Home Automotive and Transportation Passenger Car Accessories Aftermarket Size, Competitive Landscape 2031

Passenger Car Accessories Aftermarket

Passenger Car Accessories Aftermarket Size, Share & Trends Analysis Report By Type (External accessories, Internal accessories), By Applications (Roof Rack, LED Lights, Body Kits, Alloy Wheels, Tires, Car Care Products, Window Films, Seat and Steering Covers, Electronic Accessories, Knobs, Floor Mats, Sunshades, Car Organizers, Air Freshener, Vacuum Cleaners, Pillow and Cushions) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2023-2031

Report Code: SRAT55705DR
Study Period 2019-2031 CAGR 8%
Historical Period 2019-2021 Forecast Period 2023-2031
Base Year 2022 Base Year Market Size USD 175.4 Billion
Forecast Year 2031 Forecast Year Market Size USD 350.7 Billion
Largest Market Asia-Pacific Fastest Growing Market North America
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Market Overview

The global passenger car accessories aftermarket size was 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). Stringent government regulations to replace or upgrade the accessories and an increase in the trend of vehicle customization coupled with an increase in disposable income promote market growth.

Car accessories are the interior/exterior parts installed in/on the car to improve the aesthetics. Car owners are more focused on the exterior and interior accessories as they give the car a stylish look from the outside and a comfortable and convenient feel from the inside. Passenger car accessories allow car owners to upgrade their cars with advanced features.

Market Dynamics

Global Market Drivers

Stringent Government Regulations to Replace or Upgrade the Accessories

Many countries are mandating stringent rules and regulations to replace car accessories after expiry. For example, the National Highway Traffic Safety Administration (NHTSA) has stated a new regulatory norm for car parts such as tires, rims, seat belts, and others to be originally manufactured. It must be replaced according to the life span of the product. Such mandates will, in turn, boost the sales of passenger car accessories, thereby contributing toward market growth.

Rise in Trend of Vehicle Customization Coupled with Increase in Disposable Income

People's spending incomes have been going up a lot around the world. For example, according to the Office for National Statistics (ONS), Europe accounted for high household disposable income in 2016. In addition, China's per capita disposable income increased by 6.3% in the same year. Also, more people are customizing their cars because they have more money and care more about their looks. Some of the extras for passenger cars that make them look better are chrome parts, skirts, LED lights, alloy wheels, etc. This, in turn, fuels the growth of the global passenger car accessories aftermarket.

Global Market Restraint

Decrease in Global Vehicle Production

After eight successful years of increasing sales till 2017, global automotive production has witnessed a decrease in vehicle sales (passenger and commercial vehicles). Compared to 2017, the overall vehicle sales in 2018 were down by 1%, the highest level ever. Moreover, the vehicle sales statistics in 2019 are not positive, and vehicle sales are continuously declining, especially in developing countries like India, China, and others, hampers the passenger car accessories aftermarket growth. Further, the Asia-Pacific region, which accounts for more than half of the global production, witnessed a decrease in vehicle production by around 2% in 2018, which resulted in reduced sales of passenger car accessories aftermarket.

Global Market Opportunities

Technological Advancements and Growth in Demand for Luxurious Vehicles

An increase in technological advancements, such as Bluetooth connectivity for hands-free mode, in the passenger car accessories aftermarket, owing to increased demand for attractive, comfortable, and aesthetic features in automotive vehicles, especially passenger vehicles, is anticipated to provide a lucrative opportunity for market growth. However, Faurecia showcased the concept of customizable controls in January 2017 to solve the problem of bulky dashboards. This is expected to decrease the use of display screens and separate display panels. For example, control knobs can be integrated into door panels.

Generally, luxurious car brands such as Audi and BMW offer high-quality equipment, comfort, performance, and technologically innovative automotive interiors. These manufacturers plan to use customizable controls that can easily be integrated into the dashboard materials. The sales of luxurious cars increased worldwide by around 4% from 2016 to 2017. Furthermore, an increased demand for luxurious cars will likely increase the need for innovative automotive accessories. Therefore, technological advancements and demand for luxurious vehicles are estimated to increase the demand for passenger car accessories.

Regional Analysis

Based on region, the global passenger car accessories aftermarket is bifurcated into North America, Europe, Asia-Pacific, and LAMEA.

Asia-Pacific Dominates the Global Market

Asia-Pacific is the most significant global passenger car accessories aftermarket shareholder and is estimated to grow at a CAGR of 6.6% during the forecast period. The Asia-Pacific automotive motor industry is controlled by government policies that encourage sustainable manufacturing and investments in the sector. Furthermore, increased passenger car and vehicle registration in Asia-Pacific provides lucrative opportunities for expanding the passenger car accessories aftermarket. Further, the increase in demand for advanced vehicles among citizens and the rise in IoT in the automobile segment fuel the growth of the Asia-Pacific region. Moreover, various technological advancements related to automotive, due to government initiatives such as investment in R&D in automotive manufacturing, further propel the market growth.

