Car Accessories Market Analysis

Vehicle Type (Passenger Vehicles, Commercial Vehicles, Two-Wheelers)

The passenger vehicles segment is predicted to gather the highest share in the car accessories market of over 50% over the forecast period. This growth of the market is set to be dominated by growing demand for passenger vehicles. For instance, in 2022, over 56 million passenger cars in the globe were sold, which is the highest. This growth in the sale of passenger cars is set to be influenced by the rising disposable income of the people. Moreover, the demand for autonomous vehicles is also surging significantly which might also boost the segment growth. Furthermore, the demand for connectivity of automobiles is high among young drivers. As a result, with the growing penetration of the internet, the deployment of advanced accessories in passenger vehicles is growing. Therefore, the demand for passenger car accessories is predicted to rise. 

Application (Interior Car Accessories, External Car Accessories)

The exterior car accessories market is estimated to hold 60% of the revenue share over the coming years. Exterior car accessories include all those products which are utilized to enhance the appearance of the automobile. These external car products consist of rear mudguards, plastic car door guards, stainless-steel car bumper guards, tire inflators, front mudguards, decals and stickers, wraps, and others.

Sales Channel (OEM, Aftermarket)

The aftermarket segment is expected to account for 55% share of the car accessories market by 2037. The aftermarket accessories segment has observed an extraordinary surge in popularity in recent years. One of the major factors to boosts the demand for aftermarket accessories is that they offer affordable accessories in contrast to the original equipment manufacturer (OEM) substitute. Accessories offered by OEMs are often priced at a premium, hence making them unaffordable for consumers who are budget-conscious. Hence, as aftermarket accessories, provide a cost-effective alternative without negotiating the quality or performance of the accessories, its demand is growing. 

Our in-depth analysis of the global car accessories market includes the following segments: