Exterior Car Accessories Market Introducing New Industry Dynamics Through SWOT Analysis with Leading Players

Exterior automobile accessories are goods related to automotive parts that are responsible for improving the look of a vehicle. Racks, led lights, body kits, chrome accessories, covers, alloy wheels, window films, and other external automobile accessories are among those available.

The rapid rise of vehicle sales throughout the world is a primary element driving demand for exterior car accessories. According to the International Organization of Motor Vehicle Manufacturers (OICA), the total number of cars sold in 2016 was 94 million units, rising to 96 million units in 2017. This expansion is attributable to fast urbanization and industrialization in a number of emerging nations, like India and China, where rising GDP supports expanding urbanization. According to the World Bank Group, global GDP per capita climbed from US$ 9509.4 in 2010 to US$ 10,150.8 in 2016, showing an increasing quality of living that has greatly influenced affordability and expenditure on luxury automobiles. As a result, this aspect is driving the need for external automobile accessories.

LED lights are predicted to account for the greatest market share among product types by 2026. By 2026, the LED Lighting industry is anticipated to be worth around US$ 89.80 billion. Because of the drastic transformation in the semiconductor industry and the evolution of light bulbs from incandescent bulbs to LEDs, which has led to the introduction of smart and intelligent lighting systems, technological advancement in the lighting industry, combined with rampant product invention, is driving the market growth.

Furthermore, the rising demand for green technologies is propelling the LED lighting market forward. LED lighting systems use about 50% less energy to provide the same light intensity as Compact Fluorescent Lamps (CFL) and Cold Cathode Fluorescent Lamps (CCFL) (CCFL). According to Coherent Market Insights data, this lower energy usage immediately translates into a reduction of nearly 700 million tons of CO2 emissions every year. LEDs are expected to totally replace CFLs and CCFLs in the near future, based on current market trends.