Techno World Exterior-Car-Accessories-Market | Page 2

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.
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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
Organization Internationale des Constructeurs d'Automobiles (OICA), in 2017, around 11 million
units of passenger cars were sold, among which in the U.S. around 6 million units of passenger
cars were sold. Hence, increasing adoption of passenger cars in this country is propelling
demand for regional exterior car accessories market.
The market for Asia Pacific is expected to witness highest CAGR over the forecast period from
2018 to 2026. The market for exterior car accessories in Asia Pacific is expected to be valued
around US$ 55.30 billion by 2026. Increasing demand for passenger car in Asia Pacific region is
expected to provide growth opportunities to numerous local and international Exterior Car
Accessories vendors in the automotive sector. China accounted for largest share in passenger