Passenger Car Accessories Market

Market Study on Passenger Car Accessories: Aftermarket to Account for Close to 60% Share of Overall Sales

Passenger Car Accessories Market Segmented By Interior Parts, Exterior Parts Type in Compact PCs, SUVs, Mid-size PCs, Luxury Vehicle Type

  • July-2022
  • PMRREP11416
  • 240 Pages
  • Automotive
  • PPT, PDF, WORD, EXCEL

Passenger Car Accessories Market Outlook (2022-2032)

The global passenger car accessories market is currently valued at US$ 487.7 Bn and is projected to expand steadily at a CAGR of 5.5% to reach US$ 829.2 Bn by 2032.

Europe is anticipated to hold 39.2% share of the global market due to technological advancements in products and high demand for music accessories and LCDs.

Passenger Car Accessories Market Size (2021A)

US$ 466 Bn

Estimated Market Size (2022E)

US$ 487.7 Bn

Projected Market Value (2032F)

US$ 829.2 Bn

Value CAGR (2022-2032)

5.5%

Collective Share: Top 3 Countries (2022E)

31.2%

Find Out More about the Report Coverage

Companies

  • Grupo Antolin
  • Robert Bosch GmbH
  • Classic Soft Trim
  • Covercraft Industries LLC
  • Lloyd Mats
  • Pecca Group Berhad
  • Lippert
  • Continental AG
  • Classic Soft Trim
  • Lear Corporation
  • Denso Corporation
  • Robert Bosch GmbH
  • Alpine Company
  • Kenwood Corporation

Demand Analysis of Passenger Car Accessories (2017-2021) Vs. Market Forecasts (2022-2032)

From 2017 to 2021, the global passenger car accessories market expanded at a CAGR of around 1%. Key players in the market are acquiring and working with regional and local competitors. Due to increased market investments in the technical improvement of vehicles for their safety features, demand for accessories is increasing rapidly.

The primary factors anticipated to enhance the global market for passenger car accessories are the rising trend of vehicle customization, particularly among young people, and increasing vehicle sales in developing nations.

Passenger car accessories are becoming more widely used across the world as a result of technological and innovative advancements. The market for passenger automobile accessories is expected to increase as a result of developments such as digital technology that makes it simple to operate electric accessories.

Persistence Market Research projects worldwide sales of passenger car accessories at 5.5% CAGR through 2032.

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Which Main Drivers are Supporting the Growth of the Passenger Car Accessories Industry?

“Increasing Sales of Passenger Car Accessories in Aftermarket”

Manufacturers are coming up with lightweight materials for the production of passenger car accessories to meet the demand for fuel-efficient and lightweight automobiles. For instance, lightweight materials such as high-strength steel and thermoplastic are now the primary raw materials for the manufacturing of automotive accessories.

If automotive accessories are to be replaced after their expiration date, strict norms and regulations are to be followed in several geographic locations. For instance, the National Highway Traffic Safety Administration (NHTSA) has announced a new regulation standard for auto parts such as tires, rims, seat belts, and others, stating that they must be originally produced and must be replaced based on the product's life duration. Such regulations are anticipated to boost the demand for aftermarket passenger car accessories.

“Infotainment Systems Dominating Interiors Accessories Market”

Modern cars typically have a basic infotainment system that includes a CD player, Bluetooth, USB port, lighter port, aux port, video panel, radio, GPS, several speakers, and control panels.

Infotainment systems are increasingly being used in high-tech vehicles such as linked and driverless vehicles. Investments being made by automakers and tech firms could further enhance the market for infotainment systems. Furthermore, smartphone adoption and the consistent availability of high-speed Internet have improved connectivity and increased demand for infotainment systems.

OEMs have begun offering cutting-edge infotainment systems in the mid- and small-car segments. The automobile sector is also witnessing an increase in the adoption rate of infotainment systems in the luxury car category.

Disposable income has significantly increased across the globe. Due to increased discretionary income and an increase in automobile owners' attention to the aesthetics and looks of their vehicles, the trend of vehicle customization is on the rise. Chrome accessories, spoilers, LED lights, alloy wheels, and other vehicle enhancements are examples of passenger car additions that improve the vehicle's appearance. Because of this, the aftermarket for passenger car accessories is expanding globally.

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Country-wise Insights

Which is the Most Prominent Market for Passenger Car Accessories?

“U.S. to Account for High Sales of Passenger Car Accessories”

In 2022, the U.S. passenger vehicle accessories market is expected to register 3.5% year-on-year growth by volume.

The U.S. market is projected to witness steady growth during the forecast period with the development of new and innovative products. The study projects that the U.S. market will surpass revenue worth US$ 129.4 Bn by the end of 2032.

Which Country Dominates the Asia Pacific Passenger Car Accessories Market?

“India Leading Passenger Car Accessories Market in Asia Pacific Region”

From 2022 to 2032, the India passenger car accessories market is estimated to surge ahead at a CAGR of 6.9%.

Demand for passenger car accessories is expected to be high during the forecast period as the need for infotainment systems is increasing with the replacement of simple audio systems with touchscreen infotainment systems that enable several services such as navigation, Apple CarPlay, Android Auto, Telematics, etc.

India is one of the fastest-growing countries where technological upgrading is happening at a fast pace. The Indian market for passenger car accessories market will surpass the size of US$ 38.4 Bn by the end of 2032.

What is the Outlook for Passenger Car Accessory Manufacturers in Europe?

