Transparency Market Research
Rising Trend of Vehicle Customization to Propel Growth in Automotive Chrome Accessories Market
Trim parts of automobiles which help in enhancing aesthetic appearance of a vehicle is known as automotive chrome accessories. These days, due to rise in purchasing capacity, and growing trends of buying modified vehicles is on the rise. This is a significant factor contributing majorly in the growth of global automotive chrome accessories market. These accessories are made of fiber, plastic, chromium, hard metals, and other pre-eminent items.
Surging growth in production and sales of automobiles all over the world is foreseen to drive the global automotive chrome accessories market in the coming few years. In addition, the growing trend of changing the overall appearance of the vehicles through customization is estimated to fuel the fire of development in automotive chrome accessories market.
Rising Demand for Light-weight Vehicles to Support Market Upliftment
Besides, automotive chrome accessories also help in betterment of automobile resistance, coupled with its aesthetic appearance. Moreover, increasing demand for light-weight automobiles, and light-weight materials to build the automotive chrome accessories is foreseen to provide various opportunities for the original equipment makers and auto makers in the forthcoming years.
Based on geography, Asia pacific accounts for the maximum share in the automotive chrome accessories market, leading on the global scale. The growth is attributed to increased manufacturing of vehicles in the nations, such as, South Korea, japan, Indonesia, India, and China. Moreover, increasing emergence of vehicle makers and equipment manufacturers due to low land rates and labor costs is another factor contributing in the growth of automotive chrome accessories in the region.
Automotive chrome accessories are vehicle trim parts that enrich the vehicle’s esthetic appearance. Automotive chrome accessories are pre-eminent items that are composed of variant conventional materials such as hard metals, chromium, plastic, and fiber. These accessories include vehicle parts such as front grill, door handles, mirror covers, fog lamp covers, automotive body moldings, bumper trim, tail light covers, wheel skins, and fuel doors.
Rapid rise in sales and production of vehicles across the globe is likely to boost the automotive chrome accessories market during the forecast period. Furthermore, the emerging trend of enhanced overall vehicle appearance is another significant factor that is anticipated to drive the automotive chrome accessories market during the forecast period. Automotive chrome accessories improve the vehicle resistance along with appearance. Increasing trend of vehicle modification among vehicle users, especially those in developing countries, is anticipated to boost the automotive chrome accessories market during the forecast period. Additionally, rise in demand for light weighting of the vehicle and light materials that are utilized to manufacture automotive chrome accessories is expected to offer lucrative opportunities to auto manufacturers and original equipment manufacturers during the forecast period. However, shorter lifespan and higher replacement rate of automotive chrome accessories are projected to hamper the market during the forecast period.
The automotive chrome accessories market can segmented based on product, vehicle type, sales channel, and region. In terms of product, the automotive chrome accessories market can be classified into door handle, mirror cover, front grill, automotive body molding, tail light cover, fuel door, and others. Door handle and automotive body molding segments account for a prominent share of the market. Expansion of these segments is primarily attributed to regular replacement rate and higher cost of these accessories. Moreover, minor accidents of the vehicle, sometimes, leads to the replacement of these accessories.
In terms of vehicle type, the automotive chrome accessories market can be split into passenger vehicle and commercial vehicle. The passenger vehicle segment leads the automotive chrome accessories market due to higher production and sale of passenger vehicles around the world. Surge in living standards and decline in car loan rate in developing countries are key factors that are anticipated to propel the segment of the market during the forecast period.
Based on sales channel, the automotive chrome accessories market can be divided into original equipment manufacturers (OEMs) and aftermarket. The aftermarket segment holds a major share of the automotive chrome accessories market due to higher replacement rate and shorter lifespan of few vehicle trim parts such as mirror covers, front grill, and taillight covers. Furthermore, rising trend of vehicle customization is also projected to drive the aftermarket segment of the market during the forecast period.
Based on region, the automotive chrome accessories market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific holds a dominant share of the global automotive chrome accessories market. Expansion of the market in the region is primarily due to higher vehicle production in the countries of the region, especially in China, India, Japan, South Korea, and Indonesia. Furthermore, increasing presence of auto manufacturers and equipment manufacturers, owing to inexpensive labor and land rates, is attracting foreign investment. This is projected to fuel the automotive chrome accessories market in the region during the forecast period.
Prominent players operating in the global automotive chrome accessories market include Hella KGaA Hueck & Co., Hutchinson, Covercraft Industries, LLC, Thule Group, TOYODA GOSEI Co., Ltd., LUND INTERNATIONAL, Magna International Inc., DURA Automotive Systems, and Techsaaz Solutions LLP.
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