Passenger Car Accessories Market Size & Share, by Type {Interior (Seat Covers & Cushions, Seat Belts), Exterior (Doors, Windows, Wheels & Rims, Mirrors), Electronic (Dashcams, Lightings, Backup Cameras, Audio & Video, GPS & Navigation, Chargers, Sensors)}; Vehicle Type (Compact, Mid-size, SUVs, Luxury); Distribution Channel (OEM, Aftermarket) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

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