“Germany to Remain Most Lucrative European Market for Passenger Car Accessories”

Germany is anticipated to be the largest market for passenger car accessories in Europe due to the high presence of manufacturing facilities of premium automobile manufacturers.

Due to its advanced demographics and way of life, the European region is predicted to hold a significant market share for car refurbishing. The Germany passenger vehicle accessories market is set to surpass revenue worth US$ 61.4 Bn by the end of 2032.

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Category-wise Insights

Which Accessories are Most Used in Passenger Cars?

“Electronics Accessories hold Prominent Market Share”

Rising consumers’ inclination toward an entertaining driving experiences, rise in compact passenger car sales, and increasing sales of smartphones are factors expected to significantly impact the growth of the electronic accessories segment in the global interior passenger car accessories market.

Head-up displays, dashcams, rear backup cameras, radar blind-spot sensor kits, and other devices are among the various electronic accessories available. Electronics accessories in the interior parts segment are projected to create an absolute dollar opportunity of more than US$ 57 Bn between 2022 and 2032.

Which Sales Channel Brings in High Revenues for Market Players?

“Aftermarket Car Accessory Sales Driving High Market Expansion”

By sales channel, aftermarket sales of passenger car accessories are projected to create an absolute dollar opportunity of more than US$ 81.5 Bn between 2022 and 2032.

The market for aftermarket passenger car accessories and components is anticipated to expand favorably as a result of people's increased Internet activity. Technology development and rapid logistical improvements have made it possible for producers to provide high-quality products more quickly, further accelerating market expansion. Due to the ongoing pandemic, e-Commerce activity is expanding faster than expected, boding well for market growth.

Competitive Landscape

Over the past decade, more acquisition and expansion activities have been witnessed to improve the supply chain of passenger car accessories. Major manufacturers provide a wide range of customized passenger car accessories depending on the requirement and also provide services that are customized for each unique customer.

The emergence of various manufacturers has also been witnessed across this market landscape.

Passenger Car Accessories Industry Report Scope

Attribute

Details

Forecast Period

2022-2032

Historical Data Available for

2017-2021

Market Analysis

  • USD Million for Value
  • Units for Volume

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia Pacific
  • The Middle East and Africa

Key Countries Covered

  • US
  • Canada
  • Mexico
  • Brazil
  • Germany
  • Italy
  • France
  • U.K.
  • Spain
  • BENELUX
  • Russia
  • Turkey
  • South Africa
  • GCC Countries
  • Northern Africa
  • Japan
  • China
  • South Korea
  • India
  • ASEAN
  • Australia
  • New Zealand

Key Market Segments Covered

  • Type
  • Vehicle Type
  • Sales Channel
  • Region

Key Companies Profiled

  • Robert Bosch GmbH
  • Classic Soft Trim
  • Covercraft Industries LLC
  • Lloyd Mats
  • Pecca Group Berhad
  • Lippert
  • Continental AG
  • Classic Soft Trim
  • Lear Corporation
  • Denso Corporation
  • Robert Bosch GmbH
  • Alpine Company
  • Kenwood Corporation

Report Coverage

  • Market Forecast
  • Company Share Analysis
  • Competition Intelligence
  • DROT Analysis
  • Market Dynamics and Challenges
  • Strategic Growth Initiatives

Customization & Pricing

Available upon Request

Passenger Car Accessories Industry Research by Category

Passenger Car Accessories Market by Type:

  • Interior Parts
    • Electronic Accessories
      • Head-up Displays
      • Dashcams
      • Rear Backup Cameras
      • Radar Blind-Spot Sensor Kits
      • Ambient Lighting
      • Others
    • Covers
    • Knobs
    • Car Cushions and Pillows
    • Others (Floor Components, Grab Handles, Interior Lights, etc.)
  • Exterior Parts
    • Body Kits
      • Bull Bars
      • Bumpers
      • Runner Bars & Steps
      • Rocker Panels
      • Spoilers
      • Others (Fender Flares, Tail Light Guards, Window Deflectors)
    • Exhaust Mufflers
    • Exterior Lights
    • Roof Racks
    • Window Films
    • Chrome Accessories
    • Others (License Plate Frames, Wheel Covers, Car Covers, etc.)

Passenger Car Accessories Market by Vehicle Type:

  • Compact PCs
  • SUVs
  • Mid-size PCs
  • Luxury

Passenger Car Accessories Market by Sales Channel:

  • OEMs
  • Aftermarket

Passenger Car Accessories Market by Region:

  • North America Passenger Car Accessories Market
  • Latin America Passenger Car Accessories Market
  • Europe Passenger Car Accessories Market
  • East Asia Passenger Car Accessories Market
  • South Asia Pacific Passenger Car Accessories Market
  • The Middle East and Africa Passenger Car Accessories Market

- FAQs -

The global passenger car accessories market is valued at US$ 487.7 Bn.

Demand for passenger car accessories is projected to increase at 5.5% CAGR through 2032.

The India passenger car accessories market is projected to expand at 6.9% CAGR through 2032.

Demand for electronic accessories such as head-up displays, dashcams, rear backup cameras, radar blind-spot sensor kits, and ambient lighting is set to rise the fastest over the coming years.

Growing population, booming auto industry, rising disposable income, and increasing tendency among consumers for thrilling driving experiences are factors driving market expansion.

The global market for passenger car accessories is expected to reach US$ 829.2 Bn by 2032.

The U.S., China, Germany, U.K., and India are exhibiting the highest sales of passenger car accessories.

Demand for passenger car accessories in China is expected to increase at 5.1% CAGR.

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