According to the most recent findings from Persistence Market Research, sales of passenger car accessories are expected to reach US$ 487.7 Bn in 2022 with consistent long-term
estimates. According to the analysis, the market will grow at a 5.5%
value CAGR from 2022 to 2032. It is anticipated that the expansion of
the passenger vehicle accessories market would be driven by shifting
consumer preferences for the personalization of automobile design with
cutting-edge amenities like entertainment systems and music accessories
in the next years.
Manufacturers are developing lightweight materials to use in the production of passenger car accessories to meet
the demand for creating lightweight, fuel-efficient vehicles. This is
done in response to the rising trend of vehicle customization. For
instance, the main raw materials used to manufacture car accessories
today are lightweight materials such as high-strength steel and
thermoplastic.
Key Takeaways from Market Study
- By type, interior car accessories are anticipated to witness prominent
demand growth at 5.4% CAGR by volume during the forecast period of 2022
to 2032. - Under vehicle type, the mid-size PC segment is projected to expand at a value CAGR of 5.3%.
- By region, Europe is anticipated to witness substantial growth in the
passenger car accessories market. Among the countries, sales of
passenger car accessories in Germany, Italy, and the U.K are expected to
increase at high CAGRs in terms of volume. - By sales channel, the aftermarket is estimated to hold a prominent volume share of 59.7% in 2022.
“The market for passenger car accessories is being fueled by rising
disposable income and shifting customer preferences toward
technologically-advanced appliances. Manufacturers are developing
lightweight materials to utilize in the production of passenger car
accessories in response to the necessity to develop fuel-efficient and
lightweight cars.” says a Persistence Market Research analyst.
Competitive Landscape
Leading manufacturers of passenger car accessories include 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, and Kenwood
Corporation.
To gain a competitive advantage in the industry, key manufacturers are developing innovative passenger car products. Market
players are also heavily investing in expansion, mergers, acquisitions,
and strategic partnerships to expand their global footprint.
For instance:
- In December 2020, Volkswagen became the first manufacturer to introduce
the new technology in the compact segment with the models ID.3 and ID.4.
More Valuable Insights on Offer
Persistence Market Research, a research and consulting firm, has published a new
market research report on the global passenger car accessories market
that contains an industry analysis of 2017–2021 and opportunity
assessment for 2022–2032.
The report provides an in-depth analysis of the market through different
segments, namely, type, vehicle type, sales channel, and region. The
report also provides supply and demand trends along with an overview of
the parent market.
