Acumen research and consulting estimates that the global passenger car accessories aftermarket is anticipated to reach market size of around US$ 250 Bn by 2027 and isa anticipated to grow at a CAGR of around 8% in terms of revenue during the forecast period 2020 – 2027. Accessories for passenger cars are available both offline and online in the aftermarket. The decorative accessories of passenger cars are steadily increasing to improve car appearances and improve comfort.
Growing car modification trends coupled with increasing disposable income and a strong emphasis on driver well-being fueled the growth of the market, such as stringent government legislation to remove or improve accessories. The global vehicle manufacturing downturn, and rise in the share mobility pattern, a rise in raw material costs, and trade war escalation and rising import tariffs are expected to hamper demand growth. Furthermore, advances in technology, and increases in demand for premium cars, transmitted African and Asian markets, and improvement in in-vehicle infotainment will generate multiple market expansion opportunities. Technological progress such as wireless hands-free connectivity in automobile accessories is rising as demand for attractive, comfortable and esthetic features, especially passenger vehicles, is growing. Faurecia, however, demonstrated in January 2017 the idea of personalized controls to solve the heavy dashboard problem. The use of display displays and separate display panels is expected to decrease. For instance, integrate control knobs can be install into the door panels.
A major hindrance
In order to increase their income, most modern car manufacturers have their own accessories. The car accessories market has created a humiliating storm as buyers now tend to more OEM brands. However, some offline shops or retailers use fake accessories to sell their customers on behalf of prominent brands, the biggest challenge facing reputable car accessories retailers. In India, the aftermarket sector seems to lead to good times as the market for automotive accessories is growing and vehicle service is necessary. During the next decade, the rapidly globalizing world will lead to new verticals and opportunities for manufacturers of auto-components that need to adjust through systemic research and development to the change.
The market research study on “Passenger Car Accessories Aftermarket (By Type: External Accessories, Internal Accessories; By Application: Roof Rack, LED Lights, Body Kits (Chrome Accessories, Bumper Guards, and Door Visors), Body Covers, Alloy Wheels, Tires, Car Care Products, Window Films, Seat & Steering Covers, Electronic Accessories (Infotainment Units, Mobile Charger, and Music System), Knobs, Floor Mats, Sunshades, Car Organizers, Air Freshener, Vacuum Cleaners, Pillows & Cushions, Others (Dash Camera, Tissue Holders, Antenna, and Horn)) - Global Industry, Analysis, Market Size, Opportunities and Forecast, 2020 - 2027” offers detailed insights on the global passenger car accessories aftermarket entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report also provides competitive landscape to understand the current stance of particular player. The report provides insights on global passenger car accessories aftermarket are type, application, and major geographic regions. The passenger car accessories aftermarket analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report.
Asia Pacific has become the market leader with respect to revenues in 2019. Substantial growth is also anticipated from 2020 to 2027. Advanced innovations are anticipated to boost the sales of the region in terms of vehicle parts production, expanded customer and passenger car manufacture and distribution and the digitization of car product delivery services. Universities and other research and development organizations strive to increase the cost and operating efficiency of the essential automotive components, thereby reducing final product prices. A new design developed by a team of Chemical Engineering researchers at Imperial College , London, utilizes less rare metal up to 80 per cent, which significantly reduces vehicle costs and manufacturing. It is expected that the prototype will show better results than existing cars. Governments around the world now have stringent car pollution standards that have forced manufacturers to produce highly effective , environmentally friendly automobile parts for the domestic and global markets. Emerging economies, like China , India and Brazil, have seen significant developments during the past few years in the car industry, which is anticipated to fuel Asia Pacific market growth.
Major players included in this report are CEAT Limited, Bridgestone Corporation, Continental Corporation, JK Tyre & Industries Limited, MRF Limited, The Goodyear Tire & Rubber Company, Panasonic Corporation, HARMAN International, Ford Motor Company, Audi AG, Alpine Electronics, Inc., Visteon Corporation, Pioneer Corporation, Volkswagen AG, BMW Group, DENSO Corporation, Hyundai Mobis, Koninklijke Philips N.V., Osram Licht AG, Robert Bosch GmbH, Stanley Electric Co., Ltd., and others.
The global passenger car accessories aftermarket is segmented as below:
passenger car accessories aftermarket By Type
passenger car accessories aftermarket By Application
Body Kits (Chrome Accessories, Bumper Guards, and Door Visors)
Car Care Products
Seat & Steering Covers
Electronic Accessories (Infotainment Units, Mobile Charger, and Music System)
Pillows & Cushions
Others (Dash Camera, Tissue Holders, Antenna, and Horn)
passenger car accessories aftermarket By Geography
Middle East & Africa
This rise in demand for luxurious cars is expected to increase the need for innovative automotive accessories are expected to drive the growth of the passenger car accessories aftermarket.
The market value of passenger car accessories aftermarket is anticipated to be around US$ 250 Bn in 2027.
It is anticipated to grow around 8% CAGR amid the forecast period.2020-2027
Increasing demand for the electric vehicles, rising passenger vehicle production and sales, and high maintenance cost of accessories is a major factor expected to restraint the growth of the market.
The key players operating in passenger car accessories aftermarket such as CEAT Limited, Bridgestone Corporation, Continental Corporation, JK Tyre & Industries Limited, MRF Limited, The Goodyear Tire & Rubber Company, Panasonic Corporation, HARMAN International, Ford Motor Company, Audi AG, Alpine Electronics, Inc., Visteon Corporation, Pioneer Corporation, Volkswagen AG, BMW Group, DENSO Corporation, Hyundai Mobis, Koninklijke Philips N.V., Osram Licht AG, Robert Bosch GmbH, Stanley Electric Co., Ltd., and others.
Asia Pacific is projected to grow at a fast pace during forecast period from 2020-2027
Asia Pacific held maximum share in 2019.