Dublin, July 04, 2024 (GLOBE NEWSWIRE) -- The "Passenger Car Accessories Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast to 2031" report has been added to ResearchAndMarkets.com's offering.
The market is currently valued at US$ 540 billion in 2024, and is anticipated to expand steadily at a compound annual growth rate (CAGR) of 6%, aiming to achieve US$ 810 billion by 2031.
The trend of vehicle customization is gaining momentum worldwide, fueled by a growing desire among consumers to personalize their vehicles. This is particularly evident among younger demographics who seek to enhance their driving experience and vehicle aesthetics. Chrome accessories, spoilers, LED lights, and alloy wheels are among the popular additions that improve a vehicle's appearance and functionality, thereby boosting the aftermarket for passenger car accessories.
Technological Innovations Drive Market Growth
Technological advancements play a pivotal role in the expansion of the passenger car accessories market. Digital technologies have revolutionized the way car accessories are designed and operated. Modern vehicles now come equipped with advanced infotainment systems, including CD players, Bluetooth, USB ports, video panels, GPS, and multiple speakers. These systems are not only enhancing the in-car experience but also driving the market for infotainment accessories.
Infotainment Systems Lead the Market
Infotainment systems have emerged as a dominant segment within the passenger car accessories market. High-tech vehicles, including connected and autonomous cars, are increasingly incorporating advanced infotainment systems. Automakers and tech firms are investing heavily in this space, further enhancing the market's growth potential. The adoption of smartphones and the availability of high-speed Internet have also contributed to the rising demand for infotainment systems.
Lightweight Materials in Manufacturing
Manufacturers are responding to the demand for fuel-efficient and lightweight vehicles by using materials such as high-strength steel and thermoplastics. These lightweight materials are now primary raw materials for automotive accessories, aiding in the production of components that meet stringent fuel efficiency standards. Additionally, regulatory bodies have implemented norms that mandate the replacement of automotive accessories based on their life duration, boosting the demand for aftermarket products.
Regional Insights: Europe, U.S., and Asia Pacific
Europe is anticipated to hold a significant share of the global passenger car accessories market, driven by technological advancements and high demand for music accessories and LCDs. The U.S. market is expected to witness steady growth, supported by the development of innovative products and a strong aftermarket segment. In the Asia Pacific region, India is leading the market with a robust CAGR, driven by the increasing adoption of infotainment systems and rapid technological upgrades.
Dominance of Electronics Accessories
Electronics accessories hold a prominent share in the global passenger car accessories market. Consumers' preference for an entertaining driving experience, coupled with the rise in compact passenger car sales and smartphone usage, is driving this segment. Electronic accessories such as head-up displays, dashcams, rear backup cameras, and radar blind-spot sensor kits are among the popular choices that enhance vehicle safety and entertainment.
Aftermarket Sales Channel Drives Market Expansion
The aftermarket sales channel is a significant driver of the passenger car accessories market. Increased Internet activity and e-Commerce growth have enabled manufacturers to offer high-quality products quickly and efficiently. This trend is further accelerated by the ongoing pandemic, which has boosted online shopping and demand for aftermarket car accessories.
Passenger Car Accessories Industry Research by Segmentation
Type:
- Interior Parts
- Head-up Displays
- Dashcams
- Rear Backup Cameras
- Radar Blind-Spot Sensor Kits
- Ambient Lighting
- Others
- Exterior Parts
- Bull Bars
- Bumpers
- Runner Bars & Steps
- Rocker Panels
- Spoilers
- Others (Fender Flares, Tail Light Guards, Window Deflectors)
Vehicle Type:
- Compact PCs
- SUVs
- Mid-size PCs
- Luxury
Sales Channel:
- OEMs
- Aftermarket
Region:
- North America Passenger Car Accessories Market
- Latin America Passenger Car Accessories Market
- Europe Passenger Car Accessories Market
- East Asia Passenger Car Accessories Market
- South Asia Pacific Passenger Car Accessories Market
- The Middle East and Africa Passenger Car Accessories Market
A selection of companies mentioned in this report includes, but is not limited to:
- Grupo Antolin
- Robert Bosch GmbH
- Classic Soft Trim
- Covercraft Industries LLC
- Lloyd Mats
- Pecca Group Berhad
- Lippert
- Continental AG
- Classic Soft Trim
- Lear Corporation
- Denso Corporation
- Robert Bosch GmbH
- Alpine Company
- Kenwood Corporation
For more information about this report visit https://www.researchandmarkets.com/r/y747v0
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