The Accessories Industry: The Global Car Accessories Market

Economics
• Total size of the market: The global car accessories market is projected to reach 522.01 Billion by the year 2022. It is a very large and valuable market. The North American region is the largest and has the highest comsumer base.
• Percent share: Since we are a single product business, we will not possess a large share of the market at all. If we do have a percentage share in the market it would be extremely low.
• Current demand in target market: There is a high demand in the car accessories market for new ways individuals can enhance their vehicles for comfort, performance, looks, and more. With our unique and new product and the high demand in the market we can meet this demand.
• Trends in target market: The industry is projected to continue growing over the next few years. It is becoming more of a trend for people to want to accessorize their cars.
• Growth potential and opportunity: With the entire inductry being projected to grow over the next few years and reach a 522.01 billion dollar value globally, the after market accessories market in the United States is growing

We will do this by reviewing our cost analysis and deetermining exactly how much it will cost to make one unit of our product. We will then look at the prices of our competitiors good and come up with the price of our product. We want to be charging enough to be making a profit on every unit sold, but also do not want to be too highly priced above the competiton or comsumers will not buy our product. Since our product is quite unique the price can be a little higher than the closest competiton, but not too much higher because ifthe price is too high people will just buy the competitiors product, such as yeti thermoses, and just pour their drinking into them instead of using our convenient insulated cupholder. Price is very important to the companys success.