Passenger Car Accessories Market Trends

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

Base Year	2023
Forecast Year	2024-2036
CAGR	6.8%
Base Year Market Size (2023)	USD 446.15 billion
Forecast Year Market Size (2036)	USD 1.04 trillion
Regional Scope	North America (U.S., and Canada) Asia Pacific (Japan, China, India, Indonesia, South Korea, Malaysia, Australia, Rest of Asia Pacific) Europe (UK, Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Latin America (Mexico, Argentina, Brazil, Rest of Latin America) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

Frequently Asked Questions (FAQ)

Newly allowed automobile regulations, rising cases of car theft, growing disposable income, and rise in lifestyle status are some major factors driving the growth of the passenger car accessories market.

The market is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2022 â€“ 2031.

High cost of car accessories, lack of standards and policies, and competition from local manufacturers are estimated to hamper the market growth.

The market in Asia Pacific region is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.

The major players in the market are Pioneer Corporation, Lloyd Mats, Covercraft Industries, LLC, Robert Bosch GmbH, Delphi Technologies, Continental AG, Mont Blanc Group AB, Alpine North America, Inc., Classic Soft Trim, and others.

Passenger Car Accessories Market Trends