Growth Rate of Auto Parts Manufacturing Industry

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Maintain your beloved car and decorating it with the latest and the most attractive decorative accessories is something which is always on top of the wish-list and shopping list of every car lover. Car accessories and decors have diversified range according to the purpose and desire of the car owner. Some accessories are designed to improve vehicle’s physical appeal while some others are for better functionality and performance. Cars auto parts and accessories are categorized by their size, model, range with variations of their Interior and exterior. Trendier look, more comfort assurance and more advanced technologies are the main focus points before buying and changing any accessory or auto part. Land Cruiser to Mercedes parts in Dubai, everything is easily available to facilitate customers.

Statistical analysis and study show substantial and dramatic improvements in aftermarket auto parts and accessories industry. The people’s increasing level of affordability and production of cost and fuel-efficient cars are the top causes of high demand of aftermarket products. Youngsters and wealthy people are very used to innovate their cars to make them more trendy and stylish. Due to high demand, many fake and poor quality products are also available in the market to mislead people. These products are considerably cheap, but due to inconsistent quality they are not reliable for a longer use. New technology and rapid innovations and advancement in car accessories like GPRS, lighting dimensions, active window displays and engine boosters etc. are playing a great role in the increased demand, growth, and supply.

Car accessories market is categorized according to its internal and external accessories like; lights, torches, appearance, safety gadgets, instruments, performance tuner, mirrors and vision products, air conditioner sets etc. As per research, vision and lights related products are in the highest demand and accounted nearly 20 percent of the overall market share revenue in 2016.

Europe and North America are the highest revenue generating regions in this sector. This revenue not only shows spending power of the car owners but also highlights population growth rates in these regions. Asia Pacific region, Middle East and Africa are also showing potential growth and increased demand of automobile industry. In North America, revenue share is approximately 27.3 percent, which was the second highest after Europe in 2016.
As per research report of Zion Market research, the car accessories market share is likely to surpass 522.01 billion U.S. dollars by 2022. Five-year analysis shows expected growth rate of 6.4 percent per year from the Year 2018 to the Year 2022. As per the report, the current market share of automobile and aftermarket industry is nearly 361 billion U.S. dollars which is expected to reach 519 billion U.S. dollars by 2022.
So if you are searching for Ferrari or Range Rover parts in Dubai, you will be delighted to find them easily at affordable prices with all installation details and guidelines on the attached link.