In North America. U.S. accounts for the highest market share in this region, owing to the highest passenger car sales. The increase in the adoption of luxury cars and the installation of safety and driver assistance systems in vehicles in the country, owing to stringent government regulations of installing cameras in vehicles, boost the growth of passenger car accessories aftermarket.

In Europe, a rise in demand for gasoline cars in the aftermarket for car parts and equipment is projected to grow quickly in the next few years. Moreover, an efficient regional road network and infrastructure will propel the market's growth. In addition, technological advancements and growth in vehicle standards contribute toward the growth of passenger car accessories aftermarket in Europe. Also, the rapid increase in sales of high-end cars promoted the growth of advanced vehicles in Europe, further driving the market growth in this region.

In LAMEA, the adoption rate of advanced systems in the automotive industry is comparatively slow. Factors such as growth in IoT, rise in demand for advanced technologies in automotive, and increase in safety and security of vehicles drive the growth of the LAMEA passenger car accessories aftermarket.

Report Scope

Report Metric Details
Segmentations
By Type
  1. External accessories
  2. Internal accessories
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
Company Profiles Bridgestone Corporation CEAT Limited Continental Corporation Michelin Pirelli Tyre C S.p.A. The Goodyear Tire and Rubber Company JK Tyre and Industries Limited MRF Limited Sumitomo Rubber Industries Ltd. The Yokohama Rubber Co.Ltd.
Geographies Covered
North America U.S. Canada
Europe U.K. Germany France Spain Italy Russia Nordic Benelux Rest of Europe
APAC China Korea Japan India Australia Singapore Taiwan South East Asia Rest of Asia-Pacific
Middle East and Africa UAE Turkey Saudi Arabia South Africa Egypt Nigeria Rest of MEA
LATAM Brazil Mexico Argentina Chile Colombia Rest of LATAM
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
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Segmental Analysis

The global passenger car accessories aftermarket is bifurcated into types and applications.

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. External accessories include accessories outside the car, such as roof racks, LED lights, body kits (chrome accessories, bumper guards, and door visors), body covers, alloy wheels, tires, car care products, and window films. Increasing people's disposable income and stringent vehicle acts in some countries drive the growth of the external accessories market. For instance, the Dubai government, known for its strict laws and authorities, has set a new rule that compels citizens to keep their cars clean. A dirty car on Dubai Road would be fined around USD 125. This, in turn, creates demand for cleaning and polishing accessories in Dubai, which further drives the market growth.

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. A tire is a ring-shaped module that surrounds the rim of the wheel. A car tire transfers a vehicle's load from the axle through the wheel to the ground and helps the vehicle get traction on the surface it travels over. Tires on the car allow the vehicle to get traction over the road and play a crucial role in the overall design, performance, and handling. For instance, simply upsizing the tires may add a heaps of design effect, which drives the tire market for passenger cars. In addition, the tire needs to be replaced every three to four years if the average driving is 19,000-24,000 km per annum.

Market Size By Type

Market Size By Type
  • External accessories
  • Internal accessories
  • Recent Developments

    • May 2023- Goodyear paid USD 2.8 billion to buy the car tire company Cooper Tire and Rubber. The purchase will help Goodyear grow its market share in the aftermarket for passenger car parts worldwide.
    • April 2023- Michelin paid USD 13.6 billion to buy BFGoodrich, a car tire company. The purchase will help Michelin grow its market share in the aftermarket for equipment for passenger cars worldwide.

    Top Key Players

    Passenger Car Accessories Aftermarket Share of Key Players

    Passenger Car Accessories Aftermarket Share of Key Players
    Bridgestone Corporation CEAT Limited Continental Corporation Michelin Pirelli Tyre C S.p.A. The Goodyear Tire and Rubber Company JK Tyre and Industries Limited MRF Limited Sumitomo Rubber Industries Ltd. The Yokohama Rubber Co.Ltd. Others

    Frequently Asked Questions (FAQs)

    What is the estimated size of the Passenger Car Accessories Aftermarket?
    The global passenger car accessories aftermarket size was 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).
    Asia-Pacific region has the highest growth rate in the Passenger Car Accessories Aftermarket.
    Technological Advancements and Growth in Demand for Luxurious Vehicles are one of the key opportunities in Passenger Car Accessories Aftermarket..
    Stringent Government Regulations to Replace or Upgrade the Accessories and Rise in Trend of Vehicle Customization Coupled with Increase in Disposable Income are some key drivers supporting the growth of the Passenger Car Accessories Aftermarket.
    The global passenger car accessories aftermarket is bifurcated into types and applications.


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