Global Market Size, Forecast, and Trend Highlights Over 2025-2037
Passenger Car Accessories Market size was valued at USD 476.49 billion in 2024 and is likely to cross USD 1.12 trillion by 2037, registering more than 6.8% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of passenger car accessories is assessed at USD 504.03 billion.
Further, the passenger car accessories market generated a revenue of ~USD 400 Billion in the year 2021. The growth of the passenger car accessories market can primarily be attributed to the rising popularity of car personalization, especially among the younger population, and increased sales of cars. As per data provided by the IEA, worldwide car sales grew by 4% in the year 2021. Whereas, global SUV sales remained strong throughout the pandemic, boosted by more than 10% of sales between 2020 to 2021 and predicted to account for more than 45% of global car sales in 2021.
Passenger car accessories are gaining popularity among consumers because they provide a stylish look, comfort, and entertainment. Car accessories allow customers to enhance their cars with innovative features. The adoption of passenger car accessories is expanding globally as a result of rising digital technology and dynamic developments that make operating various electric accessories via different apps simple and easy. For instance, in 2021, there were approximately 5 billion internet users, which was around 65% of the total global population.
Passenger Car Accessories Market: Growth Drivers and Challenges
Growth Drivers
- Newly Allowed Automobile Regulations – New or improvised automobile regulations put their influence the sale of passenger car accessories. Many unpleasant incidences occur which are associated with the accessories of vehicles i.e., belts and hoses, seat belts, tires, lights, batteries, etc. As per the data provided by the National Highway Traffic Safety Administration of the U.S., all tires must have a tread depth of at least 2/32 inch or greater, as in 2020, there were 664 total motor vehicle traffic fatalities owing to tire-related accidents.
- Rising Cases of Car Theft – Rising number of car theft cases are another main cause for the utilization of advanced security accessories to prevent such incidences.
- Growing Disposable Income – The huge surge in demand for passenger cars and their accessories is accounted to a rise in disposable income. As per the data provided by the Bureau of Economic Analysis, in the USA, disposable personal income (DPI) has surged to USD 120.4 billion (0.7%) in June 2022.
- Rise in Lifestyle Status – In developing countries, lifestyle status has been increasing and this increase leads to the expenditure tendency of people to expend more on things which delivers that comfort and ease. For instance, in the ranking lifestyle index, Shanghai claimed the 1st position in 2022.
Challenges
- High Cost of Car Accessories
- Lack of Standards and Policies
- Competition from Local Manufacturers
Passenger Car Accessories Market: Key Insights
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
6.8% |
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Base Year Market Size (2024) |
USD 476.49 billion |
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Forecast Year Market Size (2037) |
USD 1.12 trillion |
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Regional Scope |
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Passenger Car Accessories Segmentation
The global passenger car accessories market is segmented and analyzed for demand and supply by distribution channel into original equipment manufacturer (OEM), and aftermarket. Out of these sub-segments, the aftermarket segment is anticipated to grow at a significant rate owing to its wide supply chains with major distributors and retailers, and the advent of various e-commerce stores that are making it easier to purchase desired car accessories at the comfort of home. For instance, there are approximately 1800 online auto parts and accessories stores worldwide.
Our in-depth analysis of the global passenger car accessories market includes the following segments
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By Type |
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By Vehicle Type |
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By Distribution Channel |
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Customize this ReportPassenger Car Accessories Industry - Regional Synopsis
APAC Market Statistics
Regionally, the global passenger car accessories market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Asia Pacific industry is estimated to dominate majority revenue share by 2037, backed by rapidly growing automobile industry in the region. For instance, China's automobile industry manufactured approximately 21 thousand passenger cars in 2021 while the figure similar figure for Japan and India was estimated to be respectively around 6 and 3 thousand.
Companies Dominating the Passenger Car Accessories Landscape
- Pioneer Corporation
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Lloyd Mats
- Covercraft Industries, LLC
- Robert Bosch GmbH
- Delphi Technologies
- Continental AG
- Mont Blanc Group AB
- Alpine North America, Inc.
- Classic Soft Trim
- Magna International Inc.
In the News
- Delphi Technologies announced the launch of its new global steering and suspension products for the Tesla Model S, including control arms, link stabilizers, tie rods, and ball joints.
- Continental AG has introduced a new series of tires with polyester made from recycled PET bottles. As part of their ContiRe.Tex technology, the company has developed this new tire series, which is anticipated to completely replace the conventional polyester tire remains.
Author Credits: Saima Khursheed
- Report ID: 146
- Published Date: Dec 23, 2024
- Report Format: PDF, PPT
