, July 19, 2018 ) Exterior Car Accessories Market Report, by Product Type (Racks, Led Lights, Body Kits, Chrome Accessories, Covers, Alloy Wheels, Window Films, and Others), by Vehicle Type (Passenger Cars, Light commercial vehicles and Heavy commercial vehicles), by Sales Channel (Original Equipment Manufacturer (OEM) and Aftermarket), and by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) published by Coherent Market Insights.
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Major factor driving growth of the exterior car accessories market is increasing demand for vehicles worldwide. For instance, according to International Organization of Motor Vehicle Manufacturers statistics (OICA), the total number of vehicles sold in 2016, was 94 million units, which increased to 96 million units in 2017, worldwide. Hence, increasing demand for vehicles is influencing OEMs to manufacture more vehicles to meet the growing consumer demand. According to the OICA, the total number of vehicles produced in 2016, was 95 million units, which increased to 97 million units worldwide. Hence, these factors are rising demand for interior styling, cabin comfort, perceived quality, and convenience features, which is expected to drive growth of the exterior car accessories market.
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Implementation of new technologies in lighting is the one of the key factors propelling growth of the market
LED lights market is expected to account for the largest market share by 2026. The LED Lighting segment is expected to be valued around US$ 89.80 billion by 2026. Increasing implementation of new lighting technologies plays a major role for the growth of the LED lighting market. Light emitting diode (LEDs), Organic light emitting diode (OLEDs), and Adaptive Front-lighting System (AFS) are some of the new lighting technologies, which are boosting the growth of automotive lighting market This technology helps in improving the driver visibility, which results in increasing road traffic safety and helps to reduce the collision. Furthermore, various advantages such as long life, energy efficiency, and less heat generation is fuelling growth of the LED lighting industry in automotive sector.
Key Trends and Analysis of the Global Exterior Car Accessories Market:
Europe accounted for largest share in the global exterior car accessories market in 2017, and it is expected to be valued at US$ 99.38 billion by 2026. This growth is attributed to passenger cars demand in Germany, the leading automotive market, which is further accelerating exterior car accessories market growth. Germany accounted for largest share in passenger car sales in Europe in 2017. According to OICA, in 2017, around 3,442,100 units of passenger cars were sold in Germany up from 3,351,607 in 2016. These factors are propelling regional exterior car accessories market growth.
Exterior car accessories market in Asia Pacific region is expected to grow at a highest CAGR over the forecast period (2018 - 2026). The exterior car accessories market in this region is projected to reach US$ 55.30 billion by 2026. Increasing vehicle production in China is expected to further propel the regional market growth over the forecast period (2018 – 2026). For instance, according to Organization Internationale des Constructeurs d'Automobiles (OICA) in 2016, vehicle production in China accounted for total 29.6% of the global production. Moreover, the country’s production increased about 14.5% in 2016 from 2015. Hence, increasing vehicle production is expected to increase growth of exterior car accessories market.
Major players operating in the global exterior car accessories market include Oakmore Pty Ltd, Car Mate Manufacturing Co. Ltd., Lund International, Inc., Truck Covers Usa Llc, Lloyd Mats, Pep Boys, Thule Group, U.S. Auto Parts Network, Inc., Covercraft Industries Llc, and Mont Blac Industri Ab.
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