July 18, 2022 14:30 ET | Source: FACT.MR FACT.MR

United States, Rockville MD, July 18, 2022 (GLOBE NEWSWIRE) -- A market research and competitive intelligence provider called Fact.MR says that the global Automotive chrome accessories market would get valued at US$ 8.7 Billion in 2022 and clock a slender CAGR of 2.8% between 2022 and 2032. Fact.MR states that with customization of vehicles on the anvil, the global automotive chrome accessories market is projected to be worth US$ 11.5 Billion by the year 2032.

Automotive chrome accessories are known for improving the aesthetics of the vehicles on the whole. This, in turn, does give an explicit shine and also offer resistance to tarnishing. The accessories do impart style as well as luxury to vehicles, that too, with affordability.

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Consumers in developing economies, which are production and sales hubs, are opting for vehicle premiumization. Growing Asian and Latin American economies are fuelling constant demand for automotive chrome accessories.

Thus, this is estimated to drive market demand for external and internal automotive accessories, and support market growth by 1.2X over the forecast years.

Which Automotive Chrome Accessories Account for Highest Sales?

“Door Handles & Body Side Moulding Accessories Most Demanded”

Automotive chrome accessories are available under different product types, such as grille covers, mirror covers, door handles, body side molding, head lamps, tail light covers, etc.

Amongst them, door handles and body side moulding hold approximately 17.8% and 14.7% market share, respectively. The door handles and body side molding segments are projected to expand at CAGRs of 3.5% and 3.3% through 2032.

Higher growth of these segments is attributed to the regular replacement rate witnessed, coupled with higher costs of automotive chrome accessories. Additionally, these accessories are also replaced due to minor accidents of the vehicles. Thus, this is expected to fuel market growth over the coming years.

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Key Segments Covered in the Automotive Chrome Accessories Industry Survey

The key participants are engaged in mergers, partnerships, acquisitions, new product launch, and joint ventures to sustain themselves amidst fierce competition.

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Key players in Automotive Chrome Accessories Market

Key Takeaways from Automotive Chrome Accessories Market Study

About the Automotive Division at Fact.MR

Expert analysis, actionable insights, and strategic recommendations of the highly seasoned automobile team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the automotive industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.

Check out more studies related to Automotive Industry, conducted by Fact.MR:

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U.S. Hybrid Electric Vehicles Market- Sales of hybrid electric vehicles in the U.S. reached a market valuation of US$ 15.2 billion in 2021. Projections are that the U.S. hybrid electric vehicles market will expand rapidly at 13.8% CAGR to top US$ 55.5 billion by the end of 2032.

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