The report states that the global car accessories market was esteemed at USD 360.80 Billion in 2016 and is possible to reach around USD 519.01 billion by 2022, rising at a CAGR of just about 6.4% between 2017 and 2022.
Accessories are the supplementary parts for automobiles that do not have a direct link to the vehicle performance. However, it plays a crucial role in enhancing the aesthetics of the car and increase the efficiency and ability in the maintenance process. The requirement for the car accessories can be diverse. The demand solely relies on the customer preference and need. Aesthetics-based interior and exterior car accessories are the key drivers of the car accessories market segment-wise. The newly developed car accessories are majorly designed to enhance the looks and increase the comfort level.
The demand for car accessories is expanding in an accelerative way and is anticipated to witness a significant growth during the forecast period. Growing inclination over customizations, rising sales of pickup trucks for well-established markets, and younger generation emphasizing on modification through various minute alterations are some of the key factors responsible for the growth of the global car accessories market. Car accessories market is flooded with an infinite number of products and can be bifurcated according to their quality. The availability of poor quality accessories that are low expensive has hampered the growth of the global market to some extent. The automobile industry is persistently coming out with futuristic technology such as biometric vehicle access, active window displays, and lighting technology. This innovation is expected to create great opportunities in the coming years.
The global car accessories market is broadly bifurcated based on the products this includes interior accessories, torches, lifestyle, warning lights, light module tuning, appearance accessories, e-sets, gauges and instruments, luminaries tuning, driving lights, performance, retrofit air conditioner sets, vision products, solar powered HVAC systems, and many others. Among these vision, products are attributed for 20.4% of market share in terms of demand in 2016.
On the basis of geographical dominance and revenue, Europe is considered as a dominating region in car accessories market in terms of majority market share in revenue and demand in 2016. This significant growth is attributed to growing spending on high-performance car accessories. On the other hand, Asia Pacific region is anticipated to motivate the demand for car accessories. North America held the market share of 27.3% in 2016 and is projected to show a considerable growth during the forecast period.
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The global car accessories market is driven by some of the major key players around the globe and with their investment, research and development, sustain quality values in an attempt to hold the influence over the market. This player includes Robert Bosch GmbH, JCA Fleet Services, Cover craft Industries LLC,, Auto Parts Network Inc, Classic Soft Trim, Hyundai Motor Company, Star Automotive Accessories, Honda Motor Co, Lloyd Mats, and Renault Ltd.