India Exterior Car Accessories Market Research Report, 2028

India Exterior Car Accessories Market Research Report, 2028

Actual Market Research 28-02-2023 50 Pages Figures : 4 Tables : 16 Region : Asia-Pacific Country : India Category : Automotive & Transport Automotive Parts

The automotive industry in India is one of the main pillars of the economy with strong backward and forward linkages. Liberalization and conscious policy interventions over the past few years have created a vibrant, competitive market and brought several new players, resulting in capacity expansion in the automobile industry and the generation of huge employment. The automotive industry in India is one of the largest in the world, accounting for approximately 7.1% of the country's GDP and employing around 32 million people directly or indirectly. India is also the fourth-largest automobile market in the world, behind China, the United States, and Japan. In India, the car is one of the most regularly used modes of transportation. Today, the Indian automotive industry is a major exporter of cars, motorcycles, and auto parts to countries around the world. The industry is also investing in research and development to improve vehicle performance, safety, and sustainability. Car accessories are used for a variety of purposes, including improving a car's capability, maintaining its process, decorating it, making it look trendy, and improving its on-road performance. It depends on the preferences and exact requirements of the car owner. Exterior car accessories have been an integral part of the Indian automotive industry for several decades. These accessories not only enhance the look and feel of a car but also provide functional benefits such as protection, convenience, and safety. Increasing inclination towards vehicle customizations, favourable demographics, growing youth, growing sales of pickup trucks in developed markets, and government regulations are all increasing significantly, which led to the growth of the market. According to the research report, "India Exterior Car Accessories Market Research Report, 2028," published by Actual Market Research, the market was valued at more than USD 1 billion in 2022. In India, the market for car accessories is mainly driven by the increasing demand for cars. Nowadays, some new technologies are developing in a country, such as lighting technology, biometric access, and active window display, which will be responsible for higher growth opportunities in the near future. Furthermore, the future of car accessories will evolve in an unbelievable way as cars undergo extreme changes, which may change consumer behaviour as they have more spending power. Apart from these, other factors that influence the car accessory market, such as increasing industrialization together with urbanization, are anticipated to drive major growth over the coming years. People in India do adopt exterior car accessories to enhance the appearance and functionality of their vehicles. The adoption of exterior car accessories in India has been increasing steadily in recent years, driven by factors such as rising disposable incomes, increasing interest in customising cars, and the growing popularity of car culture. Some of the most popular exterior car accessories in India include alloy wheels, spoilers, body kits, side skirts, roof rails, and chrome trims. Among the accessory types, body kits are projected to lead the market by the end of the forecast period. Other accessories, such as alloy wheels, LED lights, roof racks, and window tint, are also projected to witness higher demands by 2028. In India, exterior car accessories are sold by two major distribution channels, including original equipment manufacturers (OEMs) and aftermarket retailers. OEMs are the companies that manufacture and supply original parts and accessories for vehicles. They typically offer exterior car accessories as optional add-ons for new cars. These accessories are designed to seamlessly integrate with the car's original design and are backed by a warranty. On the other hand, aftermarket retailers offer exterior car accessories as standalone products that can be installed on any car. These retailers offer a wide range of accessories from multiple manufacturers, and their products are often cheaper than OEM accessories. In India, the market for aftermarket exterior car accessories is growing rapidly, driven by factors such as rising disposable incomes, increasing car ownership, and a growing interest in customization among car owners. Many aftermarket retailers offer a range of accessories, from simple modifications like spoilers and decals to more complex upgrades like body kits and performance parts. However, OEMs still have a significant share of the market for exterior car accessories in India, particularly for high-end cars and luxury vehicles. The exterior car accessory market in India is subject to various government regulations that govern the safety, quality, and environmental impact of these products. For instance, the Bureau of Indian Standards (BIS) is responsible for setting standards for various products, including car accessories. All car accessories sold in India must comply with BIS standards to ensure safety and quality. Automotive Industry Standards (AIS) are a set of technical standards issued by the Ministry of Road Transport and Highways to ensure the safety and environmental impact of vehicles and their components, including car accessories. All car accessories must comply with AIS standards to be sold in India. The Central Motor Vehicles Rules (CMVR) is a set of rules that govern the design, construction, and operation of motor vehicles in India. The rules also apply to car accessories, which must be approved by the CMVR before they can be sold in India. Further, the Goods and Services Tax (GST) is a value-added tax that applies to all goods and services sold in India, including car accessories. The tax rate for car accessories varies depending on the type of product and its price. However, the Pollution Control Board (PCB) is responsible for regulating the environmental impact of automotive products, including car accessories. Car accessories that have a significant environmental impact, such as exhaust systems and air filters, must meet PCB regulations to be sold in India. In 2019, Minda Industries, a leading automotive component manufacturer, acquired the German company Delvis, which specialises in the design and production of exterior car accessories. This acquisition allowed Minda Industries to expand its product offerings and strengthen its position in the Indian automotive market. On the other hand, CarDekho, a popular online marketplace for buying and selling cars and automotive accessories, acquired the Mumbai-based startup PowerDrift in 2019. PowerDrift is a content platform focused on the automotive industry that produces videos and articles related to cars and bikes. This acquisition allowed CarDekho to expand its content offerings and attract more customers to its platform. Xenon Automotive, a company specialising in the production of car accessories, launched its first store in India in 2020. The store, located in New Delhi, offers a range of exterior and interior car accessories, including spoilers, body kits, alloy wheels, and seat covers. The launch of this store signalled Xenon Automotive's entry into the Indian market and its commitment to expanding its business in the country. On the other hand, Autoform, a company that specialises in the production of car seat covers and other car accessories, opened a new factory in Haryana in 2020. This expansion allowed Autoform to increase its production capacity and cater to the growing demand for car accessories in India. With the increasing popularity of electric vehicles (EVs) in India, there are several manufacturers in the country that offer exterior car accessories for EVs. Some of them are GoGreenBOV, 42 Motors, DigiStreet, EVCHARGE+, AutoFurnish, etc. Further, India has a rich history of vintage cars, and there are several manufacturers in the country that offer exterior car accessories for vintage cars. Some of them include Vintage Auto World, The Vintage Garage, Oldtimer, Vintage Car Parts India, and Hemant & Co. However, there are many manufacturers present in India that specialise in exterior car accessories for racing cars, which include Racetech India, Autopsyche, Auto Kartz, Xenos, and Ractive. Considered in this report • Geography: India • Historic year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028 Aspects covered in this report • India Exterior Car Accessories market with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Accessories Type: • Body Kits (Front and Rear Bumper Kits, Spoilers, Lip Kit, Front Grille, Tuning Hoods, etc) • Exhaust Muffler • Lights • Alloy Wheels • Chrome Accessories • Window Films • Graphic Stickers & Reflectors • Racks • Others (Crash Guards, Side Beading, Window Door Visors, License Plate Frames, Exterior Covers, Side Mirror Covers, etc) By Distribution Channel: • OEM • Aftermarket The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, and annual reports of companies, analyzing the government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the Exterior Car Accessories industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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