Automotive Accessories Market Share & Growth | Forecast 2031
Automotive Accessories Market Share & Growth | Forecast 2031
Segments - Global Automotive Accessories Market by Components (External Components [Racks, LED Lights, Body Kits, and Others] and Internal Components [Covers, Electronic Accessories, Knobs, Communication Systems, and Others]), Distribution Channels (OEM and Aftersales), Applications (Passenger Cars, Commercial Vehicle, and Two-wheelers), and Regions (Asia Pacific, North America, Europe, Latin America, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028
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| Report ID :AL-3870
| 4.7 Rating
| 73 Reviews
| 221 Pages
| Format :
Report Description
The global automotive accessories market is projected to expand at a substantial CAGR during the forecast period, 2021-2028. Automotive accessories play a vital role in the vehicle maintenance process, thereby flourishing the performance of vehicles. The interior car accessories such as LED screens, MP3 system, and seat cover offer comfort and modern entertainment systems. Rising number of accidents and thefts are increasing consumer awareness about security system accessories such as power locks and GPS security. Apart from this, exterior car accessories such as bumpers, body covers, and mats have protected the car from interior and exterior damage.
The outbreak of the COVID-19 pandemic has restrained economies worldwide due to the implementation of stringent restrictions on import and export. This pandemic resulted in a significant decline in vehicle production globally. Additionally, e-retailing during the pandemic is expected to boost the demand automotive market, which in turn is anticipated to drive the global car accessories market.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing demand for cars is increasing due to the rise in per capita income and improved lifestyle is expected to fuel the market growth.
- Rising demand for customization of vehicles among car owners is estimated to drive the market.
- The pursuit of automobile drivers to upscale their vehicle performance in terms of speed, appearance, exhaust sound along with other aspects is expected to foster the growth of the market.
- Growing sales of automotive cars owing to the promotional and marketing strategies of key players is anticipated to spur the market during the forecast period.
- Increasing demand for customization of vehicles among young generation is projected to drive the market during the forecast period.
- Rising demand for luxury vehicles especially in countries such as the US, China, India, and Germany is anticipated to fuel the demand for automotive accessories during the forecast period.
- The availability of low-quality accessories is expected to hamper the growth of the market during the forecast period.
- The introduction of new technologies such as biometric vehicle access and window display is expected to create lucrative growth opportunities during the forecast period.
Scope of the Report:
The report on the global automotive accessories market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
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Attributes |
Details |
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Report Title |
Automotive Accessories Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2020 |
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Historic Data |
2018 & 2019 |
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Forecast Period |
2021–2028 |
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Segmentation |
Components (External Components [Racks, LED Lights, Body Kits, and Others] and Internal Components [Covers, Electronic Accessories, Knobs, Communication Systems, and Others]), Distribution Channels (OEM and Aftersales), Applications (Passenger Cars, Commercial Vehicle, and Two-wheelers) |
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Regional Scope |
Asia Pacific, North America, Europe, Latin America, and Middle East & Africa |
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Report Coverage |
Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast |
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Key Players Covered in the Report |
3M Company, Continental AG, Cooper Tire & Rubber Company, Delphi Automotive PLC, Denso Corporation, Federal-Mogul Corporation, HELLA KGaA Hueck & Co., Robert Bosch GmbH, Valeo Group, and ZF Friedrichshafen AG. |
Automotive Accessories Market Segment Insights
Internal components segment to account a significant market share
Based on components the market can be bifurcated into external components and internal components. The external components segment can be sub-segmented into racks, LED lights, body kits, and others and the internal component segment can be divided into covers, electronic accessories, knobs, communication systems, and others. The electronic accessories sub-segment is anticipated to grow at a rapid pace due to the increasing preference among car drivers toward electronic accessories such as MP3 systems. Moreover, manufacturers are also providing high-quality electronic accessories to the customers.
Aftersales segment to dominate the market
In terms of distribution channels, the market can be segmented into OEM and aftersales. The aftermarket segment is anticipated to dominate the global market. Automotive owners are showcasing more interest in the customization of vehicles after buying the vehicles. On the other hand, accessory manufacturers provide a high quality of internal and external accessories at affordable rates to the customers.
