Vehicle Accessories are necessary to improve vehicle performance and safety
- Vehicle accessories are important equipment or automotive components that help enhance vehicle performance, assure safety, security, and reduce maintenance costs. These accessories majorly depend on personal preferences, and specific need of customers. Specific accessories can improve the vehicle’s performance on road or enable it to use a technology that the vehicle has not incorporated in conventional or older models. For instance, Rollr provides vehicle accessory for tracking driving behavior for conventional vehicle models.
- Vehicle accessories include various products such as seat covers, chrome accessories alloy wheels, window films, dash kits, and central locking systems. Expansion of the vehicle accessories market is attributed to an increase in the demand for vehicle customization, need for comfort, and need for change in esthetics for a trendy appearance.
Key drivers of global vehicle accessories market
- The cost of premium vehicles is significantly higher than conventional vehicles. Luxury vehicles are pre-equipped with some accessories primarily to attract customers and boost vehicle performance. For instance, on March 28, 2019, Pioneer Corporation introduced a connected dual camera drive recorder. This product is powered by AI to detect drowsiness of the vehicle driver and initiate appropriate measures to offer safer driving. Conventional vehicles, though cheaper, do not come with pre-equipped accessories. Improving vehicle esthetics using chrome accessories, seat covers, and alloy wheels lend a trendy appearance and can serve as a status symbol. Certain accessories such as central locking system and frontal collision system improve vehicle safety and can be installed on vehicles that are not pre-equipped with these accessories. Demand for comfort and luxury vehicles is particularly fueled by improved life standards and rise in disposable income of people. Thus, all these factors, cumulatively, drive the demand for vehicle accessories.
- The automotive industry has witnessed numerous changes in the last few decades. Post 1990, Clean Air Act Amendment in California, US and 1992 Energy Policy Act, General Motors developed and launched EV1, which was the first ever mass-produced electric vehicle. Electric vehicles (EVs) do not emit common pollutants such as hydrocarbons, carbon monoxide, nitrogen oxides, and particle emissions. Developments in batteries are boosting the miles driven per charge of EVs. EVs offer high acceleration, attracting speed fanatics. Stringent rules and regulations on emission, such as Euro 6 and Bharat Stage VI, in order to curb air pollution further restrain the development of conventional vehicles that have higher levels of emissions as compared to electric vehicles. All the factors mentioned above point toward a promising future for electric cars. The vehicle accessories for electric vehicles must be comply with energy consumption standards enacted by manufacturers for high efficiency, requiring parallel development with advances in EV technology. These factors drive the vehicle accessories market.
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Availability of inexpensive, low quality accessories as a substitute restrains Original Equipment Manufacturers (OEMs)
- Demand for customization of vehicles is high, especially among the younger generation. Inclination of customers toward enhanced vehicle performance experience and increased comfort while driving is fueling the demand for vehicle accessories, which offer a solution to these needs. New players in the industry offer inexpensive, low quality accessories in order to attract more number of customers. For instance, rear parking assist camera costs about US$ 10, while parking assist system in premium vehicles costs about US$ 100. This difference in pricing is anticipated to acts a challenge for OEMs.
Asia Pacific to be prominent vehicle accessories market
- Asia Pacific is the major manufacturer and consumer of cars, which contributes to the significant demand and market share held by the region in the global vehicle accessories market. Demand for vehicles is increasing owing to rapid urbanization, need for transportation, and inclination of customers toward buying personal vehicle over public transport. Consequently, demand for vehicles is propelling the vehicle accessories market in the region.
- North America is second-largest buyer of utility vehicles after China. Rising demand for customization using exterior and interior vehicle accessories to increase performance and safety and enhance esthetic appearance of the vehicle is driving the vehicle accessories market.
Key players operating in global vehicle accessories market:
The vehicle accessories market is highly concentrated with top manufacturers. A few key players operating in the vehicle accessories market are:
- Pioneer Corporation
- Robert Bosch GmbH
- U.S. Auto Parts Network, Inc.
- Roush Performance Products, Inc.
- Covercraft Industries LLC
- H.I Motors
- Lloyd Mats
- Car Mate Manufacturing Co. Ltd.
- Lund International, Inc.
- The Pep Boys
- Thule Group
- Classic Soft Trim
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Global Vehicle Accessories Market – Research Scope
Global Vehicle Accessories Market, by Vehicle Type
- Commercial Vehicle
- Passenger Vehicle
- Heavy Vehicles
Global Vehicle Accessories Market, by Application
Global Vehicle Accessories Market, by Product
- Music System
- Guard rails
- LED screens
- Frames and fittings
Global Vehicle Accessories Market, by Supplier
- Single retailer
- Multi-brand retailer
Global Vehicle Accessories Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.