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
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
6.8% |
|
Base Year Market Size (2024) |
USD 476.49 billion |
|
Forecast Year Market Size (2037) |
USD 1.12 trillion |
|
Regional Scope |
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Browse key industry insights with market data tables & charts from the report:
Frequently Asked Questions (FAQ)
In the year 2025, the industry size of passenger car accessories is assessed at USD 504.03 billion.
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.
Asia Pacific industry is estimated to dominate majority revenue share by 2037, backed by rapidly growing automobile industry in the region.
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.
