2016, indicating increased standard of living, which has significantly impacted affordability and
expenditure on luxury vehicles. Hence, this factor is propelling the demand for exterior car
accessories market.
LED lighting segment accounted for largest market share in 2017
Among product type, LED lights segment is expected to account for the largest market share by
2026 and it is expected to be valued at US$ 89.80 billion by 2026. Furthermore, technological
advancement in lighting industry coupled with rampant product invention is fueling market
growth, owing to rapid advancements in semiconductor industry and evolution of light bulbs
from incandescent bulbs to LEDs, leading to introduction of smart and intelligent lighting
systems.
Furthermore, increasing adoption of green technologies is driving growth of the LED lights
segment. LED lighting systems consume around 50% less energy to generate an equivalent light
intensity emitted by Compact Fluorescent Lamps (CFL) and Cold Cathode Fluorescent Lamps
(CCFL). According to Coherent Market Insights analysis, this reduced energy consumption
directly converts into a reduction of over 700 million tons of carbon dioxide emissions annually,
owing to which LEDs are estimated to completely replace CFLs and CCFLs in the near future.
Passenger cars segment is expected to hold largest market share by 2026
Among vehicle types, passenger cars segment accounted for the largest share in the global
exterior car accessories market in 2016. For instance, according to The Organisation
Internationale des Constructeurs d'Automobiles (OICA), in 2016, total number vehicle
manufactured globally was 94 million units, among them 72 million units were passenger cars
produced in 2016, which is almost 75% of the global vehicle production. Therefore, increasing
vehicle production is leading to high demand for exterior car accessories market worldwide. The
passenger car segment is expected to be valued around US$ 210.26 billion by 2026.
North America exterior car accessories market is expected to grow at highest CAGR over the
forecast period
The market for North America is expected to show significant growth rate over the forecast
period (2018 -2026). The market for North America is expected to be valued at around US$ 64.06
billion by 2026, witnessing a CAGR of 7.4% throughout the forecast period (2018 – 2026). The
key factor propelling regional market growth is increasing passenger car sales. The U.S.
accounted for largest share in North America passenger car sales in 2017. According to