EXTERIOR CAR ACCESSORIES MARKET ANALYSIS

Exterior Car Accessories Market Size and Trends

Global exterior car accessories market is estimated to be valued at US$ 50.12 Bn in 2024 and is expected to reach US$ 82.13 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 7.3% from 2024 to 2031.

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Changing consumer preferences towards vehicle customization and emphasis on improving vehicle aesthetics can drive the market growth. Increasing expenditure on vehicle customization and need for protective and high-performance accessories can also drive the market growth during the forecast period. Consumer demand and their changing lifestyle along with rising disposable income levels in developing countries offer significant growth opportunities for players operating in the global exterior car accessories market.

Influences of changing fashion trends

The automotive aftermarket industry has witness changes due to rapidly changing fashion and design trends among consumers globally. There has been increasing demand for high-quality and stylish exterior accessories to boost the appearance of the vehicles and keep them aligned with the latest trends. Car owners, particularly from younger demographics, want their vehicles to reflect their personality, tastes and preferences. Nowadays, cars have become an extension of one's lifestyle and social status.

Automakers realize this changing mindset and focus on manufacturing vehicles, which can be customized as per changing consumer needs.  Wide rim wheels, flashy paint jobs, customized decals, neon lighting, spoilers, and others allow consumers to experiment with different looks. Themes inspired from music subcultures like JDM and drifting are quite popular among car enthusiasts globally. Original equipment manufacturers also collaborate with leading fashion and lifestyle brands to launch co-branded accessories. All these trends have boosted the sales of premium and luxury exterior accessories. Growing passion for car modifications among middle class can also drive the market growth.

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Rising demand for comfort and convenience

Drivers expect their vehicles to be well-equipped to tackle varying road and climate conditions smoothly. Rising attention to ergonomics and user-experience has boosted demand for multifunctional, technologically advanced accessories. For example, alloy wheels which were once just about appearance now offer advantages like reduced weight, improved handling and fuel efficiency. Similar trends are observed in other areas like car covers, lights, locks, and others. Customers are willing to spend more on premium features that enhance the overall usage context of their vehicles.

Manufacturers actively participate in research and development to come up with solutions addressing real-time problems faced during long hours of traveling. Driving aids like sensors and cameras are becoming common even in affordable vehicles. However, aftermarket ensures availability of similar supplemental technologies for older cars as upgrades.