Mexico Exterior Car Accessories Market Research Report, 2028

Mexico Exterior Car Accessories Market Research Report, 2028

Actual Market Research 28-02-2023 50 Pages Figures : 4 Tables : 16 Region : North America Country : Mexico Category : Automotive & Transport Automotive Parts

The automotive industry is an important sector of the Mexican economy. Mexico is currently the 7th largest producer of vehicles in the world. Mexico is a significant market for passenger vehicles, light vehicles, trucks, buses, auto parts, and supplies manufactured in the United States. The automotive industry is one of Mexico's most important, accounting for 3.5 percent of the country's GDP, 20 percent of manufacturing GDP, and employing over one million people nationwide. The industry has experienced significant growth over the past few decades. In the early 1990s, Mexico signed the North American Free Trade Agreement (NAFTA), which helped to spur the growth of the automotive industry by opening up trade between Mexico, the United States, and Canada. Many multinational automakers, such as General Motors, Ford, and Volkswagen, established manufacturing facilities in Mexico to take advantage of lower labour costs and proximity to the US market. Today, Mexico is home to more than 20 automotive assembly plants operated by major automakers from around the world. In addition to passenger vehicles, the industry also produces commercial vehicles, buses, and trucks. Mexico also has a well-developed supply chain for automotive components, with many parts and components being manufactured locally. Exterior car accessories are a popular way for car owners to customize and personalize their vehicles, giving them a unique look and enhancing their performance. In Mexico, car owners choose to install exterior car accessories for a variety of reasons, such as improving the appearance of their vehicle, enhancing its performance, or expressing their individual style. According to the research report, “Mexico Exterior Car Accessories Market Research Report, 2028” published by Actual Market Research, the market is forecasted to reach market size over USD 4 Billion. The Mexican automotive industry is divided into two parts: passenger vehicles and heavy vehicles used in construction and agriculture. Mexico, with its well-established and integrated automotive sector, is the best prospect sector for auto parts and supplies. Audi, Baic Group, FCA Group, Ford, General Motors, Honda, Kia, Mazda, Nissan, Toyota, and Volkswagen are among the country's well-known automakers. The Mexican government has backed the automotive industry by providing tax breaks and subsidies to encourage investment and job creation. The industry also contributes significantly to Mexico's exports, with more than 80% of vehicles produced in Mexico exported to markets all over the world. In addition to that, the market in Mexico for EV and hybrid vehicles continues to develop. The Mexican government has begun to provide incentives to Mexican consumers, such as tax exemptions and emission control verifications. Heavy traffic and long driving distances, combined with a scarcity of charging stations, create opportunities for new players. Electric motors, motor drives, battery power converters, on-board chargers, auxiliary batteries, charger ports, traction battery banks, and power electronic controllers are among the market opportunities. Government regulations restrict vehicle modifications. Some of these limitations include neon headlights, tailgate LED light bars, emergency and warning lighting, under body lights, loud sound systems, dark-tinted glass, loud exhaust systems, and metal tyres. Vehicles with consumer-made drivetrain modifications will lose their original warranty. As a result, modifications are typically performed only on older vehicles. Chrome, fibre glass, hydraulics, suspension, doors, body car, vinyl wrapping, rims, candy painting finishing, and the application of ceramic and film protectants are among the most common. Vehicle customization trends follow the European style, with lowered wheels and shaved features to improve body styling. A consumer's ability to customise a vehicle can take years due to exchange rates and income levels. Some of the most popular brands for customization are VW, Nissan, Chevrolet, and antique cars. Specialists look for sliding sunroof systems, convertible power tops and related motors, dashboard kits and custom mounted instruments, interior trim, custom shift knobs, LED lighting, and window security film with UV protection and heat reduction. According to the report, the market is segmented into various accessories including body kits (front and rear bumper kits, spoilers, lip kits, front grilles, tuning hoods, etc.), exhaust mufflers, lights, alloy wheels, chrome accessories, window films, graphic stickers and reflectors, racks, and others (crash guards, side beading, window door visors, licence plate frames, exterior covers, side mirror covers, etc.). Among them, body kits are projected to lead