The global Passenger Car Accessories Aftermarket size is predicted to be worth over USD 318.5 billion by 2030, increasing at a CAGR of more than 7.8% between 2022 and 2030, according to Ameco Research
The passenger car accessories aftermarket is currently going through a period of evolution. With the increasing trend towards personalization and customization of cars, aftermarket accessory manufacturers are producing more innovative and unique products to meet the growing demand. Traditional accessories such as floor mats, seat covers, and dash covers are still in demand but are now being made with more advanced materials and design options. Customers can choose from a wide range of colors, textures, and patterns to suit their preferences.
Furthermore, the automotive industry is experiencing a shift towards electrification, automation, and connectivity. As a result, there is a growing demand for new accessories that can enhance the performance, safety, and functionality of electric and autonomous cars. For instance, advanced driver assistance systems, GPS navigation, and parking sensors are becoming standard features in many new cars, thus opening up new opportunities for aftermarket retailers to provide complementary products and services.
In addition, there is a growing interest in sustainability and eco-friendliness among consumers, which is driving demand for eco-friendly and biodegradable car accessories. This trend is prompting aftermarket retailers to source eco-friendly products, such as seat covers made from recycled materials, to cater to this growing demand. Additionally, there is a growing trend of vehicle customization, with consumers looking to personalize their cars with unique and trendy accessories. This has created a huge market opportunity for aftermarket retailers to provide a wide range of customizable products, such as car decals, seat covers, and steering wheel covers.
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Global Passenger Car Accessories Aftermarket Growth Factors
• Growing Demand for Personalization
• Increasing Sales of Passenger Cars
• Rise of E-commerce
• Growing trend of eco-friendliness and sustainability
Global Passenger Car Accessories Aftermarket Trends
The passenger car accessories aftermarket is an ever-evolving industry that has seen several changes in recent years. With advancements in technology, changes in consumer preferences, and the growth of e-commerce, the aftermarket is undergoing a transformation that is reshaping the way companies do business. In this era, there are several key trends that are driving the evolution of the passenger car accessories aftermarket.
Another trend that is driving the evolution of the passenger car accessories aftermarket is the rise of technology. With the advent of smart cars and digital connectivity, car accessories are becoming more tech-savvy. Products like GPS trackers, dash cameras, and Bluetooth speakers are becoming more popular as consumers seek to enhance their driving experience with the latest technology. In addition, wireless charging pads and smartphone holders are also gaining popularity as people increasingly rely on their mobile devices while on the road.
The environmental movement is also driving changes in the passenger car accessories aftermarket. With growing awareness of the impact of cars on the environment, consumers are increasingly looking for eco-friendly options. This has led to the rise of accessories made from sustainable materials like recycled plastics and natural fibers. Products like eco-friendly car mats and seat covers are becoming more common as people look for ways to reduce their carbon footprint.
In addition, there is a growing interest in sustainability and eco-friendliness among consumers, which is driving demand for eco-friendly and biodegradable car accessories. This trend is prompting aftermarket retailers to source eco-friendly products, such as seat covers made from recycled materials, to cater to this growing demand. Additionally, there is a growing trend of vehicle customization, with consumers looking to personalize their cars with unique and trendy accessories. This has created a huge market opportunity for aftermarket retailers to provide a wide range of customizable products, such as car decals, seat covers, and steering wheel covers.
Passenger Car Accessories Aftermarket Segmentation
According to Ameco Research, the worldwide passenger car accessories aftermarket is segmented by type, and application. By type, the market is divided into internal accessories, and external accessories.
Based on the propulsion, the market is bifurcated into LED lights, roof rack, body covers, tires, alloy wheels, body kits (bumper guards, door visors, and chrome accessories), window films, car care products, electronic accessories (mobile charger, music system, and infotainment units), floor mats, seat & steering covers, car organizers, pillows & cushions, vacuum cleaners, sunshades, knobs, air freshener, and others (tissue holders, antenna, dash camera, and horn).
Passenger Car Accessories Aftermarket Regional Outlook
The worldwide passenger car accessories aftermarket is broken down into five regions: Europe, Latin America, Asia-Pacific, North America, and the MEA. As per the passenger car accessories aftermarket analysis, North America is the largest market for passenger car accessories. This growth is owing to the presence of a large number of car owners who are interested in upgrading their vehicles with accessories. The United States is the largest market in the region, with significant demand for interior and exterior accessories. The growth in the market is attributed to the increasing demand for luxury cars, the adoption of advanced technologies, and the growing trend of vehicle customization.
Passenger Car Accessories Aftermarket Market Companies
Some of the most notable worldwide passenger car accessories aftermarket players are HARMAN International, Bridgestone Corporation, CEAT Limited, JK Tyre & Industries Limited, The Goodyear Tire & Rubber Company, MRF Limited, Panasonic Corporation, Ford Motor Company, Alpine Electronics, Inc., Audi AG, Visteon Corporation, Volkswagen AG, Pioneer Corporation, BMW Group, Hyundai Mobis, DENSO Corporation, Koninklijke Philips N.V., Robert Bosch GmbH, Osram Licht AG, Stanley Electric Co., Ltd., and Continental Corporation.
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