Home Automotive and Transportation Passenger Car Accessories Aftermarket Size, Share, Demand by 2032

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, Others) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2024-2032

Report Code: SRAT55705DR
Last Updated : 26,Jul 2024
Author : Straits Research
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Market Overview

The global passenger car accessories aftermarket revenue was valued at USD 189.32 billion in 2023. It is estimated to reach USD 378.45 billion by 2032, growing at a CAGR of 8% during the forecast period (2024–2032). Over the past few years, there has been a rise in the disposable income of the worldwide population who can afford to buy an automobile, thereby increasing vehicle ownership and ultimately boosting the global passenger car accessories aftermarket. Furthermore, this expansion is more prominent in emerging nations, thereby creating opportunities for the growth of passenger car accessories aftermarket in these regions.

The Passenger Car Accessories Aftermarket refers to the segment of the automotive industry that deals with the sale and installation of non-essential products and enhancements for passenger cars after the vehicle has been purchased. This market includes a wide range of items such as entertainment systems, custom interiors, safety features, and performance parts. These accessories are designed to improve the vehicle's aesthetics, functionality, and comfort, catering to consumer preferences and trends. The aftermarket industry thrives on innovation and customization, offering drivers the ability to personalize their vehicles and upgrade their driving experience. With the rise of technology and changing consumer demands, the aftermarket for passenger car accessories has become a dynamic and lucrative sector within the automotive industry.

Top 3 Key Highlights

  • External Accessories dominate the type segment.
  • Tires dominate the application segment.
  • North America is the highest shareholder in the global market.

Market Dynamics

Market Drivers

Growing Vehicle Ownership and Rising Disposable Income

The increasing global vehicle ownership, coupled with rising disposable incomes, significantly propels the market. According to the International Organization of Motor Vehicle Manufacturers (OICA), the global car fleet exceeded 1.4 billion units in 2021. This surge in vehicle numbers translates to a higher demand for accessories to enhance vehicle aesthetics, comfort, and functionality. Additionally, as disposable incomes rise, particularly in emerging economies, consumers are more inclined to spend on customizing and upgrading their vehicles.

For instance, the World Bank reports a steady increase in the middle-class population in countries like China and India, which correlates with an uptick in discretionary spending on car accessories. This trend is evident from the growing popularity of accessories such as advanced infotainment systems, premium seat covers, and high-performance tires. Moreover, the automotive industry's shift towards electric vehicles (EVs) further boosts the market, as EV owners seek specialized accessories to optimize their vehicle's efficiency and aesthetics. The confluence of these factors ensures a sustained demand in the passenger car accessories aftermarket, driving its growth on a global scale.

Market Restraint

High Cost and Regulatory Challenges

Despite the promising growth, the market faces significant restraints, primarily due to the high cost of advanced accessories and regulatory challenges. Advanced car accessories, such as sophisticated infotainment systems, high-performance exhaust systems, and premium interior fittings, often come with hefty price tags, limiting their affordability for a broad consumer base. According to a study by Deloitte, cost remains a major barrier to the adoption of advanced automotive technologies among consumers. Additionally, stringent regulations related to automotive safety and environmental standards pose challenges for aftermarket manufacturers.

For instance, the European Union's regulations on vehicle emissions and safety standards require manufacturers to ensure their products comply with these stringent norms, leading to increased production costs and compliance burdens. Non-compliance can result in hefty fines and product recalls, further impacting profitability. Moreover, the counterfeit market for car accessories also poses a threat, as substandard and low-cost counterfeit products can harm the reputation of genuine aftermarket brands. These factors collectively hinder the growth potential of the passenger car accessories aftermarket, necessitating strategic measures to address cost and regulatory challenges effectively.

Market Opportunities

Expansion in Emerging Markets

The market holds significant growth opportunities, particularly in emerging markets. Regions such as Asia-Pacific, Latin America, and Africa are witnessing rapid urbanization, rising disposable incomes, and an increasing middle-class population, all of which contribute to the burgeoning demand for passenger car accessories. According to the International Monetary Fund (IMF), emerging markets are expected to grow at a rate of 4.7% in 2024, outpacing the global average. This economic growth translates to higher vehicle sales and an increased demand for aftermarket accessories.

For example, in India, the automotive aftermarket is projected to reach USD 32 billion by 2026, driven by a growing preference for vehicle customization and enhancement. Similarly, in Brazil, the rising number of vehicle owners and the popularity of online retail channels are boosting the aftermarket segment. Companies that can establish a strong presence in these markets, with localized product offerings and effective distribution networks, stand to gain significantly. Furthermore, the growing awareness of vehicle maintenance and the adoption of e-commerce platforms in these regions provide additional avenues for market expansion. Capitalizing on these opportunities can drive substantial growth in the global passenger car accessories aftermarket.

