Market Size in 2023 | Market Forecast in 2032 | CAGR (in %) | Base Year |
---|---|---|---|
USD 43.82 Billion | USD 75.63 Billion | 5.6% | 2023 |
According to a report from Zion Market Research, the global Car Accessories Market was valued at USD 43.82 Billion in 2023 and is projected to hit USD 75.63 Billion by 2032, with a compound annual growth rate (CAGR) of 5.6% during the forecast period 2024-2032. This report explores market strengths, weakness, opportunities, and threats. It also provides valuable insights into the market's growth drivers, challenges, and the future prospects that may emerge in the Car Accessories Market industry over the next decade.
The car accessories play an important role in improving the safety and aesthetic value of an automobile. The automobile consumers across the globe are inclined towards equipping their cars with essential accessories required for improving performance and passenger comfort. The car accessories ranges from the basic appearance improving product to the most advanced e-seat in a vehicle. Rising competition in the passenger vehicle market has triggered a trend in incorporating essential car accessories, that were previously considered luxury, to gain competitive edge in the market. This has played a key role in shaping the global car accessories market.
Increased passenger vehicle sales, rising awareness regarding on-road safety, growing technology integration into automobiles, increasing demand for electric vehicles, and shifting preference towards enhancing vehicle appearance are the key forces driving the global car accessories market. Consumer preference for high aesthetic value automobiles has increased significantly across the developing countries across Asia Pacific and Africa.
Additionally, the demand for safety accessories has witnessed significant growth during the past couple of years owing to increased consumer awareness and government initiatives. This has significantly contributed towards the growth of the global car accessories during past couple of years and is anticipated to be a key factor driving the growth of the global car accessories market over coming years.
Based on product, the global car accessories market is segmented into working lights, torches, appearance accessories, warning lights, driving lights, interior lights, e-sets, interior accessories, lifestyle gadget, instruments and gauges, safety, light module tuning, performance/stylish/luminaire tuning, vision products, appearance chemicals, gas & oil additives, solar powered HVAC systems, retrofit air conditioner sets, and others.
Along with the rising demand for safety accessories, the lighting accessories such as the warning lights, driving lights, and interior lights collectively contributed more than 15% to the global car accessories market in 2019 and are expected to be among the fastest growing segments during the forecast period. Among these, the warning lights segment is anticipated to be the fastest segment during the forecast period. The warning lights are increasingly being used to improve visibility and on-road safety across the European and Asia countries, thereby contributing towards the growth of the global car accessories market.
Report Attributes | Report Details |
---|---|
Report Name | Car Accessories Market |
Market Size in 2023 | USD 43.82 Billion |
Market Forecast in 2032 | USD 75.63 Billion |
Growth Rate | CAGR of 5.6% |
Number of Pages | 130 |
Key Companies Covered | U.S. Auto Parts Network Inc., Cover craft Industries LLC, Lloyd Mats, Star Automotive Accessories, Robert Bosch GmbH, Hyundai Motor Company, Roush Performance, JCA Fleet Services, Classic Soft Trim, Renault, Honda Motor Co., Ltd. among others. |
Segments Covered | By Product Type, By Application And By Region |
Regions Covered | North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA) |
Base Year | 2023 |
Historical Year | 2018 to 2022 |
Forecast Year | 2024 - 2032 |
Customization Scope | Avail customized purchase options to meet your exact research needs. Request For Customization |
Asia Pacific held the largest share of the global car accessories market in 2020 and is anticipated to be the fastest growing segment during the forecast period owing to increasing number of cars across major countries such as India, Indonesia, and Malaysia. However, government initiatives towards the use of public transport and increasing investment in public transport infrastructure in major countries such as China and Japan are anticipated to hinder the growth of the Asia Pacific car accessories market in coming years. However, strong aftermarket demand for car accessories across the region is anticipated to be a key factor driving the growth of Asia Pacific car accessories market during the forecast period.
Some of key players in car accessories market are
By Product
By Region
FrequentlyAsked Questions
According to a report from Zion Market Research, the global Car Accessories Market was valued at USD 43.82 Billion in 2023 and is projected to hit USD 75.63 Billion by 2032.
According to a report from Zion Market Research, the global Car Accessories Market a compound annual growth rate (CAGR) of 5.6% during the forecast period 2024-2032.
Some of the key factors driving growth of the global car accessories market are Increased passenger vehicle sales, rising awareness regarding on-road safety, growing technology integration into automobiles, increasing demand for electric vehicles, and shifting preference towards enhancing vehicle appearance.
Asia Pacific region held a substantial share of the Car Accessories market in 2020. This is attributable to the increased demand from wide range of car accessories across major countries in the region fueled increasing automobile sales.
Some of the major companies operating in car accessories market are U.S. Auto Parts Network Inc., Cover craft Industries LLC, Lloyd Mats, Star Automotive Accessories, Robert Bosch GmbH, Hyundai Motor Company, Roush Performance, JCA Fleet Services, Classic Soft Trim, Renault, Honda Motor Co., Ltd. among others.
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