Global Car Accessories Market – Industry Trends and Forecast to 2031

Global Car Accessories Market, By Application (Interior Accessories, Exterior Accessories), Sales Channel (OEM, Aftermarket) - Industry Trends and Forecast to 2031.

Car Accessories Market Analysis and Size

The car accessories market is witnessing a surge in demand for smart and connected accessories, such as advanced navigation systems and in-car entertainment. Sustainable and eco-friendly accessories, including electric vehicle charging stations and energy-efficient lighting solutions, are gaining popularity. In addition, the market is experiencing a growing interest in personalized and customizable accessories, reflecting consumer preferences for unique and stylish vehicle enhancements.

Data Bridge Market Research analyzes that the global car accessories market was valued at USD 442.21 billion in 2023 and is expected to reach USD 720.92 billion by 2031, registering a CAGR of 6.3% during the forecast period of 2024-2031. The “Interior Accessories” segment dominates the market due to a rising emphasis on in-car comfort and aesthetics. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Report Scope and Market Segmentation

Market Definition

Car accessories are additional components or features that can be added to a vehicle to enhance its functionality, appearance, comfort, or performance. These accessories can be either installed by the manufacturer during the production process or added by the vehicle owner after purchasing the car.

Global Car Accessories Market Dynamics

Drivers

• Rising Consumer Demand for Connectivity

Increasing consumer preferences for smart and connected vehicles drive the demand for car accessories that offer advanced connectivity features. This includes in-car entertainment systems, GPS navigation, and other tech-enhancements, contributing to the growth of the market.

• Emphasis on Vehicle Personalization

Growing consumer interest in customizing and personalizing vehicles fuels the demand for a wide range of car accessories. Interior and exterior customization options, such as personalized seat covers, unique lighting solutions, and aftermarket enhancements, serve as significant drivers for the market.

Opportunity

• Rising Adoption of Electric Vehicles (EVs)

The increasing adoption of electric vehicles presents an opportunity for the car accessories market, particularly in the development of accessories tailored for electric cars. This includes EV charging stations, energy-efficient lighting, and other accessories specific to the needs of electric vehicle owners.

Restraint/Challenge

• Economic Uncertainty and Cost Concerns

Economic fluctuations and uncertainties can restrain consumer spending on non-essential items, including car accessories. In addition, concerns about the overall cost of accessorizing vehicles may lead some consumers to opt for basic or no additional features, affecting the market growth.

This car accessories market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the car accessories  market contact Data Bridge Market Research for an Analyst Brief, Our team will help you take an informed market decision to achieve market growth.

Recent Developments

• In June 2022, Maruti Suzuki, the largest passenger vehicle manufacturer in India, launched the new generation of its sub 4m SUV Maruti Suzuki Brezza with a 9-inch touchscreen infotainment system named SMART PLAY PRO+
• In September 2020, Continental AG announced the expansion of its structural program Transformation 2019-2029 by including additional measures for cost reduction. The expanded program is anticipated to deliver cost savings of up to USD 1 billion per year from 2023 onwards to Continental AG. The plan aims to reduce the headcount at Continental AG by 30000 till 2029, including 13000 redundancies in Germany

Global Car Accessories Market Scope

The car accessories market is segmented on the basis of application and sales channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Application

• Interior Accessories
  • Infotainment Systems
  • Floor Carpets and Mats
  • Seat Covers
  • Electrical Systems
  • Security Systems
  • Others
• Exterior accessories
  • LED Lights
  • Alloy Wheels
  • Body Kits
  • Racks
  • Window Films
  • Covers
  • Crash Guards
  • Others

Sales Channel

• OEM
• Aftermarket

Global Car Accessories Market Regional Analysis/Insights

The car accessories market is analyzed and market size insights and trends are provided by country, application and sales channel as referenced above.

The countries covered in the market report are U.S., Canada, Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, rest of Middle East and Africa, Brazil, Argentina and rest of South America. 

Asia Pacific is expected to dominate and be the fastest growing region in the market due to the region's robust automotive industry growth and increasing consumer disposable income. A rising trend of vehicle customization and a diverse range of affordable accessory options further contribute to the market's dominance in this region.

The country section of the report also provides individual market-impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points like downstream and upstream value chain analysis, technical trends, and Porter’s five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Europe brands and the challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.     

Competitive Landscape and Global Car Accessories Market Share Analysis

The car accessories market competitive landscape provides details by competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Europe presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus related to the car accessories market.

Some of the major players operating in the car accessories market are:

• Adient PLC (Ireland)
• Grupo Antolin (Spain)
• Panasonic Corporation (Japan)
• Faurecia (France)
• Lear Corporation (U.S.)
• Continental AG (Germany)
• Denso Corporation (Japan)
• Harman International Industries Inc. (U.S.)
• Robert Bosch GmbH (Germany)
• Kenwood Corporation (Japan)
• Alpine (Japan)