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 Bn 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 Bn by the year 2032.
Automotive chrome accessories are known for improving the aesthetics of vehicles on the whole. This, in turn, does give an explicit shine and also offers resistance to tarnishing. The accessories do impart style as well as luxury to vehicles, that too, with affordability.
Key Takeaways from Market Study
- Europe holds close to 25% of the market share.
- Chrome trim products are expected to witness exponential sales in the forecast period.
- Customization of vehicles would be the future of the automotive chrome accessories market.
“Lower manufacturing costs coupled with rising production of vehicles to drive the automotive chrome accessories market” says a Fact.MR analyst.
Market Developments
The key participants are engaged in mergers, partnerships, acquisitions, new product launch, and joint ventures to sustain themselves amidst fierce competition.
- Faurecia partnered with HELLA KGaA Hueck & Co. in the year 2021 for expanding in key growth areas like automated driving, vehicle interior design, and electric mobility.
- The year 2021 saw Audax Private Equity announcing investment in Covercraft Industries LLC to expand the product portfolio.
