Global Passenger Car Accessories Aftermarket Grows Steadily at a CAGR of 8%

Introduction

Car accessories are any interior or exterior items that are added to or mounted to a vehicle to enhance its appearance. Car owners emphasize the car's exterior and interior accessories since these components contribute to the overall appearance of sophistication on the outside and to the passenger's sense of ease and convenience on the inside. Car owners can add more modern vehicle amenities via passenger car accessories.

Market Dynamics

Stringent Government Regulations to Replace or Upgrade the Accessories Drive the Global Market

In many nations, getting new automobile accessories after expiration is subject to severe laws and regulations that must be followed. For instance, the National Highway Traffic Safety Administration (NHTSA) recently announced a new regulatory standard requiring all automobile components, including tires, rims, seat belts, and others, to be initially made and changed by the product's expected lifespan. These regulations will, in turn, lead to an increase in sales of passenger car accessories, which will contribute to the overall expansion of the industry.

Technological Advancements and Growth in Demand for Luxurious Vehicles Creates Tremendous Opportunities

More technological advances, like Bluetooth connectivity for hands-free mode, are being made in passenger car aftermarkets. People want more attractive, comfortable, and aesthetically pleasing car features, especially passenger cars. This is expected to be a good thing for the market's growth. But in January 2017, Faurecia showed off the idea of settings that can be changed to solve the problem of a screen that is too big. The use of display screens and separate display panels is likely to go down as a result. For example, door panels can have control knobs built in.

Luxury car names like Audi and BMW usually have high-quality equipment, comfort, speed, and highly advanced interiors. These companies plan to use settings that can be changed and easily added to the screen materials. From 2016 to 2017, sales of luxury cars rose by about 4% worldwide. Also, a rise in the demand for expensive cars is likely to lead to a rise in the demand for new car items. So, technological advances and a rise in the number of people who want to buy expensive cars will likely increase the demand for private car items.

Regional Analysis

Asia-Pacific has the biggest part of the global aftermarket for passenger car equipment, and it is expected to grow at a CAGR of 6.6% over the next few years. The Asia-Pacific automotive motor business is run by government policies supporting sustainable production and field investments. Also, more people are buying cars and other vehicles in Asia-Pacific, which is good for the growth of the aftermarket car parts and equipment market. The growth of the Asia-Pacific area is also helped by the fact that people want more and more high-tech cars and that the Internet of Things (IoT) is becoming more popular in the car industry. The market is also growing because the government is investing in research and development (R&D) for the car industry. This has led to many technological improvements in the automotive industry.

North America. The U.S. has the largest part of the market in this area because it sells the most private cars. More people in the country are buying luxury cars and putting safety and driving assistance systems in their cars because the government makes it hard to put cameras in cars. This helps the growth of the private car accessories aftermarket.

Key Highlights

• The global passenger car accessories aftermarket valued at USD 175.4 billion in 2022. It is estimated to reach USD 350.7 billion by 2031, growing at a CAGR of 8% during the forecast period (2023–2031).
• Based on type, the global passenger car accessories aftermarket is bifurcated into external and internal accessories. The external accessories segment dominates the global market and will likely exhibit a CAGR of 7.3% over the forecast period.

• Based on application, the global passenger car accessories aftermarket is bifurcated into roof racks, LED lights, body kits, body covers, alloy wheels, tires, car care products, window films, seat and steering covers, electronic accessories, knobs, floor mats, sunshades, car organizers, air freshener, vacuum cleaners, pillows and cushions, and others. The tires segment owns the global market and is predicted to exhibit a CAGR of 3.2% over the forecast period.

• Asia-Pacific is the most significant global teeth whitening market shareholder and is estimated to grow at a CAGR of 6.6% over the forecast period.

Competitive Players

1. Covercraft Industries
2. Lloyd Mats
3. Pep Boys
4. Curt Manufacturing
5. Mont Blanc Industrie
6. Lund International
7. Putco Incorporated
8. Highland Products
9. Truck Accessories Group (TAG)
10. Thule Group
11. U.S. Auto Parts Network
12. Roush Performance
13. Petersen Automotive Museum
14. JCA Shades
15. Momo Accessories

Recent Developments

• March 2024- The Surat International Auto Expo 2024 showcased top car manufacturers, two-wheeler companies, commercial vehicles, and a wide range of passenger car accessories. The event aims to create business opportunities for automobile brands and provide a platform for new avenues of development in the aftermarket of passenger car accessories.

Segmentation

1. By Type
   1. External accessories
   2. Internal accessories
2. By Applications
   1. Roof Rack
   2. LED Lights
   3. Body Kits
   4. Alloy Wheels
   5. Tires
   6. Car Care Products
   7. Window Films
   8. Seat and Steering Covers
   9. Electronic Accessories
   10. Knobs
   11. Floor Mats
   12. Sunshades
   13. Car Organizers
   14. Air Freshener
   15. Vacuum Cleaners
   16. Pillow and Cushions
   17. Others