the market by the end of the forecast period. There are over 30 automotive OEMs in Mexico and over 1,100 Tier 1, and a few thousand Tier 2, and Tier 3 car parts manufacturers and suppliers clustered throughout twenty-four states to support the automotive sector in Mexico. Mexico’s 12 free trade agreements with 46 countries and its strategic location in North America gives it unparalleled advantages in proximity and cost savings for car parts manufacturers, automotive aftermarket companies, and OEM assembly plants. In Mexico, the automotive industry is a key driver of economic growth and is expected to continue to play an important role in the country's development in the years to come. Top Locations for automotive parts manufacturing in Mexico include Saltillo (Coahuila), Puebla, Guanajuato, San Luis Potosi and Aguascalientes etc. In addition to standard exterior car accessories such as spoilers, body kits, and wheels, there are also many Mexican car enthusiasts who are interested in specialty accessories that are designed specifically for racing or vintage cars. As a result, there are several companies in Mexico that manufacture and sell a wide range of exterior car accessories to meet the diverse needs of car enthusiasts. Further, there are many manufactures present in Mexico who manufacture and sell exterior car accessories for racing cars. One example is Dyno Racing, a Mexican company that specializes in the design and production of high-performance racing parts and accessories. Dyno Racing offers a range of exterior accessories for racing cars, including aerodynamic body kits, spoilers, and custom wheels that are designed to enhance the performance and handling of these vehicles. Another company that offers exterior car accessories for racing cars in Mexico is GTR Auto, a Mexican-based supplier of racing parts and accessories. GTR Auto offers a range of products and services for racing car enthusiasts, including body kits, spoilers, racing seats, and performance exhaust systems. Other companies that manufacture and sell exterior car accessories for racing cars in Mexico include Racing Power, Yonaka Motorsports, and Mexico Racing League. These companies offer a range of products and services for racing car enthusiasts, including high-performance parts, custom installations, and professional tuning services. In Mexico, there is a growing community of vintage car enthusiasts who are interested in restoring and customizing their classic vehicles with exterior car accessories. Some popular exterior car accessories for vintage cars in Mexico include custom grilles, vintage-style wheels, and period-correct body kits. There are several companies in Mexico that manufacture and sell exterior car accessories for vintage cars. For instance, Vintage Parts Mexico, a Mexican company that specializes in the design and production of vintage car parts and accessories. Vintage Parts Mexico offers a range of exterior accessories for vintage cars, including custom grilles, vintage-style wheels, and period-correct body kits that are designed to enhance the appearance and authenticity of classic vehicles. Another company that offers exterior car accessories for vintage cars in Mexico is Motor Sport Innovations, a Mexican-based supplier of high-quality car parts and accessories. Motor Sport Innovations offers a range of products and services for vintage car enthusiasts, including vintage-style wheels, custom grilles, and other exterior accessories that are designed to enhance the appearance and performance of classic vehicles. In addition to that, Fábrica de Piezas para Autos Antiguos, Espectacular Auto Antiguo, and Hiram Rodriguez some other companies that offer a range of products and services for vintage car enthusiasts, including custom installations, restoration services, and period-correct accessories. With the growth of the Mexican automotive industry came an increase in the popularity of customizing cars with aftermarket accessories. This trend has continued to grow in recent years, with more and more car enthusiasts looking to personalize and enhance the appearance and performance of their vehicles. Shift towards performance-oriented accessories: In recent years, there has been a shift towards more performance-oriented accessories, such as high-performance exhaust systems, suspension upgrades, and racing wheels. This reflects the growing interest in motorsports and high-performance driving in Mexico. As demand for exterior car accessories has grown, so too has the number of distribution channels. In addition to traditional brick-and-mortar stores, there are now many online retailers and marketplaces catering to the Mexican market. Based on the distribution channels, aftermarket segment is leading the market in 2022. Considered in this report • Geography: Mexico • Historic year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028 Aspects covered in this report • Mexico 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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