Passenger Car Accessories Market Size & Share, by Type {Interior (Seat Covers & Cushions, Seat Belts), Exterior (Doors, Windows, Wheels & Rims, Mirrors), Electronic (Dashcams, Lightings, Backup Cameras, Audio & Video, GPS & Navigation, Chargers, Sensors)}; Vehicle Type (Compact, Mid-size, SUVs, Luxury); Distribution Channel (OEM, Aftermarket) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2031

Global Passenger Car Accessories Market Size, Forecast, and Trend Highlights Over 2022 - 2031

The global passenger car accessories market is estimated to garner a revenue of ~USD 800 Billion by the end of 2031 by growing at a CAGR of ~7% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of ~USD 400 Billion in the year 2021. The growth of the market can primarily be attributed to the rising popularity of car personalization, especially among the younger population, and increased sales of cars. As per data provided by the IEA, worldwide car sales grew by 4% in the year 2021. Whereas, global SUV sales remained strong throughout the pandemic, boosted by more than 10% of sales between 2020 to 2021 and predicted to account for more than 45% of global car sales in 2021.

Passenger car accessories are gaining popularity among consumers because they provide a stylish look, comfort, and entertainment. Car accessories allow customers to enhance their cars with innovative features. The adoption of passenger car accessories is expanding globally as a result of rising digital technology and dynamic developments that make operating various electric accessories via different apps simple and easy. For instance, in 2021, there were approximately 5 billion internet users, which was around 65% of the total global population.

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.

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

Market Segmentation

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

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.