The global passenger car accessories market is segmented into electrical and non-electrical passenger car accessories by type. Electric segment is further segmented into interior lights, exterior lights, audio video accessories, car switches, car gauges and meters and mobile charging chords. Similarly, Non-electrical passenger car accessories are segmented into passenger interior accessories and passenger interior accessories. Among these segments, non-electrical segment dominated the global passenger car accessories market in 2016. Continuous up gradation of the car models along with availability of various advanced features which can be installed in a car as part of accessories is anticipated to foster the growth of non-electrical segment over the forecast period.
The global passenger car accessories market is expected to register a 7.5% CAGR over the forecast period with the revenue reaching to USD 394.5 Billion by 2023. The market is expected to expand on the back of the rising sales of passenger cars in developing countries such as China, India, Brazil, Mexico and others.
Non-electric passenger car accessories segment is estimated to register a CAGR of 6.03% during the forecast period. Increasing vehicle customization with rising preference for visual appearance by buyers is anticipated to impel the growth of the segment over the forecast period.
Technological Innovation in Passenger Car Accessories
The technological innovation is leading to the increased adoption of the passenger car accessories across the globe. The electrical passenger car accessories can be operated via the digital technology with easy user interface. Moreover, the availability of the technologically advanced passenger car accessories is further propelling the the growth of the market. The introduction of the security system accessories such as power lock and GSM security is further intensifying the market growth.
In contrast, the government regulations regarding the internal and external modification of car, presence of local manufacturers, low quality accessories are some of the factors that are likely to inhibit the growth of the passenger car accessories market in the near future.
The report titled “Global Passenger Car Accessories Market Outlook 2023” delivers detailed overview of the global passenger car accessories market in terms of market segmentation by type and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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 Toyota Motors, Ford Motor Inc., General Motors, Hyundai Motor Group and Volkswagen Group. 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.