Vehicle aesthetics have been of paramount importance among drivers based in developed economies over the years. Developing economies, which are the automotive production and sales hubs, are also witnessing significant vehicle premiumization and growing demand for automotive luxury in the recent years.
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Supported by a rapidly trending wave of vehicle customization, the demand for external and internal automotive accessories is expected to observe a steady growth trajectory in years ahead. However, chrome plated accessories will possibly witness sluggish progress during the next five years, according to a new study published by Fact.MR.
The report intelligence on global automotive chrome accessories reveals that during the course of assessment i.e. 2017-2022, the global automotive chrome accessories market revenue will see passive growth at below 3% CAGR.
The roughly US$ 8 Bn automotive chrome accessories market is poised to face a longstanding challenging scenario through 2024 and ahead, prominently owing to scarce chrome ore supply and health concerns regarding the use of hexavalent chromium in plating.
A majority of automakers and players competing in the global automotive chrome accessories are thus strategizing a shift towards a wide range of available alternatives to chrome plating such as plating with nickel and nickel alloys, media-blasting, bare metal and powder coating, ABS plastic, and decorative plating. However, some leading automobile manufacturers are still innovating the use of automotive chrome accessories in their recent and upcoming launches – the latest example of this innovation includes Mahindra’s Marazzo.
Sustained sales of performance enhancing car accessories and steadily thriving demand for pickup trucks are pushing the sales of automotive chrome accessories markets in developed regions – especially the US and UK.
On the other side, a slew of favoring factors are likely to fillip the automotive chrome accessories markets in emerging economies. Steadily growing passenger car and two-wheeler production in emerging Asian markets will play a pivotal role in forestalling the declining curve of automotive chrome accessories market.
Moreover, relatively affordable product replacement rates, and better installation and sales margins will contribute a decent share in the growth of automotive chrome accessories market in Asian economies.
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The report forecasts that China, India, Malaysia, and Thailand will remain prominent performers in APEJ market for automotive chrome accessories, exhibiting around 3% CAGR over 2017-2022.
As indicated by the global automotive chrome accessories market report by Fact.MR, automotive chrome accessories will remain a preferred choice for plating among passenger vehicle manufacturers over the forecast period.
Although the growth of automotive chrome accessories sale is poised to not exceed the CAGR 2.5% over 2017-2024 in premium as well as med-sized passenger cars (PCs), it is anticipated that compact and luxury PCs will demonstrate relatively higher CAGR values of over 3% through 2024.
Product type assessment concludes that body side mouldings, door handle covers, and grille covers will remain the top selling automotive chrome accessories in the market towards 2024 end. Door handle cover sales are poised to witness relatively faster expansion at a CAGR of over 3.5% during 2017-2022.
The Fact.MR forecast further elaborates on the performance of automotive chrome accessories market in two key types of sales channels, viz. OEM and aftermarket. While aftermarket sales – predominantly driven by online retail – will reach the valuation in excess of US$ 5.5 Bn by 2024 end, OEMs are foreseen to witness a higher CAGR during the course of assessment.
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Endorsement of chrome plated vehicle embellishments by some of the luxury automakers such as Audi, BMW, and Bentley is expected to remain an impactful factor uplifting the automotive chrome accessories market.
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