Automotive Decorative Exterior Trim Market Size

Automotive Decorative Exterior Trim Market Size

Automotive Decorative Exterior Trim Market size was worth over USD 20 billion in 2016 and its demand is predicted to cross 500 kilo tons by 2024.

Rising automobile production coupled with shifting consumer preference toward enhancing the aesthetics of vehicles will primarily drive the automotive decorative exterior trim market size over the forecast timeframe. Increasing demand for high-end luxury vehicles such as Ferrari, BMW, and Mercedes in several countries is stimulating the industry growth. Surging SUV sales owing to affluence level, rugged terrain, and large family sizes will influence the industry size positively.

Technological advancement in material and manufacturing process allow vehicle accessories manufacturers to develop high-quality products in wide variants. Efficient manufacturing process allows good fit & finish of the product for external parts of the vehicle with reduced operational cost. Industry participants are investing in R&D to develop diverse budget products to cater distinct customers globally. Rising research activities will enhance the automotive decorative exterior trim market share from 2017 to 2024.
 

Increasing internet penetration, consumer awareness, and availability of the technical information online are boosting “Do-It-Yourself” customers in major countries, driving the product demand. Surging disposable income, vehicle sales, and customization of the vehicle to enhance its aesthetic appearance is propelling automotive decorative exterior trim market size.
 

Developing economies possess high growth opportunities owing to the low level of external modification rate in the vehicles. This will encourage industry players to focus on these regions to increase their revenue generations. Investments by automobile OEMs such as Mazda, Nissan, Honda, Volkswagen, and Toyota have increased business opportunities in respective countries. The product price varies as per the material and labour charge. These factors increase the complexities and costs associated with product maintenance, replacement and may restrain its adoption during the forecast period.