Sarasota, FL, April 14, 2017 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Car Accessories Market by Products (Working lights, Torches, Appearance accessories, Warning lights, Driving lights, Interior lights, E-sets, Interior accessories, Lifestyle gadget, Instruments and gauges, Safety, Light module tuning, Performance/stylish/luminaire tuning, Vision products, Appearance chemicals, Gas & oil additives, Solar powered HVAC systems, Retrofit air conditioner sets, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2016 - 2022”. According to the report, the global car accessories market was valued at USD 360.80 billion in 2016 and is expected to reach approximately USD 519.01 billion by 2022, growing at a CAGR of around 6.4% between 2017 and 2022.
Car accessories are used to improve a car’s ability and play an important role in car maintenance process. Car owners require various accessories for different purposes. This greatly depends on preferences and specific needs of a car owner. There are specific accessories used to improve vehicle’s functionality and performance on the road. Interior and exterior car accessories are key types of car accessories. The advanced car accessories offer a trendy look to the car as well as comfort.
Browse through 9 Market Tables and 27 Figures spread through 110 Pages and in-depth TOC on “Global Car Accessories Market: Industry Type, Size, Share, Trends and Forecast 2016 – 2022”.
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The car accessories market is expected to witness substantial growth within the forecast period. The market is mainly driven by increasing demand for cars, increasing inclination towards vehicle customizations, especially among the younger generation, and growing sales of pickup trucks in developed markets are the main factors likely to boost the global market for car accessories over the forecast period. As large numbers of car accessories are available in the market many of these are inconsistent in quality. The products are made from poor quality materials. Thus, the inconsistency of quality of car accessories and availability of cheap low-quality car accessories may curb the growth of car accessories market. The auto industry is constantly bringing new technology like new lighting technology, biometric vehicle access, active window displays etc. This advancement in technology is anticipated to set new growth opportunities in coming future.
On the basis of product, the car accessories market is segmented into; working lights, torches, appearance accessories, warning lights, driving lights, interior lights, e-sets, interior accessories, lifestyle gadget, instruments and gauges, safety, light module tuning, performance/stylish/luminaire tuning, vision products, appearance chemicals, gas & oil additives, solar powered HVAC systems, retrofit air conditioner sets, and others. Among all the product types, torches, and vision products are in the highest demand. In terms of revenue, torches accounted for 20.4% of market share in 2016.
Browse the full "Car Accessories Market by Products (Working lights, Torches, Appearance accessories, Warning lights, Driving lights, Interior lights, E-sets, Interior accessories, Lifestyle gadget, Instruments and gauges, Safety, Light module tuning, Performance/stylish/luminaire tuning, Vision products, Appearance chemicals, Gas & oil additives, Solar powered HVAC systems, Retrofit air conditioner sets, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2016 - 2022" report at https://www.zionmarketresearch.com/report/car-accessories-market
After Europe, North America was another leading regional market and is projected to be a major consumer of car modifications during the forecast period. This is mainly due to the availability of wide range of cars accessories as per market expectations and growing youth population in the region. The growth of the automobile industry is expected to propel the demand for car accessories products during the forecast period. In 2014, the revenue generated in North America was USD 36 Billion and is anticipated to reach USD 58.6 Billion in 2022.
In terms of revenue, Asia Pacific region accounted for 16.9% of the market share in 2016 and is anticipated to expand at a rapid pace during the forecast period. This is mainly due to increase population in emerging economies and changing lifestyle which is anticipated to boost demand for automobiles and car accessories. In Asia Pacific, car accessories products like, appearance accessories, E-sets, and solar powered HVAC systems set the fastest growing CAGR during the forecast period.
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Latin America is another key region expected to exhibit noticeable growth in the years to come and is anticipated to expand at a moderate pace during the forecast period. In terms of revenue, the region accounted for 3.8% of market share in 2016. Increasing awareness regarding car accessories products is projected to boost demand in Latin America.
The Middle East & Africa is projected to witness significant growth in the near future. There is a huge demand for working lights, torches, appearance accessories products in Middle East & Africa. This growth is mainly attributed due to increasing development and new technologies which provide innovative products. Thus, all aforementioned parameters are expected to propel the market growth in this region.
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The global car accessories market is moderately consolidated, with the leading players accounted for significant share of the market in 2016. Major companies have been investing in product innovation, technological advancement, and maintaining quality standards in order to retain their dominance in the market. The key players operating in the market are U.S. Auto Parts Network Inc., Cover craft Industries LLC, Lloyd Mats, Star Automotive Accessories, Robert Bosch GmbH, Hyundai Motor Company, Roush Performance, JCA Fleet Services, Classic Soft Trim, Renault, Honda Motor Co., Ltd., and others.
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This report segments the global car accessories market as follows:
Global Car Accessories Market: Product Segment Analysis
- Working lights
- Torches
- Appearance accessories
- Warning lights
- Driving lights
- Interior lights
- E-sets
- Interior accessories
- Lifestyle gadget
- Instruments and gauges
- Safety
- Light module tuning
- Performance/stylish/luminaire tuning
- Vision products
- Appearance chemicals
- Gas & oil additives
- Solar powered HVAC systems
- Retrofit air conditioner sets
- Others
Global Car Accessories Market: Regional Segment Analysis
- North America
- U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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