New York, NY, Jan. 18, 2021 (GLOBE NEWSWIRE) -- Facts and Factors have published a new research report titled “Car Accessories Market By Component (Internal and External [Car Covers, LED Lights, Body Kits, Chrome Accessories, Alloy Wheels, Window Films, Wipers, Charging Kits, Repair Kits, Mud and Splash Guards, Horns, Tail Lamps, Fog Lamps, Head Lamps and Others]) and By Distribution Channel (OEM and Aftermarket): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2019–2026”.
“According to the research study, the global Car Accessories Market was estimated at USD 415 Billion in 2019 and is expected to reach USD 646 Billion by 2026. The global Car Accessories Market is expected to grow at a compound annual growth rate (CAGR) of 7% from 2019 to 2027”.
The global market for passenger car accessories allows companies that are competing in the market for automotive accessories to unlock the potential. Continuous updating of products together with innovative automotive attachment functionality causes most people to be intrigued by automobile accessories. The sophisticated automotive accessories also give a sleek look and comfort to the vehicle. The interior gadgets including MP3 players, Lcd displays, microphones, and stereo systems offer fun during long journeys. Seat coverings are the most common accessories to automobiles. This enriches the apparel of the vehicle, accessible in various designs and colors. The seat cover offers both a stylish look and seat safety. Different types of safety systems viz. gear lock, central lock, power lock, and GSM security aids in secure parking of the vehicle. The global market for accessories for passenger cars is projected to experience a strong CAGR over the forecast period.
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Rising car requirements, growing propensity to vehicle customizations (especially among the teen generation), and increasing pick-up truck sales in developed economies are some of the chief reasons anticipated to augment the growth of the global car accessories market over the predicted timeframe. Because huge numbers of car accessories in the industry are accessible, many of these are not consistent in quality. The goods are made from poor quality components. Therefore, the availability of cheap car accessories of low quality and the irregularity of the price of car accessories may impede the growth of the car accessories industry. The automotive sector constantly brings new technologies such as biometric entry to cars, new lighting systems, and dynamic window displays among others. These advancements are expected to bring lucrative opportunities in the near future.
Top Market Players
The major players profiled in this report include BMW, Daimler AG, Audi, Jaguar Land Rover, Volkswagen Group, Hyundai Motor Company, Rober Bosch GmbH, Renault, Honda Motor Company Ltd., Lloyd Mats, U.S. Auto Parts Network Inc., Cover Craft Industries LLC, and Roush Performance Products Inc. among others.
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By component, the external segment led the global market by accounting for nearly 60% of the total share. This dominance is attributed to the increasing inclination of consumers towards enhanced outer aesthetics of the vehicle coupled with the rising demand for external safety accessories. Moreover, increasing demand for body covers to protect the car from harsh climatic conditions is expected to drive the growth of the external sub-segment over the forecast period. On the basis of the distribution channel, the aftermarket segment is set to lead the market throughout 2026 owing to the cost-effectiveness of aftermarket products coupled with ease of availability and a relatively larger variety. This segment is poised to witness a robust CAGR of 7.5% over the foreseeable years.
The study provides a decisive view of the car accessories market by segmenting the car accessories market based on components, distribution channels, and regions. All the segments and sub-segments have been examined based on historic, current, and future trends in the global market and the market size is estimated from 2020 to 2026.
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The automobile is a relatively large industry that provides significant prospects for the demand for accessories, though vehicle accessories have a major share in the market for automobile accessories. Due to the significant growth of the global automotive industry, the vehicle accessories sector has grown rapidly in the last few years. As an added option for comfort, protection, usability, and security, automotive accessories are things that a consumer can mount in his vehicle.
Car market growth has boosted related industries such as vehicle parts and materials. Accessories not only give the car more aesthetic appeal but also give the driver the confidence of protection, safety, and better performance. Owing to the growing demand for cars around the world, the automotive accessories market is likely to grow at a significant rate during the forecast period. Nonetheless, there is likely to be a variance in the market growth rate across regions and countries, owing to the disparity in the degree of penetration of products launched by major car accessories manufacturers/suppliers and the logic behind regional players' launch of the product in their respective markets. Furthermore, shifts in patterns and developments in government regulations are anticipated to impede the demand for car accessories over the foreseeable years.
Browse the full “Car Accessories Market By Component (Internal and External [Car Covers, LED Lights, Body Kits, Chrome Accessories, Alloy Wheels, Window Films, Wipers, Charging Kits, Repair Kits, Mud and Splash Guards, Horns, Tail Lamps, Fog Lamps, Head Lamps and Others]) and By Distribution Channel (OEM and Aftermarket): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2019–2026" report at https://www.fnfresearch.com/car-accessories-market
Regionally, North America governed the global market with nearly one third market share in 2018. This dominance is majorly due to a high number of passenger car sales especially in the U.S., availability of advanced car accessories, and high consumer spending power in the region. However, Asia-Pacific is projected to witness the fastest growth on account of an increasing number of car accessories manufacturers especially in China and India as well as rising trade across the Asia economies. Further, increasing vehicle sales due to high population and increased per capita disposable incomes, rising inclination of consumers towards procuring internal and external car accessories as well as increasing demand for higher aesthetics are some factors driving the growth of this region.
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This report segments the car accessories market as follows:
Global Car Accessories Market: By Component Segment Analysis
- Internal
- External
- Car Covers
- LED Lights
- Body Kits
- Chrome Accessories
- Alloy Wheels
- Window Films
- Wipers
- Charging Kits
- Repair Kits
- Mud and Splash Guards
- Horns
- Tail Lamps
- Fog Lamps
- Head Lamps
- Others
Global Car Accessories Market: By Distribution Channel Segment Analysis
- OEMs
- Aftermarket
Key Insights from Primary Research
- CXOs perspective for the global car accessories sales is pretty optimistic in terms of growth and revenue generation. They believe the global car accessories market to surpass USD 645 billion by the end of 2026.
- Our interviewees predicted the global car accessories industry to grow at a robust CAGR of nearly 7% between 2020-2026 on account of increasing passenger car sales, especially in the Asia-Pacific region.
- Component-wise, external car accessory sales are predicted to dominate the global market with a share of nearly 60% by 2026 end due to increasing demand for safety accessories such as guards, covers, etc.
- Our primary respondents believe that the aftermarket sales of car accessories are expected to lead the market throughout the forecast period owing to less prices, wider portfolio as well as easy availability.
- Some of the subject matter experts interviewed suggested that the rapid growth of the pre-owned car market is anticipated to drive the sales of car accessories as consumers prefer to impart a new feel and aesthetic value to used cars.
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