North American Automotive Aftermarket for Selected Accessories

As the price of a new vehicle continues to rise, consumers are increasingly choosing to purchase pre-owned automobiles. However, what the dealer may view as a used vehicle, it is new to the driver. With individuals buying more products to maintain that "new car look" and ensure the security of their investments, automotive accessories will experience steady growth throughout the forecast period.

This Frost & Sullivan research provides a comprehensive view of the North American automotive aftermarket for selected accessories. By identifying key drivers, restraints, and industry trends, this study supplies companies with the necessary information to maximize their bottom line in this growing field.

Increased Theft of Pre-owned Vehicles Drives Security Devices Segment

"Security devices represent the major segment of the North American car accessory aftermarket in terms of revenues. Since the number of vehicles in use and car prices are still increasing, automobile owners are willing to spend more money to protect their investments," says the author of this research. Drivers are commonly under the impression that older models are at less risk of being stolen than newer ones. Unfortunately, unprotected, pre-owned vehicles are preferred targets as the resale value of the parts can be worth several times that of the entire vehicle. In order to capitalize on this aftermarket reality and expand their consumer base, security device suppliers and insurance companies must educate owners of the potential risks of automobile thefts.

Original Equipment (OE) Manufacturer's Use of Accessories Increases Aftermarket Sales

"Every dollar that OE participants put into the accessory market helps promote the profile of that particular part. This, in turn, drives the more price competitive aftermarket," states the author.

By incorporating more advanced components into new vehicle designs, automotive manufacturers are inadvertently advertising aftermarket equipment. According to the author, when OE manufacturers enter the market for a particular product, accessories receive greater consumer visibility and product awareness is improved, thereby stimulating aftermarket sales. This Frost & Sullivan analysis provides up-to-date market intelligence, enabling users to take advantage of key opportunities in this burgeoning field.