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Market Overview

Exterior car accessories are comprised of products related to automotive products that enhance and appearance of the automobile. There are different parts included in external car accessories such as stainless steel car bumper guard, plastic car door guard, rear mudguard, front mudguard, tire inflators, decals and stickers, wraps, etc. The global exterior car accessories market focuses on five regions namely North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

The global exterior car accessories market is estimated to account for US$ 314,392.8 Mn in terms of value by the end of 2027.

Market Dynamics- Drivers

High growth in automotive industry is expected to drive growth of the global exterior car accessories market during the forecast period

The automotive industry has witnessed massive growth in the recent past despite the economic crisis. According to Coherent Market Insights’ analysis, the global automotive industry is expected to reach a value of US$ 87.6 billion in 2020. This is growth is attributed to increasing sales of passenger cars and pickup trucks. Thus, these factors are expected to drive the global exterior car accessories market growth in the near future.

Rising expenditure on car accessories is expected to propel the global exterior car accessories market growth over the forecast period

With the stable growth of global economy, there has been increase in sales of vehicles across the globe. According to Coherent Market Insights’ analysis, around 90% of consumers add some type of accessories to their cars and are willing to spend an average of US$ 300–500 for accessories at the time of purchase. Moreover, consumers are willing to invest around US$ 5,000 for accessories in some regions. For instance, in North America, the average spending on car accessories for compact cars range between US$ 250–500. Thus, these factors are expected to propel the global exterior car accessories market growth over the forecast period.

Statistics:

Europe held dominant position in the global exterior car accessories market in 2019, accounting for 39.9% share in terms of value, followed by North America, APAC, Latin America, and MEA respectively.

Figure 1: Global Exterior Car Accessories Market Share (%), in terms of Value, By Region, 2019

Market Dynamics- Restraints

Regulatory policies regarding exterior modification of vehicles are expected to hinder the global exterior car accessories market growth over the forecast period

Regardless of its rising popularity, various government authorities have enforced regulatory policies on the modification of exterior of car. For instance, dark window tinting and exhaust modification are illegal in the U.S. Furthermore, some regulations related to exterior vehicle modification include, “U.S. Government Regulation of Specialty Auto Parts”, which deals with vehicle customization in the U.S. Thus, these factors are expected to hinder the global exterior car accessories market growth in the near future.

High cost associated with exterior car accessories is expected to restrain growth of the global exterior car accessories market during the forecast period

The cost of exterior car accessories is significantly high as compared to that for interior car accessories due to high cost of raw materials and production cost of exterior car accessories. Moreover, exterior car accessories such as spoilers, body kits, and deflectors are available at very high cost market only. This is due to the fact that consumers tend to purchase substandard and counterfeit car accessories at competitive prices from aftermarket. This, in turn, is expected to restrain growth of the global exterior car accessories market over the forecast period.

Report Coverage Details Base Year: 2019 Market Size in 2019: US$ 175236.9 Mn Historical Data for: 2016 to 2019 Forecast Period: 2020 to 2027 Forecast Period 2020 to 2027 CAGR: 7.6% 2027 Value Projection: US$ 314,392.8 Mn Geographies covered: North America: U.S.,Canada.

U.S.,Canada. Latin America: Brazil, Argentina, Mexico, Rest of Latin America

Brazil, Argentina, Mexico, Rest of Latin America Europe: Germany, U.K., Spain, France, Italy, Russia, Rest of Europe

Germany, U.K., Spain, France, Italy, Russia, Rest of Europe Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, Rest of Asia Pacific

China, India, Japan, Australia, South Korea, ASEAN, Rest of Asia Pacific Middle East: GCC Countries, Israel, Rest of Middle East

GCC Countries, Israel, Rest of Middle East Africa: South Africa, North Africa, Central Africa Segments covered: By End-use Application: Wastewater Treatment, Water Treatment, Air Treatment, Surface Disinfectin, Food & Beverages Disinfection.

Wastewater Treatment, Water Treatment, Air Treatment, Surface Disinfectin, Food & Beverages Disinfection. By Lamp Type: UV Mercury Lamp, UV LEDs.

Companies covered (15): Thule Group, Truck Covers USA LLC, HELLA KGaA Hueck & Co., F.LLI MENABÒ SRL, Oakmore Pty Ltd., Mont Blanc Industri AB, Lund International, Inc., Momo Srl., Covercraft Industries, LLC, Star Automotive Accessories, Classic Soft Trim, H.I Motors CAR MATE MFG. CO., LTD, O'Reilly Auto Parts, Pep Boys, and U.S. Auto Parts Network, Inc. Growth Drivers: High growth in automotive industry

Rising expenditure on car accessories Restraints & Challenges: Regulatory policies regarding exterior modification of vehicles

High cost associated with exterior car accessories

Market Opportunities

Growing consumer inclination towards active life>

Consumers are increasingly focused on active life>

Growing sales of pickup trucks can offer major business opportunities

Life>

Figure 2: Global Exterior Car Accessories Market Value (US$ Mn), 2017 - 2027

The global exterior car accessories market was valued at US$ 175236.9 Mn in 2019 and is forecast to reach a value of US$ 314,392.8 Mn by 2027 at a CAGR of 7.6% between 2020 and 2027.

Market Trends

North America Trends

High sales of pickup trucks as compared to passenger cars in the U.S.

Currently, there is a high demand for life>

Launch of novel products to address the increasing demand for Tonneau covers

Tonneau covers are expected to be the most sought after exterior car accessory for pickup trucks in the U.S., owing to the rise in sales of pickup trucks. In contrast to the strong sales growth of pickup truck sales in the U.S., TruXmart has recently launched innovative lightweight (around 20 lbs lighter its other tonneau covers) tonneau covers under brand name “Forte”, which is scratch-resistant and easy to install.

Latin America Trends

Growing preference for branded accessories

According to a study conducted by Specialty Equipment Manufacturers Association (SEMA), preference for “Made in U.S.” car accessories are more prevalent in the Latin America automotive aftermarket. Consumers in the region are more inclined towards quality and deliberately seek car accessories and tuning products with the “Made in U.S.” mark.

Rising popularity of amateur races and vehicle restoration

According to SEMA, amateur races and drag races are becoming more popular in Brazil. The amateur races and vehicle customization trends are more prominent among younger individuals in Brazil. Passenger cars, SUVs, and pickup trucks are customized for such races in order to increase performance and achieve sporty aesthetics. Another trend that has been noticed in Brazil is car restoration, where old European and American muscle cars are restored by vehicle enthusiasts by completely modifying the exterior of the vehicle.

Competitive Section

Key players operating in the global exterior car accessories market are Thule Group, Truck Covers USA LLC, HELLA KGaA Hueck & Co., F.LLI MENABÒ SRL, Oakmore Pty Ltd., Mont Blanc Industri AB, Lund International, Inc., Momo Srl., Covercraft Industries, LLC, Star Automotive Accessories, Classic Soft Trim, H.I Motors CAR MATE MFG. CO., LTD, O'Reilly Auto Parts, Pep Boys, and U.S. Auto Parts Network, Inc.

Key Developments