A market research and competitive intelligence provider called Fact.MR says that the global Automotive chrome accessories market would get valued at US$ 8.7 Billion in 2022 and clock a slender CAGR of 2.8% between 2022 and 2032. Fact.MR states that with customization of vehicles on the anvil, the global automotive chrome accessories market is projected to be worth US$ 11.5 Billion by the year 2032.
Automotive chrome accessories are known for improving the aesthetics of the vehicles on the whole. This, in turn, does give an explicit shine and also offer resistance to tarnishing. The accessories do impart style as well as luxury to vehicles, that too, with affordability.
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Consumers in developing economies, which are production and sales hubs, are opting for vehicle premiumization. Growing Asian and Latin American economies are fuelling constant demand for automotive chrome accessories.
Thus, this is estimated to drive market demand for external and internal automotive accessories, and support market growth by 1.2X over the forecast years.
Which Automotive Chrome Accessories Account for Highest Sales?
“Door Handles & Body Side Moulding Accessories Most Demanded”
Automotive chrome accessories are available under different product types, such as grille covers, mirror covers, door handles, body side molding, head lamps, tail light covers, etc.
Amongst them, door handles and body side moulding hold approximately 17.8% and 14.7% market share, respectively. The door handles and body side molding segments are projected to expand at CAGRs of 3.5% and 3.3% through 2032.
Higher growth of these segments is attributed to the regular replacement rate witnessed, coupled with higher costs of automotive chrome accessories. Additionally, these accessories are also replaced due to minor accidents of the vehicles. Thus, this is expected to fuel market growth over the coming years.
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Key Segments Covered in the Automotive Chrome Accessories Industry Survey
- Automotive Chrome Accessories Market by Product Type :
- Body Side Molding
- Door Handles
- Grille Covers
- Mirror Covers
- Tail Light Covers
- Third Brake Light Covers
- Fuel Tank Door Covers
- Fog Lamp Overlays & Rings
- Head Lamp Overlays & Rings
- Miscellaneous Chrome Trim Accessories
- Automotive Chrome Accessories Market by Vehicle Type :
- Passenger Vehicle Automotive Chrome Accessories
- Light Commercial Vehicle Automotive Chrome Accessories
- Heavy Commercial Vehicle Automotive Chrome Accessories
- Automotive Chrome Accessories Market by Sales Channel :
- OEMs
- Aftermarket
Market Developments
The key participants are engaged in mergers, partnerships, acquisitions, new product launch, and joint ventures to sustain themselves amidst fierce competition.
- Faurecia partnered with HELLA KGaA Hueck & Co. in the year 2021 for expanding in the key growth areas like automated driving, vehicle interior design, and electric mobility.
- The year 2021 saw Audax Private Equity announcing investment in Covercraft Industries LLC to expand the product portfolio.
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Key players in Automotive Chrome Accessories Market
- HELLA KGaA Hueck & Co.
- Oakmore Pty Ltd.
- Thule Group AB
- Covercraft Industries LLC
- Lund International Inc.
- Pep Boys – Manny
- O’Reilly Automotive Inc.
- Moe & Jack
- U.S. Auto Parts Network Inc.
Key Takeaways from Automotive Chrome Accessories Market Study
- Europe holds close to 25% of the market share.
- Chrome trim products are expected to witness exponential sales in the forecast period.
- Customization of vehicles would be the future of automotive chrome accessories market.
- Affordable plating materials like nickel to be used as a substitute in automotive chrome accessories market.
About the Automotive Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned automobile team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the automotive industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
Check out more studies related to Automotive Industry, conducted by Fact.MR:
Automotive Radars Market: https://www.prnewswire.com/news-releases/automotive-radars-get-a-touch-of-ai-report-301257488.html
Automotive Towbar Market: https://www.prnewswire.com/news-releases/automotive-towbar-deployment-in-luxury-passenger-cars-to-increase-by-3-through-2031-301357998.html
About Fact.MR
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