As an accessory for car exteriors, subtle yet engrossing illumination by LEDs continues to engross consumers and heighten the presence of their cars.
Exterior styling matters the most for consumers purchasing their dream cars. Interior accessories come secondary to the engine and performance quotient of the car, while its exteriors give that impulsive hunch of how the vehicle befits its user. The influence of exterior accessories such as body kits, alloy wheels, and chrome accouterments tends to direct consumers towards a select few cars. Existing car users are also revamping the appearance of their wagons by mounting their choice of exterior car accessories. Global leaders in luxury car manufacturers are likely to introduce their upcoming variants equipped with advanced exterior accessories such as LED lights.
LED lights are a prominent product-type in the global exterior car accessories market. Their consumption is slated to increase as leading carmakers in the world are likely to tweak the lighting appearance of their units. According to Persistence Market Research, the global market for exterior car accessories is estimated to be valued at US$ 142.24 billion by the end of 2016. Rapid production and sales of passenger cars continue to induce more growth in demand for exterior car accessories in the world.
In its report, titled “Global Market Study on Exterior Car Accessories: Europe Expected to Maintain Market Dominance by 2024,” Persistence Market Research has forecasted the expansion of global exterior car accessories market to procure a healthy 7.5% CAGR through 2024, reaching an anticipated market value of US$ 253.07 billion. The report stresses the growing prowess of vehicle customization as a key driver for the market’s growth. Preference to LEDs over existing lighting systems is indicative of the consumer’s inclination towards remodeling the exteriors of their cars in a unique manner. The wide range of applications and flexible chromatic function of LEDs make them an ideal lighting accessory for passenger cars and wagons. Additionally, the limited or economic consumption of electricity by LED lights promotes its adoption for automakers eyeing at amplifying car exteriors while retaining or, even better, improving the fuel economy. Lesser power consumption and lightweight of LED lights accentuate their prominence in the global market for exterior car accessories.
The use of LEDs in car indicators, headlamps, and other light sources is also gaining momentum. Leading car manufacturers continue to replace incandescent lamps by manufacturing cars with higher or an out-and-out presence of LEDs. Pick-up trucks and other vehicle types are also being equipped with LED lights in order to assist drivers during night-time travel.
The report has categorized the growth of global exterior car accessories market on the basis of products such as exhaust mufflers, covers, body kits, LED lights, racks, alloy wheels, window films, vanity/license plate frames, and graphics & reflectors. By the end of 2024, the LED lights segment is projected to incur a CAGR of 12.8%, while body kits are anticipated to procure growth at 5.6% CAGR. The report has also classified the global exterior car accessories market on the basis of vehicles such as passenger cars and pickup trucks, and distribution channels such as aftermarket dealers and OEMs.
For more information on the global exterior car accessories market@ http://www.persistencemarketresearch.com/samples/11845