by The passenger car accessories market is poised for remarkable growth, with a valuation of USD 487.7 billion in 2022, and is projected to soar to USD 829.2 billion by 2032, exhibiting a robust compound annual growth rate (CAGR) of 5.5% during the forecast period.
Market Overview
The global passenger car accessories market is experiencing accelerated growth driven by several key factors. Leading industry players are actively engaging in acquisitions and partnerships with local and regional companies, enabling them to offer customers superior and highly functional accessories. Additionally, the growing investment in enhancing the technical and safety features of vehicles has fueled the demand for car passenger accessories.
Automated passenger car accessories play a pivotal role in enhancing the driving and riding experience, providing unmatched protection and safety for passengers. Features such as booster cables, mirror dash cameras, central lock systems, chrome accessories, and traction control not only enhance safety but also improve vehicle performance. However, the market also faces challenges that need to be addressed for sustained growth and success.
Key Report Findings
- The global passenger car accessories market was valued at USD 487.7 billion in 2022.
- Market growth is driven by the increasing demand for lightweight vehicles equipped with cutting-edge car accessories, including infotainment and safety features.
- The market presents significant opportunities for players specializing in vehicle customization.
- High costs and a lack of industry policies are the two primary challenges that could impede market growth if left unaddressed.
Market Drivers
- Increase in Disposable Income
The surge in the passenger car accessories market can be attributed to the rise in disposable income among consumers. In 2022, disposable income, as reported by the US Bureau of Economic Analysis, grew by 7 percent to reach USD 120.4 billion. This increase in discretionary income has empowered consumers to purchase feature-rich and fuel-efficient vehicles, complemented by value-adding passenger car accessories.
- Growing Number of Car Theft Cases
The markets growth is further propelled by the significant rise in car theft cases, necessitating highly advanced security features to mitigate risks. Studies reveal that car theft incidents reached nearly 815,000 in 2020, an increase of 92,000 cases compared to 2019.
- Demand for Infotainment Systems
Modern-day drivers increasingly demand cutting-edge infotainment systems in their vehicles, encompassing features such as Bluetooth connectivity, lighter ports, video panels, GPS, control panels, aux ports, and USB ports. This trend has led original equipment manufacturers (OEMs) to integrate infotainment systems not only in luxury vehicles but also in small and mid-size cars.
Market Opportunities
- Improvement in the Lifestyle Status of Buyers
Asia Pacific countries, particularly China, present substantial growth opportunities for industry players. In 2022, Shanghai ranked first in the lifestyle index, reflecting an increase in peoples lifestyle status and their propensity to spend. This has fueled the demand for luxury vehicles in China.
- Demand for Vehicle Customization
Young car buyers, such as millennials, exhibit a strong preference for customized features in their vehicles. This presents a significant opportunity for manufacturers to offer personalized services and features tailored to customers needs and requirements.
- Increase in Passenger Car Registrations
While light vehicle sales experienced a 7 percent decline in the United States in 2017, countries like Russia, Europe, Brazil, Japan, China, and India witnessed a substantial increase in passenger car registrations. This growth trend continues, providing numerous opportunities for passenger car accessories industry players to expand their profits. For instance, the demand for raw materials like thermoplastic and high-strength steel for manufacturing car accessories for light vehicles is on the rise, offering supply opportunities for industry players.
Market Challenges
- High Cost
One of the most significant challenges faced by industry players is the high cost of car accessories. Due to limited mass production, these accessories can be expensive, impacting the end customers affordability and demand.
- Industry Regulations
The lack of well-defined global industry standards and policies poses a challenge for market players, necessitating efforts to establish clear guidelines.
Regional Coverage
The passenger car accessories market is geographically segmented into the following regions:
North America: Canada, United States Europe: United Kingdom, Spain, Italy, Germany, France, Hungary, Belgium, Netherlands, Ireland, Poland, Austria Asia Pacific: Australia, China, India, Japan, South Korea Latin America: Mexico, Argentina, Colombia, Brazil Middle East and Africa: Egypt, Nigeria, Saudi Arabia, South Africa, United Arab Emirates, Qatar, Kuwait, Oman
Company Recent Development
Major players operating in the passenger car accessories market include:
- Robert Bosch GmbH
- Pioneer Corporation
- Denso Corporation
- Covercraft Industries, LLC
- Delphi Technologies
- Continental AG
- Mont Blanc Group AB
- Lear Corporation
- Classic Soft Trim
- Magna International Inc.
- Qualcomm Technologies Inc.
- Alpine North America Inc.
- Lloyd Mats
- Hyundai Mobis
- Harman International
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/passenger-car-accessories-market
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This press release first seen on Brilad
COMTEX_441647864/2840/2023-10-09T12:42:44
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.