In India, the car is one of the regularly used modes of transportation. Car accessories are used for various purposes such as improving car’s ability, process maintaining, decorating, trendy looking and better performance on the road. It depends on preferences and exact requirements of a car owner.
According to study, “Car Accessories Market in India 2011” some of the major companies that are currently working in the car accessories market in India are Bosch, Kicker, Audison, Godrej, Marvin, Nertz, Dyna Quest, Alpine, Convex, JBL, Koyas, Minda, Pricol, Geers, Aviston, Active Total Security Systems, Ovion, Pioneer, Ryder, Kenwood, Ambipur, Hella, JVC, Neokraft, Polkaudio, IJS Electronics, Kumarsons, Pagaria, Hilux Autoelectric, Rainbow, Latex Auto Industries, Panasonic, Worldtech, Saddle, Stanley, Maruti Udyog Ltd., Zicom Electronic, Hyundai Motor, Salvo, UVSS, Sony, Sixth Sense Automart, Sound Barrier, Mantra Softech, Xenos, Blaupunkt. These key players offer product innovation, technological advancement and maintaining quality standards. In near future, these vendors are set to increase the enlargement of the car accessories market.
On the basis of product type, the car accessories market is segmented into vision products, interior lights, torches, driving lights, light module tuning, warning lights, interior accessories, gas & oil additives, performance or stylish & luminaire tuning, lifestyle gadget, working lights, E-sets, solar powered, instruments & gauges, appearance chemicals, retrofit air conditioner sets and safety products etc. Interior car accessories are more popular in the country: it includes L.C.D. screens, sub-woofer, C.D. changers, equalizers, D.V.D. players, amplifiers, home theater systems, stereo, M.P.3 player, audio players (C.D. players & cassette players) and speakers etc. In addition, exterior accessories are a sunroof, rear spoiler, body kit, sidestep, wheel cover, manufacturer decal, front bumper, bar, side view mirror, wheel cover, designed license plate, front bumper, and rear bumper etc.
Nowadays, many types of seat covers of different colors and designs are a major trend in the market that protect seats & give stylish look. Moreover, some different security systems are also used by people such as G. S. M. securities, side curtains, gear locks, seat belt cover, power windows, central locking, and reverse parking sensors etc. Additionally, some other advanced car accessories are floor mats or formats, comfort kits, and car films.
On the basis of the distribution channel, the market is segmented into the organized channel and unorganized channel. Organized channels sell good quality branded products with a warranty either in India or through imports. In addition, unorganized channels sell products at a low price without any guarantee through imports or small-scale domestic manufacturers.
The market for car accessories is mainly driven by increasing demand for cars. Increasing inclination toward vehicle customizations, favorable demographics, growing youth, growing sales of pickup trucks in developed markets and government regulations are increasing significantly which led to the growth of the market. Some of the major restraints include strict regulations, cost factor and the competition from unorganized players with a higher cost of accessories.
Nowadays some of the new technologies are developing in a country such as lighting technology, biometric access, and active window display, which will be responsible for higher growth opportunities in near future. Moreover, the future of car accessories would evolve in an unbelievable way as cars would have extreme changes this may also change the consumer behavior as they would have a higher spending power. Apart from these, other factors which influence would influence car accessories market such as increasing industrialization together with urbanization anticipated to drive the major growth over the coming years.
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Ankur Gupta, Head Marketing & Communications