Passenger Car Accessories Market Size

Passenger Car Accessories Market size was over USD 446.15 billion in 2022 and is anticipated to reach USD 1.04 trillion by 2035, growing at around 6.8% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of passenger car accessories is estimated at USD 470.42 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.