Passenger Car Accessories Market

Passenger Car Accessories Market is predicted to reach at USD 224 Billion by 2028 at a CAGR of 6.8% CAGR during the forecast period.

Introduction of the Passenger Car Accessories Market

Passenger Car Accessories are the interior and exterior parts which are add-ons in/on the car to improve the aesthetics of the car. Passenger car accessories are gaining attention among the consumers as they offer stylish look, comfort, entertainment, and standard of their car. Car accessories helps the customer to upgrade their car with advanced features such as GPS, power lock and others.

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Market Dynamic

Key Drivers and Emerging Trends 

Sales of passenger cars stands to be the primary factor supplementing the growth of passenger car accessories. For instance, according to International Organization of Motor Vehicle Manufacturers, in 2020, the total passenger car sales were estimated to be 53.60 million units.

Furthermore, companies are also trying to provide entertainment for the back passengers. For instance, KIA is providing Console Mounted DVD system, which includes 2 wireless headphones and remote control. The same have been adopted by companies providing cab services to its prime members such as OLA, UBER and others. Furthermore, advancements in infotainment systems will further support the growth of this market. For instance, Hyundai to feature NVIDIA DRIVE ‘connected car’ infotainment and AI platform. Similarly in 2021, LG and Luxsoft came into agreement to jointly develop the web operating system (WebOS) auto platform. 

Restraint in the Passenger Car Accessories Market

However, advancement of new technologies can be costlier than the conventional accessories, which may become bottleneck for the passenger car accessories market and can be a restraint in passenger car accessories market.

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Component- Segment Analysis

Based on the component, interior car accessories are expected to grow at a higher CAGR in the global car accessories market over the forecast period. Interior car accessories are add-ons that enhance the aesthetics of a vehicle and provide entertaining and comfortable riding experience. Factors such as deployment of advanced AI systems has increased new market opportunities for the manufacturers.

Sales Channel- Segment Analysis

Based on the sales channel, Original Equipment Manufacturers (OEM) have started to enter mid and small car segment with advanced infotainment system because the growth of adoption of new technologies is more in premium cars. For instance, Magneti Marelli an OEM, manufactures components such as lighting, suspension system, active & passive shock absorber, exhaust system and others.

Region- Segment Analysis

North America region is expected to dominate this market due to higher spending on passenger accessories among the consumers. Increase in demand for customization of vehicle among younger generation has also boosted the demand for cars fitted with advanced car accessories. Furthermore, the growing automotive aftermarket in the US market will further supplement the market growth in the region. Some of the leading players in the passenger car accessories market include Magna International Inc., Denso International America Inc. among others.

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Top Market Players

The major participants in the passenger car accessories market include Auto Parts Network Inc, Covercraft Industries, LLC, Pecca Group Berhad, CAR MATE MFG, CO., Grupo Antolin, Continental AG, Classic Soft Trim, Star Automotive Accessories, Harman International Industries, Incorporated. 

Key Developments:

• • In 2021, Minda Industries and Harita Seating System Ltd. announced their merger. This merger has helped the company in expanding the business from switches, lamps, and horns to seating solution for passenger cars.
  • In 2021, Continental AG launched three new products for the automotive spare parts comprising of air suspension dampers, compressors, coolant thermostats.

Segments covered in the Report:

The Passenger Car Accessories Market has been segmented based on components, sales channel, and region. The component is segmented into exterior parts and interior parts. Exterior are further segmented into rims, car cover, mirror, wind shield, windows, and interior are further segmented into seat belts, car seat, horns, speedometer, grab handles, lights, audio/visual system. Based on sales channel, the market is segmented into OEM and aftermarket. 

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Key questions answered in this research report:

• • At what pace is global Passenger Car Accessories market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Passenger car accessories Market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the Passenger car accessories market?
  • What are the various applications of Passenger car accessories Market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Passenger Car Accessories Market by Component

• • Interior
    • Seat Belts
    • Car Seat
    • Horns
    • Speedometer
    • Grab Handles
    • Lights
    • Audio/Visual System
  • Exterior
  • Rims
  • Car Cover
  • Mirror
  • Wind Shield
  • Windows

Passenger Car Accessories Market by Sales Channel

• • OEM
  • Aftermarket

Passenger Car Accessories Market by Region

• • North America Passenger Car Accessories Market (Option 1: As a part of the free 25% customization)
    • North America Passenger Car Accessories Market by Component
    • North America Passenger Car Accessories Market by Sales Channel
    • US Passenger Car Accessories Market All-Up
    • Canada Passenger Car Accessories Market All-Up
  • Europe Passenger Car Accessories Market (Option 2: As a part of the free 25% customization)
    • Europe Passenger Car Accessories Market by Component
    • Europe Passenger Car Accessories Market by Sales Channel
    • UK Passenger Car Accessories Market All-Up
    • Germany Passenger Car Accessories Market All-Up
    • France Passenger Car Accessories Market All-Up
    • Spain Passenger Car Accessories Market All-Up
    • Rest of Europe Passenger Car Accessories Market All-Up
  • Asia-Pacific Passenger Car Accessories Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Passenger Car Accessories Market by Component
    • Asia-Pacific Passenger Car Accessories Market by Sales Channel
    • China Passenger Car Accessories Market All-Up
    • India Passenger Car Accessories Market All-Up
    • Japan Passenger Car Accessories Market All-Up
    • Rest of APAC Passenger Car Accessories Market All-Up
  • RoW Passenger Car Accessories Market (Option 4: As a part of the free 25% customization)
    • RoW Passenger Car Accessories Market by Component
    • RoW Passenger Car Accessories Market by Sales Channel
    • Brazil Passenger Car Accessories Market All-Up
    • South Africa Passenger Car Accessories Market All-Up
    • Saudi Arabia Passenger Car Accessories Market All-Up
    • UAE Passenger Car Accessories Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Passenger Car Accessories Market All-Up

Major Players Operating in the Car accessories market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Auto Parts Network Inc
  • Covercraft Industries
  • LLC, Pecca Group Berhad
  • CAR MATE MFG, CO.
  • Grupo Antolin
  • Continental AG
  • Classic Soft Trim
  • Star Automotive Accessories
  • Harman International Industries
  • Alpine Company