Global Auto Accessories Market Size By Product (Covers, Electronic Accessories, Consoles), By Application (Passenger Cars, Commercial Vehicles), By Geographic Scope And Forecast

Auto Accessories Market Size And Forecast

Auto Accessories Market size was valued at USD 406.73 Billion in 2021 and is projected to reach USD 647.29 Billion by 2030, growing at a CAGR of 6.0% from 2022 to 2030.

The increased demand for aftermarket parts and services is driving new revenue and growth opportunities for Auto Accessories Market. The Global Auto Accessories Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Auto Accessories Market Definition

The automotive aftermarket is the automotive industry’s secondary market, encompassing the manufacturing, remanufacturing, distribution, retailing, and installation of all vehicle parts, chemicals, equipment, and accessories after the original equipment manufacturer (OEM) has sold the vehicle to the consumer. Replacement parts and accessories are the two types of aftermarket parts. Replacement parts are automotive parts that are made or remanufactured to replace original equipment manufacturer (OEM) parts as they wear out or become damaged.

Accessories are parts that are designed to be added to a vehicle after it has been purchased. They are designed for comfort, convenience, performance, safety, or customization. Parts for replacement, collision, appearance, and performance are all included in the aftermarket. For practically all vehicle makes and models, the aftermarket offers a large range of parts of variable quality and price. Consumers have the choice of doing their own repairs or taking their automobiles to a professional repair facility. Consumers can choose where they want their vehicles serviced, repaired, or personalized in the aftermarket, which helps keep automobiles on the road.

Global Auto Accessories Market Overview

There are several major concerns that are reshaping the global aftermarket. For starters, e-commerce for replacement parts is on the rise. Another factor is suppliers and original equipment manufacturers are increasingly turning to direct sales (OEMs). Moreover, B2-B sales are a battleground for online companies versus traditional distributors or retailers. The increased demand for aftermarket parts and services is driving new revenue and growth opportunities for manufacturers. Customers all across the world are interested in changing the look of their cars and making them trendier. For comfort, convenience, practicality, protection, and beauty, outside car additions are likely to be favored.

On the other hand, high speed and performance are currently among the top criteria for clients purchasing exterior car accessories. For passenger cars, exterior car accessories are in high demand. However, the global Auto Accessories Market’s growth is being hampered by the availability of low-quality accessories and counterfeit items on the market. Smart external automobile accessories with sensors are also being developed by manufacturers. These intelligent solutions offer protection while also improving the vehicle’s performance. Technological advancements in the outside automobile accessories business will provide new growth opportunities in the coming years.

Customers are also getting more interested in customizing their automobiles, which is driving up demand for aftermarket auto accessories. The high cost of automotive accessories, on the other hand, is stifling market expansion, particularly in emerging countries. Reduced excise rates in the automobile industry will boost demand for auto parts. Other major products are likely to be transmission and steering parts, as well as electronics and electrical equipment. The availability of counterfeit and inferior quality electronic accessories, which are primarily imported from Asian continents to other regions, as well as cost competitiveness due to large market fragmentation, are expected to stymie the global interior car accessories market’s growth over the forecast period.

Global Auto Accessories Market Segmentation Analysis

The Global Auto Accessories Market is Segmented on the basis of Product, Application, And Geography.

Auto Accessories Market, By Product

• Covers
• Electronic Accessories
• Consoles
• Knobs
• Dashboards
• Sunshades
• Fragrance
• Car cushions
• Car mats

Based on Product, the market is segmented into Covers, Electronic Accessories, Consoles, Knobs, Dashboards, Sunshades, Fragrance, Car cushions, and Car mats. Over the projected period, the electronic accessories segment is expected to hold a leading share of the worldwide Auto Accessories Market. The growing preference for an enjoyable driving experience is essentially driving the market growth. Other products expected to create considerable revenue in the global market are mobile chargers. The market is being aided by the increased availability of online setup tools for car accessories.

In 2020, the safety systems sector had the greatest market share, accounting for roughly ~29% of the total market. Airbags, tire pressure monitoring systems, keyless entry systems, electronic brake distribution, electronic stability control, electric power steering, and suspension control are examples of safety system components. Customer knowledge of technical improvements connected to vehicle safety equipment is predicted to be a potential driver of the safety systems segment’s growth.

Auto Accessories Market, By Application

• Passenger Cars
• Commercial Vehicles
• Two-wheelers

Based on Application, the market is segmented into Passenger Cars, Commercial Vehicles, and Two-wheelers. The passenger car segment is predicted to lead the global Auto Accessories Market in terms of value. Because people’s lifestyles are changing, the need for automotive accessories is expanding. The majority of individuals prefer advanced electrical equipment in their cars, such as music systems and video players. Electronic devices have become increasingly important in the automotive accessories business. Over the projected period, the worldwide Auto Accessories Market is expected to increase at a double-digit rate.

Auto Accessories Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

On the basis of Geography, the Global Auto Accessories Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. Because of the high knowledge among individuals in countries like the United States and Canada, North America is likely to lead the worldwide Auto Accessories Market. Because of its advanced lifestyle and demography, the European region is expected to have a large market share. Because of the expansion of the automobile sector in nations such as Japan, China, and India, Asia Pacific has the largest market share of Auto Accessories. Over the forecast period, the global Auto Accessories Market is expected to rise at a substantial CAGR and on an annual basis.

Key Players

The “Global Auto Accessories Market” study report will provide valuable insight with an emphasis on the global market including some of the major players such as Pep Boys, Pioneer Corporation, Garmin Ltd., O’Reilly Auto Parts, U.S. Auto Parts Network Inc., Pecca Group Berhad, CAR MATE MFG, CO., LTD., Covercraft Industries, LLC, Classic Soft Trim, Lloyd Mats, H.I. Motors, Star Automotive Accessories, and Momo Srl.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above-mentioned players globally.

Key Developments

• In March 2019, Ford’s global reach and experience will be combined with M&M’s position in the Indian market in this relationship.
• In June 2019, Honda spent Rs. 630 crore (US$ 89.37 million) in Gujarat to build a new production plant. By 2020, the company’s overall capacity will be increased to 7 million units, thanks to this additional 600,000 capacity.
• On June 2021, Forsee Power, a French battery system supplier, pledged to invest Rs. 82 crore (US$ 11.18 million) in the India project’s first phase.
• In October 2020, the Ironwind series and Bluewind series are two new product versions of Mark Compressors India’s piston compressor range. Automobile, tire retail, fuel stations, and woodworking industries will all benefit from this.

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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