According to a recent report published by Allied Market Research, titled, “Passenger Car Accessories Aftermarket by Type and Application: Global Opportunity Analysis and Industry Forecast, 2019–2026,” the global passenger car accessories aftermarket size was valued at $128.97 billion in 2018, and is projected to reach $248.41 billion by 2026, registering a CAGR of 8.5% from 2019 to 2026.
𝗥𝗲𝗾𝘂𝗲𝘀𝘁 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅 𝐚𝐭: https://www.alliedmarketresearch.com/request-sample/6473
Technological advancements such as Bluetooth connectivity for hands-free mode in the automotive accessories market are on the rise, owing to increase in demand for attractive, comfortable, and aesthetic features in the automotive vehicles, especially passenger vehicles. However, Faurecia showcased the concept of customizable controls in January 2017 to solve the problem of bulky dashboard. This is expected to decrease the use of display screens and separate display panels. For example, control knobs can be integrated into door panels.
Generally, luxurious car brands such as Audi and BMW, offer high-quality equipment, comfort, performance, and technologically innovative automotive interiors. These manufacturers are planning to use customizable controls that can easily be integrated into the dashboard materials. The sales of luxurious cars increased worldwide by around 4% from 2016 to 2017.
This rise in demand for luxurious cars is expected to increase the need for innovative automotive accessories. Therefore, technological advancements and growth in demand for luxurious vehicles are estimated to increase the demand for passenger car accessories.
𝗜𝗻𝘁𝗲𝗿𝗲𝘀𝘁𝗲𝗱 𝘁𝗼 𝗣𝗿𝗼𝗰𝘂𝗿𝗲 𝘁𝗵𝗲 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵 𝗥𝗲𝗽𝗼𝗿𝘁? 𝗜𝗻𝗾𝘂𝗶𝗿𝗲 𝗕𝗲𝗳𝗼𝗿𝗲 𝗕𝘂𝘆𝗶𝗻𝗴 – https://www.alliedmarketresearch.com/purchase-enquiry/6473
The developing nations of Asia-Pacific and Africa offer numerous growth opportunities. There is a considerable demand for passenger vehicles in this region and is anticipated to increase during the forecast period. This has facilitated many automotive vehicle manufacturers to set up manufacturing plants in Africa and Asia to cater to the local demand and leverage low manufacturing costs for exporting vehicles and parts. For instance, in September 2017, Chinese car-maker BAIC opened an automotive assembly plant in South Africa that is expected to build 50,000 vehicles a year by 2022. In addition, in January 2017,Volkswagen South Africa began production at its Kenyan facility in Thika. This provides an opportunity for vendors in the African market.
Automotive infotainment is one of the fastest growing technologies in the automotive interior industry. In-vehicle infotainment systems comprise handset integration, head-up display, infotainment systems for driver assistance, interior personalization, and cloud-based infotainment. A lot of automotive companies launch various products with advanced features in infotainments. For instance, in September 2018, Renault-Nissan-Mitsubishi and Google joined forces for next-gen infotainment system. The launch for the same is expected by 2021. Therefore, in-vehicle infotainment provides an opportunity for vendors in the market.
Key Findings of the Study:
- By type, the external accessories segment generated the highest revenue in the global passenger car accessories aftermarket analysis in 2018.
- LAMEA is anticipated to exhibit the highest CAGR during the forecast period while considering passenger car accessories aftermarket growth.
- Latin America leads the market in the LAMEA region.
- The leading companies listed in the passenger car accessories aftermarket report expects high revenue from passenger car accessories aftermarket returns.
𝗣𝗿𝗼𝗰𝘂𝗿𝗲 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵 𝗥𝗲𝗽𝗼𝗿𝘁 𝗮𝘁 https://www.alliedmarketresearch.com/passenger-car-accessories-aftermarket-market/purchase-options