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Automotive Accessories Aftermarket Must Rethink Strategy to Combat Decreased Consumer Spending - Seasonal style trends and type of equipment influence sales of automotive accessories
Automotive Accessories Aftermarket Must Rethink Strategy to Combat Decreased Consumer Spending

 

PRZOOM - /newswire/ - Palo Alto, CA, United States, 2008/05/28 - Seasonal style trends and type of equipment influence sales of automotive accessories.

   
 
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A broad spectrum of retail-oriented, over-the-counter products such as neon lighting, light emitting diode (LED) accessories, bulbs, fog lamps, wheel covers, pedal pads, shifter knobs, accessory wipers, graphics, and license plate accessories comprise the automotive accessories aftermarket.

New analysis from Frost & Sullivan (automotive.frost.com), North American Selected Accessories Aftermarket, finds that despite a constant state of flux, this market generated more than $226.6 million in manufacturer-level revenues in 2007 and will likely reach $234.4 million by 2014.

If you are interested in a virtual brochure, which provides manufacturers, end users, and other industry participants with an overview of the North American selected automotive accessories aftermarket, then send an email to Sara Villarruel, Corporate Communications, at sara.villarruel[.]frost.com, with your full name, company name, title, telephone number, company email address, company website, city, state and country. Upon receipt of the above information, an overview will be sent to you by email.

"Accessories represent discretionary purchases and are very popular with owners of all types of vehicles," says Frost & Sullivan Senior Industry Analyst Stephen Spivey. "The long-term outlook is good for buyers and sellers of these products, despite the challenges presented by the current economic environment."

Automotive accessories are high stock keeping unit (SKU) count products. The SKU count can quickly escalate once the product manager has decided upon color options, performance, application fit, packaging, and brand, since the right mix is vital for a successful program.

Being low-cost, high-volume, point-of-purchase items, automotive accessories will likely experience stable growth at a compound annual growth rate of just 0.3 percent until 2014, due to flat unit sales and declining prices. Additionally, decreased consumer spending in a flagging U.S. economy restrains this modest growth forecast.

"Industries that supply large durable goods are typically the first to feel the effects of a weakening economy," observes Frost & Sullivan Research Analyst Kyu-min Oh. "A slowdown in new vehicle sales will also limit the growth potential of accessory products in the near term."

Decreased discretionary spending by customers that aim to cut costs coupled with the drop in accessory prices provides market stability. For instance, declining prices help end users obtain a low-cost means of improving vehicle value through enhanced aesthetics, occupant comfort and convenience, and driving safety.

Accessory manufacturers and retailers will aim their product development efforts at the passenger car segment. The market will require constant innovation to stave off price wars as well as ensure vehicle compatibility and adherence to a contemporary style.

"However, since the majority of accessory products have very low barriers to entry, a large number of competitors offer similar products," notes Spivey. "Those suppliers that can make their products different or better will be the most successful."

A market characterized by replication entails high innovation costs. Manufacturers cannot sidestep this process if they wish to survive in the long term. They must focus on offering differentiated and value-added services that reduce product costs while also building consumer loyalty.

Manufacturers in each product category will soon look to make investments in brand development through packaging and merchandising, bundled offerings, and consumer support that make each product the turnkey solution for the distributor or retailer.

Companies currently need more than just a trendy product to attract automotive retailers. Brand, packaging, point-of-purchase presentation, payment terms, and supporting line products are fast becoming standard offerings in the market.

North American Selected Accessories Aftermarket is part of the Automotive & Transportation Growth Partnership Service program, which also includes research in the following markets: North American light vehicle automotive and North American heavy duty trucks. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants. Interviews with the press are available.

Frost & Sullivan, the Growth Partnership Company, partners with clients to accelerate their growth. The company's TEAM Research, Growth Consulting and Growth Team Membership empower clients to create a growth-focused culture that generates, evaluates and implements effective growth strategies. Frost & Sullivan employs over 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from more than 30 offices on six continents.

North American Selected Accessories Aftermarket
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Automotive Accessories Aftermarket Must Rethink Strategy to Combat Decreased Consumer Spending

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