Passenger cars segment to hold a major market share
On the basis of the applications, the market can be segregated into passenger cars, commercial vehicles, and two-wheelers. The passenger cars segment is expected to hold a significant share of the market during the forecast period owing to the rise in registrations of passenger car vehicles. A rise in per capita income and an increasing preference for luxurious cars are expected to fuel the demand for car accessories during the forecast period.
The market in Asia Pacific to exhibit a high CAGR
Based on regions, the global watches market can be fragmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in Asia Pacific is expected to expand at a rapid pace during the forecast period due to the increase in production and sale across India, China, and South Korea. China is a significant manufacturer of automotive accessories and offers accessories at affordable rates. In this region, manufacturers have a well-established supply chain network and the prominent quality aftersales services. Digitalization of automotive component delivery and advanced technology usage in the fabrication of auto parts are expected to boost demand for automotive sales in Asia Pacific.
Segments
By Components
- External Components
- Racks
- LED Lights
- Body Kits
- Others
- Internal Components
- Covers
- Electronic Accessories
- Knobs
- Communication Systems
- Others
By Distribution Channels
- OEM
- Aftersales
By Applications
- Passenger Cars
- Commercial Vehicle
- Two-wheelers
By Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
By Key Players
- 3M Company
- Continental AG
- Cooper Tire & Rubber Company
- Delphi Automotive PLC
- Denso Corporation
- Federal-Mogul Corporation
- HELLA KGaA Hueck & Co.
- Robert Bosch GmbH
- Valeo Group
- ZF Friedrichshafen AG
Competitive Landscape
Key player in global automotive accessories market includes 3M Company, Continental AG, Cooper Tire & Rubber Company, Delphi Automotive PLC, Denso Corporation, Federal-Mogul Corporation, HELLA KGaA Hueck & Co., Robert Bosch GmbH, Valeo Group, and ZF Friedrichshafen AG.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Automotive Accessories Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Automotive Accessories Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Automotive Accessories Market - Supply Chain
4.5. Global Automotive Accessories Market Forecast
4.5.1. Automotive Accessories Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Automotive Accessories Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Automotive Accessories Market Absolute $ Opportunity
5. Global Automotive Accessories Market Analysis and Forecast by Applications
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Applications
5.2.2. Y-o-Y Growth Projections by Applications
5.3. Automotive Accessories Market Size and Volume Forecast by Applications
5.3.1. Passenger Cars Commercial Vehicle Two-wheelers
5.4. Absolute $ Opportunity Assessment by Applications
5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Automotive Accessories Market Analysis and Forecast by Region
