Research Nester has recently announced its latest research on “Passenger Car Market Accessories Market : Global Demand Analysis & Opportunity Outlook 2023”, after studying the market situation and anticipating the future trends, the research provides a concrete platform for the existing and new players looking to enter into the market. The study provides information about market scenario of forecast period by analyzing the current situation.
Passenger car accessories market is one of the fastest growing markets across the globe. The demand for the car accessories is increasing due to changing life style of people. The car accessories such as music system gives a complete different experience to the consumer added with the comfort of the vehicle. Seat covers are one of the most famous accessories in the market; it enriches the style of the car and provides protection to the seats. The fact that car accessories are durable items and are replaced when goes out of span; supports the continuous and high demand for car accessories over a long period of time.
Expanding at a CAGR of 6.2%, the global car accessories market is expected to cross revenue of USD 305 Billion by 2020. Due to increasing purchasing power and rising need for better comfort in the developing countries such as India and China, Asia-Pacific region is expected to be the largest geographical region in terms of revenue for automotive interior market; the region comprises the major equipment manufacturing unit across the globe. North America and Europe are also expected to contribute significantly in car accessories market due to high awareness and advance lifestyle.
Increasing personal disposable income in developing countries and changing lifestyle of people for better comfort are factors expected to intensify the growth of car passenger accessories market till 2021. Most of the consumers are mainly inclined towards the electronic accessories such as music system; video player in the car, the segment constitutes high demand over the forecast period.
Government regulations regarding the internal and external modification of the vehicle, cost competitiveness among the key players of the market are few of the factors anticipated to restrict the growth of car accessories market.
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