are some of the major factors estimated to drive the global market's growth. Furthermore, changing consumer preferences for car customization, as well as a high priority for vehicle speed and performance, are factors expected to support global market growth in the coming years. However, the increasing availability of low-quality accessories and counterfeit products at cost-effective prices manufactured by local players is among the major factors that could restrain the global exterior car accessories market's growth to some extent. In addition, the high cost of car accessories is also a factor that could hamper market growth.

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 is leading the market with a higher market share, followed by North America and Asia-Pacific. The market in Europe is projected to continue contributing the largest share over the forecast period, due to the high adoption of premium cars and commercial vehicles, coupled with the inclination towards appealing exterior accessories among individuals in countries in the Europe market. As for North America, increasing need and growing awareness regarding consistent car maintenance will bolster the exterior car products market's revenue. Protection from scratches, enhanced appearance, paint durability, protection against harsh weather conditions, etc. is a few of the key benefits behind the accelerating importance of car service in recent times. On the other hand, Asia Pacific is expected to grow at the highest rate over the forecast period because of an increase in passenger car manufacturing and sales in China, South Korea, and India. China is a major producer of aftermarket products, such as automotive accessories at lower prices.

Based on the accessories segment, the market is categorised 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 and reflectors, racks, and others (crash guards, side beading, window door visors, licence plate frames, exterior covers, side mirror covers, etc.). Among them, the body kit segment will dominate the market in 2022 with more than 65% of the market share. Body kits are a popular choice for vehicle owners who want to customise and personalise the appearance of their cars. With the growing trend of vehicle customization, more and more consumers are turning to body kits as a way to enhance the exterior of their cars. Body kits are a popular choice for vehicle owners who want to customise and personalise the appearance of their cars. With the growing trend of vehicle customization, more and more consumers are turning to body kits as a way to enhance the exterior of their cars. In addition to enhancing the appearance of a vehicle, body kits can also provide performance benefits such as improved aerodynamics, reduced weight, and improved handling. This makes body kits a popular choice for consumers who want to improve the performance of their vehicles.

Further, the market is segmented into various types of vehicles, including small cars, midsize cars, SUVs, MPVs, luxury vehicles, and pickup trucks (such as the Toyota Tacoma, Ford Ranger, Jeep Gladiator, Chevrolet Colorado, GMC Canyon, and Hyundai Santa Cruz). Among them, the SUV segment is leading the global market in 2022, whereas MVPs are projected to grow at a higher CAGR compared to other vehicles. The growth of the automobile helped stimulate the economy through its dependence on other industries such as glass, rubber, and steel, which were connected to the production of cars. These automobile-related industries created new jobs, greater affluence, and more spending power for millions of American consumers. Based on the distribution channel, the global market is segregated into two parts, including OEM and aftersales. Among them, the aftermarket segment is leading the market with over 40% market share in 2022. Technological advancements in the exterior car accessories business are presenting new growth opportunities in the coming years. Customers are also increasingly interested in customising their vehicles, which is fuelling demand for exterior car accessories.

Covid-19 Impacts:
The COVID-19 pandemic has adversely affected the global market for exterior car accessories. Exterior car accessories are widely manufactured at car manufacturing companies as they have the capability to provide better design and better safety features. Due to the pandemic, car manufacturing companies faced a financial crisis, and supply chain operations were disrupted, causing a shortage of raw materials and components required for automotive manufacturing. As a result, many new projects were suspended, which directly impacted the sales of exterior car accessories. However, by the first quarter of 2021, the market had regained its process, and producers had initiated manufacturing. Based on these factors, the market is projected to witness higher market growth during the forecast period.

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.

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 covered in the report:
• North America
• Europe
• Asia-Pacific
• South America
• Middle-East & 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.