Study Period 2020-2032 CAGR 8%
Historical Period 2020-2022 Forecast Period 2024-2032
Base Year 2023 Base Year Market Size USD 189.32 billion
Forecast Year 2032 Forecast Year Market Size USD 378.45 billion
Largest Market North America Fastest Growing Market Europe
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Regional Analysis

Based on region, the global market is bifurcated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. 

North America passenger car accessories aftermarket share is expected to expand substantially during the forecast period. The North American passenger car accessories aftermarket is a dynamic and robust segment characterized by high vehicle penetration and a strong consumer inclination toward vehicle customization. The region's market is predominantly driven by the United States, followed by Canada and Mexico. According to the Federal Highway Administration, the U.S. alone has over 276 million registered vehicles, creating a vast customer base for aftermarket products. This high vehicle ownership, combined with the American culture of personalization and customization, significantly boosts the demand for a wide range of car accessories, from aesthetic enhancements to advanced technological upgrades.

Additionally, technological innovation plays a pivotal role in the North American market. The presence of major automotive technology companies and well-established infrastructure for research and development fosters the continuous introduction of innovative products. For instance, companies like Garmin and Pioneer are at the forefront of developing advanced infotainment systems and navigation devices that appeal to tech-savvy consumers. The region also sees a high adoption rate of smart accessories, such as connected car devices and driver-assistance systems, reflecting a trend toward integrating cutting-edge technology into vehicles.

Furthermore, the North American aftermarket benefits from a robust distribution network, including a strong presence of both brick-and-mortar stores and e-commerce platforms. Online retail giants like Amazon and specialized automotive parts retailers like AutoZone and Advance Auto Parts provide extensive product availability and competitive pricing, enhancing consumer access to aftermarket products. Moreover, environmental awareness and regulatory standards also influence the market. With stringent emissions regulations and a growing emphasis on sustainable practices, there is a rising demand for eco-friendly accessories, such as low-emission exhaust systems and energy-efficient lighting. These factors collectively drive the growth and diversification of the passenger car accessories aftermarket in North America, making it a pivotal region in the global market landscape.

In the European passenger car accessories aftermarket, the region plays a significant but secondary role compared to other global markets. As one of the largest automotive markets, the European Union (EU) had over 242 million passenger cars registered in 2021, reflecting a robust demand for vehicle accessories. This demand is driven by consumer desires for customization, an aging vehicle fleet, and an increasing interest in performance upgrades and aesthetic enhancements. Additionally, key players in the European market include Thule Group (Sweden), Lund International (Sweden), and Mont Blanc Industrie (France), which dominate the aftermarket landscape.

Furthermore, government regulations and initiatives significantly shape the market. The European Union's stringent guidelines on vehicle accessories and aftermarket parts ensure safety and quality, influencing market dynamics and driving industry standards. Moreover, industry associations such as the European Association of Automotive Suppliers (CLEPA) and the Automotive Aftermarket Suppliers Association (AASA) play pivotal roles in fostering market growth and innovation. These organizations advocate for industry interests and help align market developments with regulatory requirements, contributing to the overall expansion of the European passenger car accessories aftermarket.

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Segmental Analysis

The global passenger car accessories aftermarket is bifurcated into type and application.

Based on type, the global passenger car accessories aftermarket is bifurcated into external and internal accessories.

The external accessories segment dominates the global market 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. Additionally, 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 over the forecast period. Tires are essential components of passenger cars, transferring the vehicle's load from the axle to the ground and providing crucial traction. They significantly influence the car's design, performance, and handling. Upgrading tire sizes can enhance both aesthetics and functionality, which fuels the demand in the aftermarket. Tires must be replaced every three to four years, depending on usage, which averages 19,000-24,000 kilometers annually. This replacement cycle creates a consistent demand in the global passenger car accessories aftermarket, driving sales and innovation. Regular tire replacement ensures optimal performance and safety, highlighting the importance of the aftermarket tire segment in maintaining vehicle efficiency and customer satisfaction.

Market Size By Type

Market Size By Type
  • External accessories
  • Internal accessories

  • List of key players in Passenger Car Accessories Aftermarket

    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

    Passenger Car Accessories Aftermarket Share of Key Players

    Passenger Car Accessories Aftermarket Share of Key Players

    Recent Developments


    Passenger Car Accessories Aftermarket Segmentations

    By Type (2020-2032)

    • External accessories
    • Internal accessories

    By Applications (2020-2032)

    • 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
    • Others

    Frequently Asked Questions (FAQs)

    What is the estimated size of the passenger car accessories aftermarket?
    The global passenger car accessories aftermarket size is estimated to reach USD 378.45 billion by 2032, growing at a CAGR of 8%.
    North America is the most significant global market shareholder and is expected to expand substantially during the forecast period.
    Technological Advancements and Growth in Demand for Luxurious Vehicles are one of the key opportunities in market..
    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 market.
    The global market is bifurcated into types and applications.


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