The passenger car accessories market will continue to evolve over the next four years to 2020. With vehicles becoming more diverse, and new niches being created, the scope and potential for vehicle accessories is also rapidly evolving.
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“The European Accessories Market 2012 - 2020: Market size, Market Forecast and Recommendations”, a Trend Report by GlobalData, provides an executive-level overview of the European vehicle accessories market.
As vehicles and parts become ever more reliable, demand for replacement parts is diminishing and Original Equipment Manufacturers (OEMs) are facing a long term decline in aftersales revenues.
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This has prompted a renewed focus on accessories which remains a largely under exploited opportunity for most OEMs, and one which offers the scope for major profits to be made.
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- The European passenger car and light commercial vehicle accessories market will continue to evolve over the next four year, shaped by a number of core trends. Sales of aftermarket satellite navigation systems will continue to decline overall, affected by the continued prevalence and development of smartphones offering navigational capability and more vehicles which are delivered equipped with fully integrated in sat-nav technology as standard.
Sales of in car entertainment systems will increase however.
- Sales of roof boxes, roof bars and tow bars are all expected to grow slightly in the coming years, influenced by the continued popularity of lifestyle sports, including camping and cycling. At the same time, the trend for people to holiday at home or within their own country shows no sign of diminishing, even though the wider economy is back on a low-level growth cycle.
- The markets for alloy wheels and floor mats are also buoyant, and are expected to remain so. Sales of floor mats are benefiting from a growing use of the online channel, influenced by the twin trends of people retaining ownership of their vehicle for longer periods of time, and an aging vehicle parc.
These mean that more floor mats are being purchased to protect carpets for longer. Sales of alloy wheels are also expected to grow, affected by owners of premium vehicles in particular, starting to purchase a secondary set of tires for their vehicles for winter use.
At the same time, the introduction of anti-dumping legislation, which has the effect of placing additional duty on Asian manufactured products means that alloy wheels are not as cheap as they once were, helping to keep values up.
- Sales of aftermarket satellite navigation systems will continue to decline overall, affected by the continued prevalence and development of smartphones offering navigational capability and more vehicles which are delivered equipped with fully integrated in sat-nav technology as standard. Sales of in car entertainment systems will increase however.
Reasons to access
- This Trend Report helps executives build proactive, profitable growth strategies by offering comprehensive, relevant analysis of the European accessories market based on insights from within GlobalData’s proprietary aftermarket database, consumer insight from our bespoke annual survey and interviews with industry experts.
- The report is designed for an executive-level audience, boasting presentation quality that allows it to be turned into presentable material immediately.
- The broad but detailed perspective will help manufacturers and retailers to understand and succeed in the challenging accessories market.
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