Automated accessories play an important role in vehicle maintenance process, thereby enhancing the vehicle performance. Furthermore, vehicle owners require various external and internal accessories such as chrome accessories, covers, alloy wheels, window films, central locking system, dash kits, and others, which offer comfort and trendy look to the vehicle.
Automotive Accessories Market by Component (External Component (Racks, LED Lights, Body Kits, Chrome Accessories, Covers, Alloy Wheels, Window Films, Helmets, and Others) and Internal Component (Covers, Electronics Accessories, Knobs, Communication System, Mats, Fragrance, Central Locking System, Dash Kits, and Others)), Distribution Channel (Original Equipment Manufacturer and Aftersales), and Application (Passenger Cars, Commercial Vehicle, and Two-wheelers) – Global Opportunity Analysis and Industry Forecast, 2022-2029
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The global automotive accessories market is expected to register significant growth in the near future, owing to increase in demand for customization of vehicles, especially among the young generation. In addition, inclination of customers towards enhanced performance experience while driving fuel the growth of automotive accessories market. Furthermore, surge in demand of passenger cars owing to rise in disposable income and improved lifestyle fuels the market growth of the market. However, the availability of cheap, low-quality accessories is expected to limit the market growth. On the contrary, the introduction of new technologies in the automotive industry such as biometric vehicle access and active window display is expected to provide lucrative growth opportunity to the market in the coming years.
Rise in Passenger Vehicle Registrations –
New passenger vehicle registrations increased in Europe, Russia, Japan, Brazil, India, and China, though it was sharply down in the U.S. In July 2017, the U.S. was the only major car market in the world with light vehicle sales down 7%. The Indian and Russian car markets expanded rapidly with double-digit growth, while the recovery in Brazil continued but at a more moderate pace. New passenger registrations in Japan increased for the ninth consecutive month. Moreover, in Europe and China car sales was stronger, but the UK recorded the fourth consecutive month of weaker car sales. Thus, the overall increase in registration of passenger vehicles drives the growth of the automotive accessories market.
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Key Benefits –
This report studies the global automotive accessories market with current trends and future estimations to portray the imminent investment pockets.
The overall market potential is determined to understand the profitable trends to gain a strong foothold.
The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
The current market is quantitatively analyzed from 2017 to 2025 to highlight the financial competency of the market.
Porters Five Forces analysis illustrates the potency of the buyers and suppliers in the industry.
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Key Market Players Profiled –
Pioneer Corporation
Garmin Ltd.
H-I Motors
MOMO
Oakmore Pty Ltd.
Covercraft Industries LLC
Mont Blac Industri Ab
Car Mate Manufacturing Co. Ltd.
Lund International, Inc.
Lloyd Mats
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