Ottawa, July 17, 2024 (GLOBE NEWSWIRE) -- The global car accessories market size is predicted to increase from USD 198.67 billion in 2023 to approximately USD 355.94 billion by 2033, according to a study published by Towards Automotive a sister firm of Precedence Statistics.
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The car accessories consist of products that are designed to improve the aesthetics, functionality, safety, and comfort of vehicles. Some of the functional car accessories to improve the driving experience include air purifiers, universal charger, anti-theft devices, parking sensors, rear view camera, GPS indicator and blind spot mirror among others. The car accessories market is anticipated to augment at a considerable CAGR during the forecast period owing to the evolving automotive industry.
The increasing disposable income of the consumers and their spending on the vehicle customization is anticipated to augment the growth of the car accessories market during the forecast period. Additionally, the technological innovations, like smart accessories and better connectivity solutions along with the upsurge of e-commerce segment are also leading to increase in demand for the car accessories. Moreover, the increasing importance and demand for vehicle safety, comfort, security and convenience features is likely to contribute to the growth of the car accessories market within the estimated timeframe.
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Key Trends and Findings
- To meet the requirements of various car models as well as their drivers, there are numerous opportunities to make more 3D-printed car accessories with unique designs, functions, and materials.
- With the addition of more versatile and sturdy materials to the accessories of car can help improve the convenience and keep the drivers' assets safe.
- The emergence of head-up displays, that offer essential information about the vehicle, like the fuel levels and the current speed, and appear as a transparent display on the driver's side windshield. Accidents are avoided because of this technology that discourages drivers from averting their eyes from the road.
- In addition to giving drivers a distinctive and customized experience, developing a line of interchangeable and customizable auto accessories can increase revenue streams for auto manufacturers.
- The North America region is expected to grow owing to the presence of well-established automotive industry and high consumer spending on vehicle customization.
- The Asia-Pacific region market is likely to be driven by rising disposable incomes, urbanization, and increasing vehicle ownership.
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Market Drivers
Increasing Number of Vehicles
The surge in number of vehicles is anticipated to augment for growth of the car accessories market during the forecast period. As the number of cars on the road increases all over the world, there is an equal increase in the market for car accessories as well that improves the vehicles' comfort along with appearance in addition to their functionality.
According to Eurostat, over the period of last five years, the number of passenger cars in nearly every EU member state has surged, crossing over 250 million cars in the EU total. Approximately over 2.9 million battery-only electric passenger cars were resent in the EU Member States in 2022 which is 56 times more than 2013 and a 7 times more than 2018. The number of passenger cars registered in the EU reached almost 253 million in 2022, an increase by 7.0% from the previous year.
According to Statistics Austria, in 2023, there were 239,150 newly registered passenger cars in Austria. The number of new cars registered increased by total of 24,100 or 11.2%, over the previous year. A total of 341,409 new motor vehicles were registered overall, representing an increase of 11.8% or 36,077 vehicles over 2022.
When consumers purchase cars for business, pleasure, or both, they will always want to modify and personalize them to suit their needs and aesthetic preferences. The increase in demand for customization opens up an immense market for a wide range of cars accessories, from more decorative graphics and interior trim kits to the more functional additions like car trunk organizers and floor mats.
Market Restraints
Availability of Cheap, Low-Quality Accessories
One major factor hampering the growth of the global car accessories market during the forecast period is the presence of large number of suppliers in the market offering low-quality interior car accessories. Even though these products are of lower quality, their prices are frequently comparable to those of branded interior car accessories. Furthermore, even though these cheaply made accessories could seem nice at first glance, they frequently fall short of the performance, safety, and durability requirements of real, branded accessories.
The fact that most of the customers are unaware of how important it is to use original accessories for their cars increases this problem. Because of this, a lot of customers choose the less expensive options despite being unaware of the possible downsides, which could include decreased quality and possible safety hazards.
Market Opportunities
Emergence of Advance Car Accessories
The emergence of advance car accessories is likely to create growth opportunities for the market in the years to come. The high-definition dash cams are currently gaining lot of attraction. Numerous interactions occur on the roads every day, and opinions on how those interactions happened differ. Having a dash cam could give the proof that is needed to support the claims if a person is involved in a crash or encounter another problem while driving.
The video technology of today's dash cams is advancing so quickly that they can record the video in extremely high definition while taking up very little room in the vehicle. Many models have advanced features like the ability to turn on automatically when an impact is detected, and many of them can sync with most of the mobile models.
Eco-Friendly Accessories and Materials
The market for environment friendly car accessories is growing along with the increase in the environmental awareness. Sustainable materials such as organic fabrics, bamboo, and recycled plastics are being used more often by manufacturers to make accessories for the exteriors as well as its interiors. Customers that are conscious about the environment find this trend very appealing, and it also represents an overall shift in the automotive industry toward sustainability.
Furthermore, without the use of energy-consuming air conditioning products, a solar-powered ventilation fan is currently being made that helps keep the car cool and well-ventilated. It uses the sun's energy to circulate the fresh air in the car and this eliminates the need for cooling with fuel. Also, use of reusable trash bags for the car decreases the single-use plastic waste. With these environment friendly substitutes for the single-use plastic bags, one can gather trash on the go, keeping the car tidy and the surroundings litter-free.
