In India, car accessories is a new concept which has gained popularity in recent times with growing usage of high end cars. The market can be divided into interior and exterior car accessories. In the Indian market, interior car accessories are more popular. The growing youth is providing a fillip to the market due to their perceptions and preferences. Although small cars are preferred by Indian consumers, the trend of using high-tech accessories in cars is growing rapidly. I’m going to analyse the demand and supply of car accessories market in trichy. The report begins with introduction, the car accessories market, demand for car accessories, factors affecting demand for car accessories, supply of car accessories, market and equilibrium price for car accessories, and conclusion.
Car accessories are nothing but it enhances the beauty of the car and it makes a car decorative & stylish and car beauty care. The car accessories can be divided into two types Interior and Exterior. The accessories can really change an average car into style and car in both interior and exterior. There are large numbers of car accessories that make a look of a car more attractive. A car is incomplete without accessories. Effective and efficient use of car accessories makes an old looking car into a new looking car.
The reason I chose this market for doing an analysis of demand and supply is, in early 2000s the bike market started to boom, now the trend has changed to the cars. The school students are taken by their parents by the car and they use car as their transportation mode to their colleges. And majority of the college students are interested in keeping their car beautiful and stylish like them. Actually they demand other people to admire at their car. So they are buying accessories and products that keep their car beautiful. I found it as an interesting one as a car lover. Therefore I’m going to analyse it. THE CAR ACCESSORIES MARKET
In India, earlier Car accessories market was not a wealthier market, because in the early 2000s the people who are all owing cars were at the age of above 35 so they never use to concentrate on car decorations. And another reason is there was no awareness too. After 2005, there was a boom in the car market with new variety of car companies. The young people are offering to boost to the market because of their awareness and likings. The people’s perception was also changed to use car as their status or prestige symbol. So they started to decorate their car with the accessories like cassette audio system, extra fog lamps and horns their car. Like that they slowly started use the luxury accessories also like DTS audio system, LCDs, imported pipe horns, leather seats etc. So there was also a boom in the car accessories market also. Approximately maximum of 500 cars per year are sold totally in trichy, now if anyone buys a new car they takes it to their home and to their favourite temples and then they come to the accessories shops only. A new car that was delivered by the company is an incomplete one and therefore the car accessories shop makes it as a complete one.
DEMAND FOR CAR ACCESSORIES:
The main participants of the car accessories market are the car owners. They are •
People who buy new cars.
People who buys cars for taxi business.
When a person buys a new car or a used car they want to add some features and they want to change it to their taste. There the demand starts especially from the youth people. The youth people who are all using cars want to show their cars unique and different from other cars in the road. So they make styles by colour stickers, neon and LED lights. Like that the trend change is the main factor creating demand in car accessories market. And the people who are all buying cars for the taxi business...
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