Passenger Car Accessories Market Size, Global Industry Demand, Growth, Share, Scope & Forecast 2031

Global Passenger Car Accessories Market Regional Synopsis

Regionally, the global passenger car accessories market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in the Asia Pacific is projected to hold the largest market share by the end of 2031 backed by the rapidly growing automobile industry in the region. For instance, China's automobile industry manufactured approximately 21 thousand passenger cars in 2021 while the figure similar figure for Japan and India was estimated to be respectively around 6 and 3 thousand.

The global passenger car accessories market is further classified on the basis of region as follows:

North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

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Global Passenger Car Accessories Market: Growth Drivers and Challenges

Growth Drivers

Newly Allowed Automobile Regulations – New or improvised automobile regulations put their influence the sale of passenger car accessories. Many unpleasant incidences occur which are associated with the accessories of vehicles i.e., belts and hoses, seat belts, tires, lights, batteries, etc.

As per the data provided by the National Highway Traffic Safety Administration of the U.S., all tires must have a tread depth of at least 2/32 inch or greater, as in 2020, there were 664 total motor vehicle traffic fatalities owing to tire-related accidents.

Rising Cases of Car Theft – Rising number of car theft cases are another main cause for the utilization of advanced security accessories to prevent such incidences.

For instance, car theft rates increased in 2020. Approximately 815,000 cars were stolen in 2020, up from about 723,000 in 2019.

Growing Disposable Income – The huge surge in demand for passenger cars and their accessories is accounted to a rise in disposable income.

As per the data provided by the Bureau of Economic Analysis, in the USA, disposable personal income (DPI) has surged to USD 120.4 billion (0.7%) in June 2022.

Rise in Lifestyle Status – In developing countries, lifestyle status has been increasing and this increase leads to the expenditure tendency of people to expend more on things which delivers that comfort and ease.

For instance, in the ranking lifestyle index, Shanghai claimed the 1st position in 2022.

Challenges

High Cost of Car Accessories
Lack of Standards and Policies
Competition from Local Manufacturers

The global passenger car accessories market is segmented and analyzed for demand and supply by distribution channel into original equipment manufacturer (OEM), and aftermarket. Out of these sub-segments, the aftermarket segment is anticipated to grow at a significant rate owing to its wide supply chains with major distributors and retailers, and the advent of various e-commerce stores that are making it easier to purchase desired car accessories at the comfort of home. For instance, there are approximately 1800 online auto parts and accessories stores worldwide.

Market Segmentation

Our in-depth analysis of the global passenger car accessories market includes the following segments:

By Type

Interior
- Seat Covers & Cushions
- Seat Belts
- Others

Exterior
- Doors
- Windows
- Wheels & Rims
- Mirrors
- Others
- Electronics
- Dashcams
- Lightings
- Backup Cameras
- Audios & Videos
- GPS & Navigation
- Chargers
- Sensors
- Others

By Vehicle Type

Compact
Mid-Size
SUVs
Luxury

By Distribution Channel

Original Equipment Manufacturer (OEM)
Aftermarket

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Top Featured Companies Dominating the Global Passenger Car Accessories Market

Pioneer Corporation
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis

Lloyd Mats
Covercraft Industries, LLC
Robert Bosch GmbH
Delphi Technologies
Continental AG
Mont Blanc Group AB
Alpine North America, Inc.
Classic Soft Trim
Magna International Inc.

In The News

Delphi Technologies announced the launch of its new global steering and suspension products for the Tesla Model S, including control arms, link stabilizers, tie rods, and ball joints.
Continental AG has introduced a new series of tires with polyester made from recycled PET bottles. As part of their ContiRe.Tex technology, the company has developed this new tire series, which is anticipated to completely replace the conventional polyester tire remains.

Global Economic Impact

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Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.

Key Questions Answered in the Report

1) What are the major factors driving the growth of the passenger car accessories market market?

Ans: Newly allowed automobile regulations, rising cases of car theft, growing disposable income, and rise in lifestyle status are some major factors driving the growth of the passenger car accessories market.

2) What would be the CAGR of passenger car accessories market market over the forecast period?

Ans: The market is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2022 – 2031.

3) What are the challenges affecting the passenger car accessories market market growth?

Ans: High cost of car accessories, lack of standards and policies, and competition from local manufacturers are estimated to hamper the market growth.

4) Which region will provide more business opportunities for growth of passenger car accessories market market in future?

Ans: The market in Asia Pacific region is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.

5) Who are the major players dominating the passenger car accessories market market?

Ans: The major players in the market are Pioneer Corporation, Lloyd Mats, Covercraft Industries, LLC, Robert Bosch GmbH, Delphi Technologies, Continental AG, Mont Blanc Group AB, Alpine North America, Inc., Classic Soft Trim, and others.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the passenger car accessories market?

Ans: The market is segmented by type, vehicle type, distribution channel, and by region.

8) Which segment captures the largest market size in the distribution channel segment in the passenger car accessories market?

Ans: The aftermarket segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.