Research Nester published a report titled “Passenger Car Accessories Market: Global Demand Analysis & Opportunity Outlook 2031” which delivers detailed overview of the global passenger car accessories market in terms of market segmentation by type, vehicle type, distribution channel, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
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The global passenger car accessories market is anticipated to grow with a CAGR of ~7% over the forecast period, i.e., 2022 - 2031. The market is segmented by distribution channel into original equipment manufacturer (OEM), and aftermarket. Amongst these, the aftermarket segment is projected to grow at the highest rate during the forecast period on the back of the wider supply network with major distributors and the surge in e-commerce stores that are providing a huge range of car accessories.
The global passenger car accessories market is estimated to significantly grow owing to the worldwide growing occurrences of car theft, followed by the updated automobile guidelines that advise and guide people to replace or upgrade their accessories after a certain period of time. Furthermore, rise in disposable income, and a notable hype in lifestyle status across the globe are also projected to significantly drive the market growth forward during the forecast period.
Regionally, the global passenger car accessories market is segmented into five major regions comprising of North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Asia Pacific region is estimated to witness significant growth over the forecast period owing to the swift expansion of automobile industry in the region.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Growing Sales of Cars to Propel the Growth of the Market
According to the data presented by the IEA, car sales in the year 2021 increased by 4% worldwide. In contrast, global SUV sales gained more than 10% between 2020 and 2021, and forecasted to account for more than 45% of global car sales in 2021.
Rising sale of cars is leading the demand for various other services, and components. Car accessories are essential to the maintenance process for vehicles, which improves their efficiency. Additionally, owners of vehicles need a variety of exterior and interior accessories, such as covers, alloy wheels, window films, dash kits, and others, for customization and to give their vehicles a comfortable and stylish look. Therefore, this factor is anticipated to drive the growth of the global passenger car accessories market over the forecast period.
However, rivalry from local manufacturers, high price of car accessories, and deficit of standards and strategies are expected to operate as key restraint to the growth of global passenger car accessories market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global passenger car accessories market which includes company profiling of Lloyd Mats, Pioneer Corporation, Covercraft Industries, LLC, Robert Bosch GmbH, Mont Blanc Group AB, Delphi Technologies, Magna International Inc., Classic Soft Trim, Alpine North America, Inc., and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global passenger car accessories market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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