Passenger Car Accessories Market Trends, Drivers, Restraints, Analysis and Forecast by 2034
The size of the world passenger car accessories market is predicted to be US$ 534.2 billion in 2024 and will increase to US$ 903.8 billion at the end of 2034, growing with a CAGR of 5.4% during the period of the next decade (2024-2034).
With increased people's love for personalizing their vehicles, sales of car accessories are on the rise. From stylish seat covers to advanced gadgets, car owners are customizing their cars to suit their individual tastes and preferences. This trend of personalization not only continues to transform the automotive industry but is also boosting sales of car accessories globally.
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Which Challenges Are Impacting Makers of Passenger Car Accessories?
"Rising Environmental Consciousness Limiting Demand for Conventional Accessories"
Producers of car accessories are hampered by the rising concern regarding environmental awareness. Consumers are now becoming environmentally conscious, shifting towards green alternatives and affecting sales of conventional accessories.
Those products that are harmful to the environment, i.e., non-recyclable items or excessive packaging, come under heavy scrutiny and decreased demand. The manufacturers have no option but to change by formulating sustainable practices and green products to compete in the changing market.
Country-wise Insights
United States car accessory sales are driven by the changing trend towards personalized and customized cars. The United States is expected to account for 85.1% of the North American passenger car accessories market share.
United States has become an attractive market for passenger car accessories because of increased demand for chic looks, entertainment, and convenience. With Americans focusing on personalizing their vehicle, the need for appearance-enhancing and feature-enhancing accessories is increasing. From stylish seat covers to technologically advanced infotainment systems, there's a burning urge for accessories to enhance the drive.
In China, the growing demand for passenger car accessories is fuelled by the existence of leading automobile OEMs. As world-class automotive manufacturers create a significant presence in the Chinese market, people are attracted to the newest accessories to make their cars more comfortable and appealing.
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Category-wise Analysis
Passenger car accessory buyers are more and more inclined towards buying from OEMs based on brand loyalty and trust. People prefer OEM products for their quality and reliability, which guarantees better performance and effortless compatibility with their cars.
This is because of the established reputation for reliability and consistency in the supply of high-quality accessories. As buyers continue to invest in dependability and comfort, OEMs further cement their role in the industry, establishing themselves as the go-to suppliers of passenger car accessories among premium buyers.
Competitive Landscape
Major players in the automotive passenger car accessories industry are pouring significant investments into research and development for expanding their product portfolios. The players are also undertaking strategic moves like mergers, acquisitions, and partnerships to increase their global reach. In order to survive a competitive market scenario, the automobile accessories industry needs to provide cost-effective products. Firms are introducing diverse accessories like car air filters and dashcams to tap new customer bases.
- In March 2023, Westfalia Automotive, a top vehicle accessory manufacturer, acquired Yakima. The acquisition is expected to increase Westfalia's product lineup and enhance its market share.
- Coverking, a top producer of personalized car covers, recently partnered with BASF, a top producer of chemicals and other products.
Key Segments of Passenger Car Accessories Market Research
- 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.)
- Electronic Accessories
- 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.)
- Body Kits
- Interior Parts
- By Vehicle Type :
- Compact Cars
- SUVs
- Mid-size Cars
- Luxury Cars
- By Sales Channel :
- OEMs
- Aftermarket
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
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