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High-quality accessories for enhanced safety and comfort driving, combined with technological advancements, pave the way for new opportunities in the global exterior car accessory market. – Bonafide Research
Feb, 28
2023

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High-quality accessories for enhanced safety and comfort driving, combined with technological advancements, pave the way for new opportunities in the global exterior car accessory market. – Bonafide Research

 

Comfort and Safety Decisive in Consumer’s Buying Decision Automotive exterior accessories such as nerf bars, hard & soft tops, etc., are add-on auto components utilized by vehicle owners to ensure convenience in driving. Some automotive exterior accessories such as tonneau covers, bull bars, runner bars, grille guards, etc., ensure maximum level of safety to vehicle body, along with improved aesthetics of the vehicle. Rising emphasis on exterior accessories such as spoilers and grille guards improve the look of the vehicle up to a substantial extent. Apart from good looks, certain automotive exterior accessories also increase vehicle performance. Rear spoilers are used for vehicle stability and reduced back-lift in sports cars. Advanced materials with high strength and lighter weight penetrating faster manufacturers are utilizing composites and automotive lightweight materials such as carbon fiber, boron carbide, etc., for designing automotive exterior accessories, to improve the performance of the automotive and ensure optimum fuel efficiency. Carbon fiber has 5-10 times more strength than steel, which improves durability of exterior accessories. These are extensively utilized on passenger cars accessories as well, for added appeal. Automotive is a massive industry that presents significant opportunities for the Car Accessories Market, with car accessories accounting for the majority of the market. Due to the significant expansion of the global car market in recent years, the Car Accessories Market has grown rapidly.

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. Exterior car accessories have become increasingly popular over the years because they offer a variety of benefits and can enhance both the appearance and functionality of a vehicle. Many exterior car accessories are designed to protect the vehicle from damage, such as mud flaps, car covers, and grille guards. These accessories can help prevent scratches, dents, and other types of damage that can occur while driving or parking. Exterior car accessories can also enhance the appearance of a vehicle. Accessories like window tinting, chrome trim, and custom paint jobs can give a car a unique look and make it stand out from other vehicles on the road. Some exterior car accessories can make driving more convenient, such as roof racks, bike carriers, and hitch-mounted cargo carriers. These accessories allow drivers to transport larger items that may not fit inside the car, making road trips and outdoor activities more enjoyable. Upgrading a vehicle with exterior car accessories can also increase its resale value. Buyers may be willing to pay more for a vehicle that has been well-maintained and has added features that improve its appearance and functionality.

According to the report, the market is segmented into five major regions including North America, Europe, Asia-Pacific, South America and Middle East & Africa. Among them, Europe region is leading the market in 2022 with highest market share. Europe is home to some of the world's wealthiest countries, with high disposable incomes. This has led to a significant demand for luxury cars and high-end exterior car accessories, such as custom wheels, body kits, and chrome trim, among others. Europe has a rich car culture, with many countries having a long history of automobile manufacturing and motorsports. This has led to a strong demand for high-quality, premium exterior car accessories, as car enthusiasts seek to personalize and upgrade their vehicles. However, Europe has some of the strictest regulations regarding vehicle safety and emissions. As a result, there is a high demand for exterior car accessories that can enhance vehicle safety, such as backup cameras, parking sensors, and blind spot detection systems. The European automotive market is a mature market, with a high percentage of vehicles on the road that are several years old. This has created a significant demand for exterior car accessories that can help maintain and improve the appearance and functionality of older vehicles.

SUVs and pickup trucks are increasingly popular in North America, and they often require specialized exterior car accessories such as tonneau covers, roof racks, and trailer hitches. As the demand for these vehicles continues to rise, so does the demand for their associated accessories. North America has a high average disposable income, which allows consumers to spend more on exterior car accessories that can enhance the appearance and functionality of their vehicles. Also, there is a growing awareness in North America about the importance of vehicle safety. This has led to an increased demand for exterior car accessories such as backup cameras, parking sensors, and blind spot detection systems that can improve vehicle safety. In addition to that, North America is a mature e-commerce market, and there is a growing trend of consumers purchasing exterior car accessories online. This has made it easier for consumers to find and purchase the specific accessories they need, which has contributed to the growth of the market. However, the Asia-Pacific region is home to some of the world's largest and fastest-growing automotive markets, such as China and India. This has led to a significant increase in the number of vehicles on the road, which in turn has created a large market for exterior car accessories. the economies of many countries in the Asia-Pacific region continue to grow, so does the disposable income of consumers. This has led to an increased demand for luxury cars and high-end exterior car accessories. The rapid urbanization of many countries in the Asia-Pacific region has led to an increased demand for exterior car accessories that can help protect vehicles from damage caused by crowded and congested city streets.

According to the report, the 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 them, body kits are dominating the market with more than 65% market share in 2022. As they enhance the look of a car, giving it a sportier and more aggressive appearance. This is particularly appealing to younger drivers who are interested in customizing their vehicles. Body kits are available in a wide range of styles and designs, allowing car owners to personalize their vehicles to their individual tastes. Some body kits are designed to improve the aerodynamics of a car, which can enhance its performance and handling. This is particularly important for racing enthusiasts who want to improve the performance of their vehicles. Some body kit manufacturers are well-known and respected within the car community, which can add to the appeal of their products.

The exterior car accessories market in South America is constantly evolving, with new products and trends emerging in response to changing consumer preferences and technological advancements. For instance, 3D printing technology is becoming increasingly popular in the automotive industry, and is now being used to produce a range of exterior car accessories in South America. 3D printed parts can offer a high degree of customization and precision, and can be produced quickly and at a lower cost than traditional manufacturing methods. With the growing popularity of electric vehicles in South America, there is a growing demand for EV-specific accessories such as charging stations, charging cables, and battery monitoring systems. Advanced lighting technologies such as laser headlights and adaptive lighting systems are becoming more prevalent in new cars, and there is a growing demand for aftermarket lighting accessories in South America. These accessories can include features such as LED light bars, fog lights, and headlight protectors. Also, smart mirrors are becoming more popular as a way to enhance visibility and safety while driving. These mirrors can include features such as blind spot detection, rear-view cameras, and built-in displays. On the other hand, ceramic coatings are becoming increasingly popular in Middle East & Africa region, with many car owners opting for this durable and long-lasting layer of protection against the harsh climate and sandstorms. Several companies in the region now offer ceramic coating services for cars.

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.

According to the report, the global market is segmented into vehicle types such as small cars, mid-sized cars, SUVs, MPVS, luxury cars, and pickup trucks (such as the Toyota Tacoma, Ford Ranger, Jeep Gladiator, Chevrolet Colorado, GMC Canyon, and Hyundai Santa Cruz). Among them, SUVs are projected to lead the market with over 40% market share. SUVs are larger than many other types of vehicles, which make them ideal for families and for carrying large amounts of cargo. SUVs are also versatile enough to handle a variety of terrains and weather conditions, which makes them popular with outdoor enthusiasts. SUVs have become increasingly popular in recent years, which mean that there are more SUVs on the road than ever before. This has created a large market for exterior car accessories that are designed specifically for SUVs. Many SUV owners enjoy customizing their vehicles to make them stand out from the crowd. Exterior car accessories allow them to personalize their vehicles and make them unique. Many SUVs have a rugged, outdoorsy look that is well-suited to accessories like roof racks, tow hitches, and off-road lights. However, MVPs are projected to grow with higher CAGR by the end of the forecast period.

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 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.