South Korea Exterior Car Accessories Market Research Report, 2028

South Korea Exterior Car Accessories Market Research Report, 2028

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

The market for exterior car accessories in South Korea is highly competitive, with many small and medium-sized businesses competing with larger manufacturers. This has led to a culture of innovation, with many companies investing heavily in research and development to create new and unique products. This has helped to establish the country as a leading global hub for the industry. South Korean manufacturers of exterior car accessories are known for their attention to detail and quality control, with many companies using advanced manufacturing processes and technology to ensure that their products meet the highest standards. South Korean manufacturers of exterior car accessories often work closely with automotive manufacturers to develop products that are specifically designed to fit particular models and brands of cars. This has helped to establish long-term partnerships between manufacturers and automotive companies. The popularity of Korean pop culture (K-Pop) and Korean dramas have helped to boost the demand for exterior car accessories among young people in many countries, especially in Asia. Many K-Pop stars and actors are known for their love of cars and customizations, which has helped to increase the visibility of the industry. Also, South Korean consumers are known for their love of customization, and many manufacturers offer a wide range of products that can be customized to meet the needs and preferences of individual consumers. Many consumers are willing to pay a premium for high-quality, customized products that allow them to personalize their vehicles. In recent years, there has been a growing trend towards sustainable and eco-friendly exterior car accessories, and many South Korean manufacturers are now focusing on developing products that use recycled materials or are biodegradable. According to the research report, “South Korea Exterior Car Accessories Market Research Report, 2028” published by Actual Market Research, the market is projected to add market size of USD 2.75 Billion market size from 2023 to 2028. The exterior car accessories industry in South Korea is a growing sector that provides a wide range of products to car owners who want to customize or enhance the appearance of their vehicles. The industry includes companies that manufacture and distribute various types of exterior car accessories, such as body kits, spoilers, carbon fiber parts, alloy wheels, and LED lighting. One of the main drivers of the exterior car accessories industry in South Korea is the country's strong car culture, where car enthusiasts take pride in their vehicles and often seek to differentiate themselves from others on the road. In addition, the popularity of motorsports and car tuning events has helped to fuel demand for these types of products. Another factor driving the industry is the high level of competition among automakers in South Korea. Many car owners are looking for ways to make their vehicles stand out from the crowd, and adding aftermarket accessories can be an affordable way to achieve this goal. To cater to this demand, many local companies in South Korea have established themselves as key players in the exterior car accessories industry. They offer a wide range of products, including both affordable and high-end options, and often work closely with automakers to develop products that are compatible with specific models. Based on the accessory type, body kit segment is leading the South Korea market in 2022. South Korea is one of the largest producers of carbon fiber products in the world, and many of these products are used in the production of exterior car accessories such as hoods, spoilers, and diffusers. Many South Korean manufacturers of exterior car accessories specialize in carbon fiber products, which are known for their lightweight and high strength-to-weight ratio. These products are particularly popular among car enthusiasts, who value their high performance and unique appearance. The demand for alloy wheels is particularly high in South Korea, and many manufacturers have developed unique designs and technologies to meet this demand. South Korea is a one of the major exporters of exterior car accessories, with many companies exporting their products to markets around the world. Some of the major export markets for South Korean exterior car accessories include the United States, Japan, and China. However, the exterior car accessories industry in South Korea is constantly evolving, with new trends and technologies emerging all the time. Some of the latest trends in the industry include the use of augmented reality (AR) and virtual reality (VR) technology to allow customers to visualize and customize their cars before making a purchase. The South Korean government has implemented a number of policies and initiatives to promote the growth of the exterior car accessories industry, including tax incentives for research and development, subsidies for small and medium-sized businesses, and support for international marketing and promotion. This has helped to establish the country as a leading global hub for the industry. The automotive industry is an important sector of the South Korean economy. South Korea is home to several major automakers, including Hyundai Motor Company, Kia Motors, and GM Korea. These companies produce a range of vehicles, from small cars to luxury models. One of the key factors driving the success of the South Korean automotive industry is its strong focus on research and development. The South Korean government has invested heavily in developing new technologies, such as electric and hybrid vehicles, and has provided incentives for companies to invest in these areas. In addition, the South Korean automotive industry benefits from a highly skilled and educated workforce, as well as a strong network of suppliers and support services. There are many manufacturers of exterior car accessories in South Korea, offering a wide range of products for both domestic and international markets. For instance, K-Tech is a leading manufacturer of automotive aftermarket parts and accessories, including body kits, spoilers, and carbon fiber parts. The company uses advanced manufacturing techniques to produce high-quality products that are popular among car enthusiasts in South Korea and around the world. On the other hand, D.A.D. is a major producer of alloy wheels in South Korea, offering a range of designs and sizes to fit various types of vehicles. The company uses advanced materials and manufacturing techniques to produce lightweight, durable wheels that are both functional and stylish. Some of the other manufacturers include S&A Korea Co., Ltd, CFC Korea and Autodream Co., Ltd etc. Based on the report, the South Korea market is segmented into two major distribution channels including OEM and aftermarket. Among them, aftermarket segment is growing with higher revenue generation in 2022. There are many specialty stores that focus specifically on selling exterior car accessories in South Korea. These stores often have a wide selection of products and are staffed by knowledgeable experts who can help customers select the best products for their needs. Some automotive dealerships in South Korea also sell exterior car accessories as add-ons to new vehicles or as aftermarket products for existing vehicles. This is particularly common for high-end vehicles or for vehicles that are popular among car enthusiasts. Many South Korean manufacturers of exterior car accessories showcase their products at auto shows and exhibitions, such as the Seoul Motor Show and the Busan International Motor Show. These events are popular among car enthusiasts and provide an opportunity for manufacturers to showcase their latest products and technologies. In addition to that, some manufacturers of exterior car accessories in South Korea also offer direct sales to customers, either through their own websites or through sales representatives who visit customers directly. This is often done for customized or high-end products that require a more personal approach. However, e-commerce segment is growing with higher CAGR by 2023-28. Many South Korean manufacturers of exterior car accessories sell their products through online retailers such as Gmarket, 11st, and Coupang. Owing to the convenience, wide selection of products, price differences, detailed product information, including specifications, features, and customer reviews and customization, the market is expected to grow by 2028. Considered in this report • Geography: South Korea • Historic year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028 Aspects covered in this report • South Korea 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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