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Region
6.2.2. Y-o-Y Growth Projections by Region
6.3. Automotive Accessories Market Size and Volume Forecast by Region
6.3.1. North America
6.3.2. Latin America
6.3.3. Europe
6.3.4. Asia Pacific
6.3.5. Middle East and Africa (MEA)
6.4. Absolute $ Opportunity Assessment by Region
6.5. Market Attractiveness/Growth Potential Analysis by Region
6.6. Global Automotive Accessories Demand Share Forecast, 2019-2026
7. North America Automotive Accessories Market Analysis and Forecast
7.1. Introduction
7.1.1. Basis Point Share (BPS) Analysis by Country
7.1.2. Y-o-Y Growth Projections by Country
7.2. North America Automotive Accessories Market Size and Volume Forecast by Country
7.2.1. U.S.
7.2.2. Canada
7.3. Absolute $ Opportunity Assessment by Country
7.4. North America Automotive Accessories Market Size and Volume Forecast by Applications
7.4.1. Passenger Cars Commercial Vehicle Two-wheelers
7.5. Basis Point Share (BPS) Analysis by Applications
7.6. Y-o-Y Growth Projections by Applications
7.7. Market Attractiveness/Growth Potential Analysis
7.7.1. By Country
7.7.2. By Product Type
7.7.3. By Application
7.8. North America Automotive Accessories Demand Share Forecast, 2019-2026
8. Latin America Automotive Accessories Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.1.3. Latin America Average Pricing Analysis
8.2. Latin America Automotive Accessories Market Size and Volume Forecast by Country
8.2.1. Brazil
8.2.2. Mexico
8.2.3. Rest of Latin America
8.3. Absolute $ Opportunity Assessment by Country
8.4. Latin America Automotive Accessories Market Size and Volume Forecast by Applications
8.4.1. Passenger Cars Commercial Vehicle Two-wheelers
8.5. Basis Point Share (BPS) Analysis by Applications
8.6. Y-o-Y Growth Projections by Applications
8.7. Market Attractiveness/Growth Potential Analysis
8.7.1. By Country
8.7.2. By Product Type
8.7.3. By Application
8.8. Latin America Automotive Accessories Demand Share Forecast, 2019-2026
9. Europe Automotive Accessories Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Europe Average Pricing Analysis
9.2. Europe Automotive Accessories Market Size and Volume Forecast by Country
9.2.1. Germany
9.2.2. France
9.2.3. Italy
9.2.4. U.K.
9.2.5. Spain
9.2.6. Russia
9.2.7. Rest of Europe
9.3. Absolute $ Opportunity Assessment by Country
9.4. Europe Automotive Accessories Market Size and Volume Forecast by Applications
9.4.1. Passenger Cars Commercial Vehicle Two-wheelers
9.5. Basis Point Share (BPS) Analysis by Applications
9.6. Y-o-Y Growth Projections by Applications
9.7. Market Attractiveness/Growth Potential Analysis
9.7.1. By Country
9.7.2. By Product Type
9.7.3. By Application
9.8. Europe Automotive Accessories Demand Share Forecast, 2019-2026
10. Asia Pacific Automotive Accessories Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Asia Pacific Average Pricing Analysis
10.2. Asia Pacific Automotive Accessories Market Size and Volume Forecast by Country
10.2.1. China
10.2.2. Japan
10.2.3. South Korea
10.2.4. India
10.2.5. Australia
10.2.6. Rest of Asia Pacific (APAC)
10.3. Absolute $ Opportunity Assessment by Country
10.4. Asia Pacific Automotive Accessories Market Size and Volume Forecast by Applications
10.4.1. Passenger Cars Commercial Vehicle Two-wheelers
10.5. Basis Point Share (BPS) Analysis by Applications
10.6. Y-o-Y Growth Projections by Applications
10.7. Market Attractiveness/Growth Potential Analysis
10.7.1. By Country
10.7.2. By Product Type
10.7.3. By Application
10.8. Asia Pacific Automotive Accessories Demand Share Forecast, 2019-2026
11. Middle East & Africa Automotive Accessories Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Middle East & Africa Average Pricing Analysis
11.2. Middle East & Africa Automotive Accessories Market Size and Volume Forecast by Country
11.2.1. Saudi Arabia
11.2.2. South Africa
11.2.3. UAE
11.2.4. Rest of Middle East & Africa (MEA)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Middle East & Africa Automotive Accessories Market Size and Volume Forecast by Applications
11.4.1. Passenger Cars Commercial Vehicle Two-wheelers
11.5. Basis Point Share (BPS) Analysis by Applications
11.6. Y-o-Y Growth Projections by Applications
11.7. Market Attractiveness/Growth Potential Analysis
11.7.1. By Country
11.7.2. By Product Type
11.7.3. By Application
11.8. Middle East & Africa Automotive Accessories Demand Share Forecast, 2019-2026
12. Competition Landscape
12.1. Global Automotive Accessories Market: Market Share Analysis
12.2. Automotive Accessories Distributors and Customers
12.3. Automotive Accessories Market: Competitive Dashboard
12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
12.4.1. 3M Company
12.4.2. Continental AG
12.4.3. Cooper Tire & Rubber Company
12.4.4. Delphi Automotive PLC
12.4.5. Denso Corporation
12.4.6. Federal-Mogul Corporation
12.4.7. HELLA KGaA Hueck & Co.
Methodology
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