Car Accessories Market

Market Synopsis:

The Global Car Accessories Market was valued at USD 416.4 Billion in the year 2021 and is expected to reach a value of USD 604.1 Billion by the year 2028. The Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 6.30% over the forecast period.

Car Accessories are devices that a consumer can install in his car to increase comfort, safety, convenience, and security. Most individuals are interested in automobile accessories since they are constantly updated and have novel automotive attachment functionality. Advanced automotive accessories enhance the vehicles appearance and comfort. Interior electronics such as MP3 players, LCDs, microphones, and sound systems provide entertainment during long travels. Seat covers are the most typical automotive accessories. This enhances the vehicles attire, available in various patterns and colors. The automobile accessories industry has grown steadily as the global car market has expanded significantly. Consumers' increasing demand for comfortable travel is projected to push the automotive accessories market. Increasing consumer preference for an entertaining, luxurious driving experience, a rise in trends toward moving car accessories, and an increase in vehicle personalization among the young population are key factors expected to drive the global Car Accessories market. The expansion of the automobile sector closely corresponds to the growth of the car accessory market. As a result, global demand for personal vehicles is projected to enhance the automotive accessories industry. Furthermore, due to rising competition among vehicle manufacturers, automakers are likely to provide a variety of Car Accessories to attract a more significant number of customers and obtain a competitive advantage over their competitors. As a result, the automobile accessories market is expected to grow during the forecast period.

Market Segmentation:

The Car Accessories market is segmented on the basis of vehicle type, type, product type sales channel, and application. On the basis of vehicle type, the market is segmented into Passenger Vehicles and Commercial Vehicles. On the basis of type, the market is segmented into Interior Car Accessories and Exterior Car Accessories. On the basis of product type, the market is segmented into Batteries, Car Mats, Carriers, Dash Kits, Electronic Accessories, Fenders, Frames & Fittings, Guard Rails, Infotainments, Lighting, Rims, and Others. On the basis of sales channel, the market is segmented into OEM and Aftermarket. On the basis of distribution channel, the market is segmented into OES (Original Equipment Supplier), e-retailer, single retailer, multi-brand retailer, and others.

Based on vehicle type:

On the basis of vehicle type, the market is segmented into Passenger Vehicles and Commercial Vehicles. The passenger cars segment is expected to dominate the global Car Accessories market in terms of value over the forecast period. Car owners are more concerned with external and interior accessories since they provide a stylish appearance from the outside and a pleasant and convenient feeling from the inside. In addition, passenger car attachments enable automobile owners to equip their vehicles with modern features. Stringent government rules to replace or upgrade the accessories, a rise in the trend of vehicle customization coupled with an increase in disposable money, and a strong focus on driver well-being are the major influencing elements in the growth of passenger car accessories.

Based on type:

On the basis of type, the market is segmented into Interior Car Accessories and Exterior Car Accessories. The Exterior Car Accessories segment is expected to dominate over the forecast period. This dominance can be ascribed to consumers' growing preference for improved car exterior looks and rising demand for external safety accessories. Furthermore, the rising demand for body covers to safeguard vehicles from extreme weather conditions propels segment expansion. Moreover, lighting technology, biometric access, and active window display are new technologies now being developed in a country and will be responsible for increased growth potential soon.

Asia Pacific is expected to grow at the highest CAGR during the forecast period

The Asia Pacific is expected to grow at the highest rate over the forecast period because of an increase in passenger car manufacturing and sales in China, South Korea, and India China is a significant producer of aftermarket products such as automotive accessories accessible at lower prices. Furthermore, some Asian Pacific countries have a well-established supply chain network catering to the automotive aftermarket. All of the factors mentioned earlier boost the Asia Pacific Car Accessories market. The transition from simple audio systems to touchscreen infotainment systems with many functions like navigation, Apple CarPlay, Android Auto, Telematics, and so on is fueling demand for infotainment systems in nations like India and China. In addition, transportation is a substantial expense for governments and administrations in growing and undeveloped areas. This will result in increased automobile sales. This necessitates the improvement of interiors to meet the expectations of emerging metropolitan clients in this region.

Competitive Landscape:

The key players in the Global Car Accessories Market include- AG Roush Performance and others.

Segmentation of the Global Car Accessories Market: