LONDON--(BUSINESS WIRE)--The global automotive wheel accessories market is expected to grow at a CAGR of over 6% during the period 2018-2022, according to a new market research study by Technavio.
The report presents a comprehensive research of the global automotive wheel accessories market by application that includes passenger car and commercial vehicle. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: growing sales of automotive components through online channels
The increase in trend for online sales of automotive components and accessories will drive the market for automotive wheel accessories. The popularity of traditional modes of sales has been decreasing. Consumers educate themselves about products through social media, mobile technology, and online information provided by the aftermarket suppliers of products.
According to a senior analyst at Technavio for wheels and tires research, “Online sales channels have specifically supported the aftermarket for automotive components and accessories. Digitization is the key reason for the exponential growth of online sales channels. Increase in the use of social media, growing mobile technology, and rising internet penetration are acting as catalysts for the increasing sales of automotive components through online sales channels.”
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Market trend: increase in the demand for fuel-efficient cars
Several countries such as the US, European countries, Japan, and China have increased their standards for fuel economy. The key factors that contributed to the increase in standards of fuel economy are the threat of potential shortages of oil and climate change. Fuel economy standards are also intended to improve the energy efficiency of vehicles. Therefore, OEMs are concentrating on manufacturing fuel-efficient vehicles by reducing the size of the powertrain, reducing the weight of vehicles and thermal management. The decrease in weight of vehicles is an indispensable area explored by OEMs to reduce the weight of vehicles further and improve fuel efficiency.
Market challenge: high prices of wheel accessories
Wheel accessories are beneficial in assembling, installing, and protecting automotive wheels and thereby, form an integral part of automotive wheels of all vehicles. Wheel accessories are also important to provide an aesthetic appeal to vehicles. The aesthetic appeal of vehicles has become a key purchasing criterion.
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