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:
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.
For instance, car theft rates increased in 2020. Approximately 815,000 cars were stolen in 2020, up from about 723,000 in 2019.
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.
For instance, in the ranking lifestyle index, Shanghai claimed the 1st position in 2022.
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.
Our in-depth analysis of the global passenger car accessories market includes the following segments:
By Vehicle Type
By Distribution Channel
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.
Author Credits: Harshita Srivastava, Saima Khursheed
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.
Ans: The market is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2022 – 2031.
Ans: High cost of car accessories, lack of standards and policies, and competition from local manufacturers are estimated to hamper the market growth.
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.
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.
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.
Ans: The market is segmented by type, vehicle type, distribution channel, and by region.
Ans: The aftermarket segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.