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Exterior Car Accessories Market Will Generate Massive Revenue In Future
Exterior car accessories consist of products associated with automotive parts, which is responsible for enhancing the appearance of a vehicle

BriefingWire.com, 9/13/2019 - Exterior car accessories consist of products associated with automotive parts, which is responsible for enhancing the appearance of a vehicle. These exterior car accessories includes racks, led lights, body kits, chrome accessories, covers, alloy wheels, window films, and others.

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Market Driver:

Rampant growth of vehicle sales across the globe is major factor propelling demand for exterior car accessories. For instance, according to International Organization of Motor Vehicle Manufacturers statistics (OICA), the total number of vehicles sold in 2016, were 94 million units, which increased to 96 million units in 2017, worldwide. This growth is attributed to rapid urbanization and industrialization in various emerging economies such as India and China, where increasing GDP is supporting growing urbanization. For instance, according to the World Bank Group, GDP per capita has increased globally from US$ 9509.4 in 2010, to US$ 10,150.8 in 2016, indicating increased standard of living, which has significantly impacted affordability and expenditure on luxury vehicles. Hence, this factor is propelling the demand for exterior car accessories market.

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The market for Asia Pacific is expected to witness highest CAGR over the forecast period from 2018 to 2026. The market for exterior car accessories in Asia Pacific is expected to be valued around US$ 55.30 billion by 2026. Increasing demand for passenger car in Asia Pacific region is expected to provide growth opportunities to numerous local and international Exterior Car Accessories vendors in the automotive sector. China accounted for largest share in passenger cars sales in Asia Pacific region in 2017. According to OICA, in 2017, around 29 million units of passenger cars were sold, up from 28 million units in 2016.

 
 
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