Car Accessories Market: Introduction
- Car accessories are items that a customer can install in his car as an additional feature for comfort, safety, convenience, and security. The car accessories market has been expanding at a steady pace in the last few years due to significant expansion of the global cars market.
Key Drivers of Car Accessories Market
- Automotive is a significant industry in terms of contribution to the global GDP. According to the World Association of Car Manufacturers, OICA, in 2017, the automotive industry accounted for 3.65% of the total global GDP. Automotive offers considerable opportunity in terms of employment. For instance, in 2020, the automotive industry contributed 3% to the U.S gross domestic product (GDP) and provided employment to over 4.1 million people across U.S. Expansion of the automotive industry directly corresponds to the car accessories market. Therefore, a rise in the demand for personal vehicles globally is likely to boost the car accessories market.
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- Rising preference toward comfortable travel among consumers is expected to propel the car accessories market. Increasing consumer inclination toward an entertaining, luxurious driving experience, rise in trends toward moving car accessories, and a surge in vehicle customization among the young population are prominent factors that are expected to fuel the global car accessories market.
- Automakers are likely to offer different type of car accessories to attract more number of consumers and gain a competitive edge over other rivals owing to increased competition among vehicle manufacturers. This, in turn, is likely to propel the car accessories market during the forecast period.
Global Car Accessories Market: Challenge
- Various players based in countries in Asia manufacture counterfeit and inferior quality electronic car accessories and export them to other regions owing to cost competitiveness. This, in turn, is anticipated to hamper the global car accessories market during the forecast period.
Global Car Accessories Market: COVID 19 Impact
- The coronavirus pandemic resulted in a more than 20% decline in vehicle production globally in 2020, as compared to that in 2019, thereby hampering the market in 2020. However, subsequent demand for passenger cars and pickup trucks is likely to increase during the forecast period. Additionally, increasing preference toward e-retailing during COVID-19 pandemic is likely to boost the automotive aftermarket, which in turn is expected to drive the car accessories market during the forecast period.
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Asia Pacific to account for prominent share of global car accessories market
- In terms of region, the global car accessories market can be segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa
- Asia Pacific is expected to dominate the car accessories market in during the forecast period. Asia Pacific is expected to hold a major share of the car accessories market owing to an increase in production and sale of passenger vehicles across China, South Korea, and India. China is a prominent manufacturer aftermarket products such as car accessories, which are available at cheaper costs. Additionally, other countries in Asia Pacific are home to well-established supply chain network catering to the automobile aftermarket. All the factors mentioned above are booting the car accessories market in Asia Pacific.
Key Players Operating in Car Accessories Market
The global car accessories market is concentrated owing to the presence of top manufacturers. A few key players operating in the global car accessories market are:
- AG Roush Performance
- Classic Soft Trim
- Cover craft Industries LLC
- JCA Fleet Services
- Lloyd Mats
- Pecca Group Berhad
- Robert Bosch GmbH
- Star Automotive Accessories
- U.S. Auto Parts Network
- Other Key players
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