The growth of the exterior car accessories market is linked to

Exterior Car Accessories Market Forecast : The global Exterior Car Accessories market is estimated to account for US$ 314,392.8 million by 2027

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Market Overview:

Exterior car accessories are used to enhance the overall appearance of the vehicle. This may include plastic car door guard, rear mudguard, front mudguard, bumper guard, stickers, decals, wraps, tire inflators, and spoiler, among others. Engine splash shields, bonnets, fenders, and bumpers are some other important exterior parts of the automobile. Exterior car accessories are additions made to the exterior of a vehicle to enhance its overall appearance and functionality. Car exterior accessories such as exhaust nozzles, car door visors, car mudflap, led DRL lights, car wiper, bumper reflectors, and many others are used to upgrade and/or customize the vehicle. Therefore, with the increasing popularity of vehicle customization, the demand for exterior car accessories is also increasing worldwide.

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Competitive Landscape:

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Key Market Drivers:

Increasing automotive fleet and rising expenditure on exterior accessories is expected to fuel the growth of the exterior car accessories market during the forecast period. Consumers spend on various exterior car accessories to enhance the overall appearance of the vehicle. According to India Brand Equity Foundation (IBEF), in 2020, India was the fifth-largest auto market, with ~3.49 million units combined sold in the passenger and commercial vehicles categories.

Moreover, increasing demand of customized vehicles and introduction of novel exterior car accessories is expected to drive growth of the exterior car accessories market. For instance, 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.

COVID-19 Impact Analysis:

The pandemic has had a swift and severe impact on the globally integrated automotive industry. Symptoms include a disruption in Chinese parts exports, closure of assembly plants, and large scale manufacturing interruptions. This is placing intense pressure on industry. The pandemic has had a potential impact on the light-vehicle aftermarket, encompassing parts and accessories sales. The automotive and mobility industries have certainly been among the hardest hit during the COVID-19 pandemic. However, the industry is recovering faster and is expected to have a positive impact on the growth of the car accessories market, as the demand for car accessories is now increasing with a rapid pace.

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Key Takeaways:

The exterior car accessories market is expected to exhibit a CAGR of XX % during the forecast period owing to the increasing demand for car accessories and availability of car accessories on online platforms. For instance, in April 2021, Carluxxe Outfitters announced the launch of their 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.

Among regions, North America and Asia Pacific are expected to witness robust growth in the exterior car accessories market due to rapidly growing automotive industry, increasing automotive fleet, and availability of car accessories on e-commerce platforms. For instance, according to the International Trade Administration, Mexico is the sixth-largest passenger vehicle manufacturer, producing around 3 million vehicles annually. Moreover, over 89% of vehicles produced in Mexico are exported, with 80% destined for the United States.

Moreover, in March 2021, Amazon launched a sale on cars and bike accessories, offering up to 75% off on car mats, tyre inflators, jumper cables, and much more.

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This release was published on openPR.