Automotive Accessories Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030

The global market value of the automotive accessories market was valued at USD XX.X billion in 2022, and a CAGR of 8.7% is expected during the forecast period. Increasing demand to improve vehicle performance and to decrease the maintenance cost is the driving factor in the market. Rising disposable income and increasing urbanization and industrialization are the driving factors.

A surge in demand for passenger cars is driving growth in the market significantly. An increase in demand for customization of vehicles is driving growth in the market. Increasing demand for luxury vehicles is fueling the growth in the market. Increasing growth in commercial vehicles and two-wheeler vehicles is driving growth in the market significantly.

Growth Drivers

Innovation in automotive technology, such as advanced infotainment systems, smart lighting, and safety features, drives the demand for cutting-edge accessories. Increasing disposable income and urbanization lead to high vehicle ownership, boosting the demand for automotive accessories. Consumers increasingly seek to customize their vehicles with accessories like custom interiors, wheels, and exterior modifications, which is fueling the growth in the market. The rise of online retail platforms makes it easier for consumers to access a wide range of automotive accessories, boosting sales. Growing emphasis on safety and comfort, leading to higher demand for accessories such as seat covers, airbags, and child safety seats.

Expanding the automotive aftermarket sector, driven by longer vehicle lifespans, creates continuous demand for replacement and upgrade accessories. Push for eco-friendly products and electric vehicles drives the demand for specialized accessories, like energy-efficient lighting and charging stations. Rising awareness about the importance of regular vehicle maintenance and the availability of specialized maintenance accessories support market growth. An increase in demand for luxury vehicles and registration of new passenger vehicles are driving growth in the market.

Rapid urbanization in the region has resulted in higher vehicle ownership, which in turn increases the demand for automotive accessories to enhance comfort. The region is a hub for electronics and technology. This facilitates the production and adoption of high-tech automotive accessories, such as advanced infotainment systems, which are in high demand. In some countries, governments are promoting electric vehicles and green technologies, which also drives demand for specialized accessories for these vehicles.

Segmentation

By Applications

·         Passenger Cars

·         Two-Wheelers

·         Commercial Vehicles

By Distribution Channel

·         Original Equipment Manufacturer

·         Aftermarket

By Components

·         External Component

·         Internal Component

Regional Outlook

·         Asia Pacific

·         North America

·         Latin America

·         Middle East and Africa

·         Europe

Automotive Accessories Market by Application Segmentation

On the basis of the application, the automotive accessories market is segmented into passenger cars, two-wheelers, and commercial vehicles. Passenger cars are the leading segment in the market and are expected to dominate the market during the forecast period. Passenger cars make up the largest portion of vehicles sold globally. The sheer volume of passenger vehicles on the road creates a significant market for accessories. Owners of passenger cars are more inclined to invest in customization and personalization.

Passenger car owners tend to upgrade their vehicles more frequently than owners of two-wheelers. The passenger car segment has a wide range of accessories available, from basic ones like floor mats and seat covers to high-tech gadgets like ADAS, which cater to a broad spectrum of consumers. The rise in sales of premium and luxury passenger vehicles also drives the growth in the market significantly. Commercial vehicles are more focused on utility; there is a greater focus on affordability in passenger cars, which emphasizes affordability, which is driving growth in the market significantly. Increasing globalization of the vehicle industry all over the world is driving growth in the market significantly. Commercial vehicles are also a major segment for many reasons, due to increasing growth in the automotive business industry and rising disposable income. Increasing industrialization and rapidly increasing growth in business industries in the Middle East, Africa, and Latin America.

Regional Outlook

On the basis of the regions, the automotive accessories market is segmented into Asia Pacific, North America, Latin America, the Middle East and Africa, and Europe. Asia Pacific is the leading segment in the market due to rapidly increasing population in emerging economies like China, India, Japan, South Korea, and other countries, which is driving growth in the market. Increasing disposable income and rapid industrialization in the region are driving growth in the market significantly.

Increasing demand for passenger cars in the region is the key factor behind significant growth in the Asia-Pacific market. North America is another big market due to the presence of major key players. The United States of America is witnessing significant growth in the market due to increasing growth in disposable income, and the increasing rate of vehicle ownership in the North American region is the key factor behind the significant growth. Increasing inclination towards customization drives demand for a wide range of automotive accessories, from performance enhancement to aesthetic modifications. Due to robust aftermarket industry, North America has a long history of automotive manufacturing.

North American consumers are early adopters of advanced technology. Strong demand for high-tech automotive accessories is driving growth in the market significantly. Strong economies and higher disposable income levels in North America enable consumers to spend more on vehicle accessories, particularly premium and luxury products. Many leading global manufacturers of automotive accessories are based in North America or have significant operations there. Growing popularity of electric vehicles in the North American region is driving demand for specialized accessories, such as charging equipment, battery management systems, and other EV-specific accessories. In North America, there is a well-established legal framework for vehicle modification, which supports the growth of the automotive accessories market by allowing consumers to make legal modifications to their vehicles.

European market includes the countries like France, Germany, Italy, Russia, and United Kingdom are witnessing moderate growth during the forecast period due to increasing disposable income, and increasing trend of electric vehicles, and passenger cars in most part of the region.

Key Players

·         MOMO

·         H-I Motors

·         Car Mate Manufacturing Company Ltd.

·         Lloyd Mats

·         Lund, International Inc.

·         Covercraft Industries LLC

·         Oakmore Pty Ltd.

·         Garmin Ltd.

·         Mont Blac Industries AB

·         Other Players