Automotive Interior Segment is the Largest Segment Driving the Growth of Interior Car Accessories Market
The global Interior Car Accessories Market is estimated to be valued at US$ 252360.27 Mn or in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Interior car accessories refer to products installed in the interior of a vehicle such as protection accessories, electronics accessories, seat covers and knobs, floor & trunk mats, car cushions & pillows, fragrance and others. Interior car accessories improve functional utility, safety, comfort, and style in vehicles.
Market key trends:
Increasing demand for advanced car accessories is expected to be a major trend in interior car accessories market. Technology advancements have led to the development of smart accessories with features such as improved connectivity, driver assistance, and infotainment. For instance, auto car chargers come equipped with fast charge technology to quickly charge smartphones. Touchscreen displays integrated with Android Auto and Apple CarPlay are gaining popularity as they enable users to conveniently access navigation, calling, messaging and music applications from their cars. Such smart and advanced accessories are witnessing high demand from customers.
Market key trends:
The interior car accessories market is witnessing increased demand for advanced and premium accessories. One key trend is the growing popularity of digital/connected car accessories that offer integrated solutions for entertainment, navigation, and wireless connectivity. Features like large touchscreen interfaces, speakers, leather/suede upholstery, ambient lighting are becoming popular among customers looking to enhance the driving experience.
SWOT Analysis
Strength: Wide range of aftermarket accessories available for all vehicle types and budgets.
Weakness: Frequent changes in vehicle designs challenge fitment of some accessories.
Opportunity: Growing demand for accessories enhancing infotainment, comfort, and customized styling in emerging markets.
Threats: Strict regulations around distracted driving might impact demand for certain connected accessories. Price wars among local manufacturers.
Key Takeaways
The Global Interior Car Accessories Market is expected to witness high growth, exhibiting CAGR of 5.6% over the forecast period 2023 to 2030, due to increasing consumer demand for enhanced in-vehicle experience and comfort.
The market size for Interior Car Accessories in 2023 is estimated to be US$ 252360.27 Mn. North America presently accounts for the largest share due to high vehicle ownership and demand for premium products. However, Asia Pacific is expected to surpass North America to become the fastest growing regional market led by countries such as China and India.
Key players operating in the Interior Car Accessories market include Momo Srl, Pioneer Corporation, Star Automotive Accessories, Garmin Ltd., H.I. Motors, Pecca Group Berhad, U.S. Auto Parts Network, Inc., Covercraft Industries, LLC, O'Reilly Auto Parts, Lloyd Mats, CAR MATE MFG. CO., Ltd., and Classic Soft Trim. These companies are focused on new product development and leveraging online retail platforms to improve consumer outreach.
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