Key Segment Analysis
Accessories Type Segment Analysis Preview
The interior car accessories segment captured a substantial market share in 2023. The growing focus on improving the comfort, convenience, and aesthetics of cars is expected to contribute to the segmental growth of the market during the forecast period. To protect the interior of the car from degradation and to improve its ambience, consumers give priority to accessories such as floor mats, seat covers, and steering wheel covers. Additionally, the development of the advanced interior accessories, such as multimedia systems, smart mirrors, and ambient lighting solutions is also likely to fuel the growth of the segment. The emergence of connectivity features improves user experience and increases the need for these advanced accessories.
The electronic accessories segment is likely to grow at a considerable CAGR during the forecast period. This is owing to the continuous development of advance products in this segment of the market.
For instance,
- In November 2022, an automotive infotainment system based on Android Automotive OS was introduced by Snapp Automotive as SnappOS. With its configurable, contextual, and smart infotainment system, SnappOS, users can quickly develop and deploy applications in real-world or virtual environments.
End User Segment Analysis Preview
The individual segment dominated the market with share of 65.16% in 2023. The increasing trend of vehicle ownership among individual consumers is expected to support the growth of the segment during the forecast period. Additionally, the rising disposable incomes as well as the changing lifestyles of the consumers have led to greater spending on car accessories which is also fueling the growth of the segment. Also, the convenience of online shopping for consumers coupled with the availability of different range of products is anticipated to support the growth of the segment.
Regional Insights
North America is expected to grow at a considerable CAGR of 4.73% during the forecast period. This is owing to the increasing focus on vehicle safety and security coupled with the implementation of stringent safety regulations and standards across the region. Additionally, early adoption of advanced technologies and deployment of connected car solutions, infotainment systems, and smart vehicle accessories is also likely to support the regional growth of the market during the forecast period.
Asia Pacific held largest market share of 48.50% in 2023 and is likely to grow at a fastest CAGR of 7.25% in the car accessories market during the forecast period. This is due to the growth in passenger car sales in the region. According to the data by the India Brand Equity Foundation, The Indian passenger car market was estimated to be US$ 32.70 billion in 2021, and it is projected to grow at a compound annual growth rate (CAGR) of more than 9% from 2022 to 2027, reaching a value of US$ 54.84 billion. Additionally, the growing middle class population with increasing disposable incomes along with growing demand for vehicle ownership is also expected to contribute to the growth of the market in the region during the forecast period.
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- The cars market size was valued at USD 1.3 trillion in 2023 and is expected to grow USD 4.2 trillion by 2032 at a CAGR of around 11.15% from 2024 to 2032.
- The premium bicycle market size was valued at USD 8.31 billion in 2023 and is expected to grow by USD 34.6 billion at a CAGR of around 13.32% from 2024 to 2032.
- The road safety market size was valued at USD 19.78 billion in 2023 and is expected to grow by USD 62.44 billion at a CAGR of around 10.94% from 2024 to 2032.
- The truck market size was valued at USD 6.33 trillion in 2023 and is expected to grow by USD 22.16 trillion at a CAGR of around 11.85% from 2024 to 2032.
- The hybrid powertrain market size was valued at USD 89.72 billion in 2023 and is expected to grow by USD 427.6 billion at a CAGR of around 14.41% from 2024 to 2032.
- The automotive spring market size was valued at USD 8.31 billion in 2023 and is expected to grow by USD 27.8 billion at a CAGR of around 11.45% from 2024 to 2032.
- The yacht market size was valued at USD 9.68 billion in 2023 and is expected to grow by USD 34.6 billion at a CAGR of around 12.03% from 2024 to 2032.
Car Accessories Market Companies
Some of the key players in car accessories market are Robert Bosch GmbH, Panasonic Corporation, Denso Corp., Minda Industries Ltd., Continental AG, Garmin Ltd., Lear Corporation, Magna International Inc., Alpine Electronics, Inc. and Harman International, among others.
Recent Developments by Key Market Players
- November, 2023: In order to transform a regular car into a "smart car," Reliance Jio unveiled JioMotive, a new pocket-sized on-board diagnostics (OBD) device. Connecting to the Jio network through an integrated eSIM the JioMotive device plugs into an automobile's OBD port, usually found beneath the dashboard.
- July, 2023: Uno Minda introduced its 9-inch Universal aftermarket Android vehicle infotainment system. A strong T5 processor system powers the multimedia system in Universal Cars, enabling wireless connectivity with Apple CarPlay and Android Auto.
- January, 2023: With the industry's first automotive integration, Panasonic Automotive Systems Company of America unveiled an update for its SkipGen in-vehicle infotainment (IVI) system. This allows users to access Siri simultaneously with Apple CarPlay or Alexa by just saying "Hey Siri" or "Alexa," as appropriate.
Market Segments
By Accessories Type
- Interior Accessories
- Seat Covers
- Floor Mats
- Steering Wheel Covers
- Others
- Exterior Accessories
- Car Covers
- Roof Racks
- Mud Flaps
- Others
- Electronic Accessories
- GPS Navigation Systems
- Car Chargers
- Infotainment
- Others
- Performance Part Accessories
- Air Filters
- Exhaust Systems
- Suspension Upgrades
- Others
- Safety & Security Accessories
- Cameras
- Car Alarms
- Lights
- Others
- Wheels Accessories
- Alloy Wheels
- Tire Inflators
- Wheel Covers
- Others
- Others
By Distribution Channel
- Online Retailers
- Specialty Stores
- Automotive OEMs
- Mass Merchandisers
By End User
- Individuals
- Commercial & Fleet Owners
By Region
- North America
- U.S
- Canada
- Mexico
- Europe
- U.K.
- France
- Germany
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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