How the auto accessories market in India has developed over the last 5 years?
The Indian auto accessories market has revolutionised in the last 5 years. With the arrival of online players and technology driven auto accessories, customers have now a versatile range of accessories to choose from. Many new players have bridged the gap between the offline and the online accessories market, and come up with uniform selling methods so that customers get the same quality of products on both the platforms. Undoubtedly, India’s car market is growing at an amazing pace. In the last 5 years, many popular car brands have unleashed multiple brand new futuristic models that have given an instant adrenaline rush to budget car customers to beautify their cars with premium auto accessories from the aftermarket. According to recent auto industry reports, Indian car accessories market has over $2B market in the country. With the entry of some of the big names in the auto accessories manufacturers list such as Bosch, Pioneer, Kenwood, Alpine, JBL and many more, the auto accessories market is now rapidly increasing and developing like never before. All these key players are now offering innovative range of products with high quality materials to enhance the overall growth of auto accessories market.
However, the auto accessories market in India has gone through a lot over the last 5 years. Before 5 years, the aftermarket was entirely fragmented and there was no uniformity. There were no key players in the market to promote and spread auto accessories business all across the country. It was running in a very monotonous and traditional manner i.e. from a few unknown offline retailers. With lack of products and variety, customers also used to rely largely on car dealers or some of the retailers in the auto accessories aftermarket.
But winds of change began to blow in 2014 with the arrival of brand new online auto accessories players such as Auto Furnish. They literally transformed the entire process of getting car and bike accessories in such a comfortable and hassle-free manner. These players started trying to build an online market and a brick and mortar chain. They started working in a synchronised manner in order to bring stability and a wider access to the best chain of accessories online as well as offline. From setting up an online store to spreading their brand and a range of accessories to popular offline retailers, these players have brought uniformity and easy availability of every segment car accessories for customers.
Knowing the fact that OEMs never want them to outshine or excel, it’s really hard to compete with them and to bring attractive prices, high quality accessories and better dynamics. However, in the last couple of years, auto accessories aftermarket in India has transformed the dynamics to manifolds. Despite getting competition from OEMs, the new players in the aftermarket have brought amazing margins, quality of accessories and easy access through seamless online shopping. One can also find out a versatile range of imported, high quality and versatile range of car body covers, seat covers, car care and styling accessories that are hard to get at OEM brands. There is also a great deal of innovation in lighting and security accessories. Those who can’t afford to have imported cars can easily install their features in their budget cars. Thanks to auto accessories aftermarket. One can now find out Audi or BMW style Day Time Running Lights for all budget range cars, premium 7D curly mats for all budget cars, LED tail lights for all car segments. That was not possible before 5 years. OEMs or car brands used to offer only limited accessories, but modern auto accessories online players have transformed the entire concept and have made imported car accessories accessible and possible for budget car owners.
Another major factor that influenced and played a great role in the growth of auto accessories market in India is the arrival of pre-owned car market. Most of the pre-owned car users rely on the aftermarket to give their second hand car a brand new look. In case of old models, OEMs don’t offer their accessories and customers have no other option than to visit the aftermarket. Also, the car accessories aftermarket knows better about the changing tastes, trends and requirements of customers as they deal directly with them. And with changing times and innovative concepts and features coming in brand new cars, every car owner aspires to equip his car with best accessories and features. And car accessories aftermarket is fulfilling all their wishes without asking them to change their cars. Thus, auto accessories market in India has taken a giant leap in the last 5 years and is going to witness more success in coming years.
Article By
Mr. Puneet Arora, CEO of AutoFurnish
