According to the most recent findings from Persistence Market Research, sales of passenger car accessories are expected to reach US$ 487.7 Bn in 2022 with consistent long-term estimates. According to the analysis, the market will grow at a 5.5% value CAGR from 2022 to 2032. It is anticipated that the expansion of the passenger vehicle accessories market would be driven by shifting consumer preferences for the personalization of automobile design with cutting-edge amenities like entertainment systems and music accessories in the next years.
Manufacturers are developing lightweight materials to use in the production of passenger car accessories to meet the demand for creating lightweight, fuel-efficient vehicles. This is done in response to the rising trend of vehicle customization. For instance, the main raw materials used to manufacture car accessories today are lightweight materials such as high-strength steel and thermoplastic.
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Key Takeaways from Market Study
- By type, interior car accessories are anticipated to witness prominent demand growth at 5.4% CAGR by volume during the forecast period of 2022 to 2032.
- Under vehicle type, the mid-size PC segment is projected to expand at a value CAGR of 5.3%.
- By region, Europe is anticipated to witness substantial growth in the passenger car accessories market. Among the countries, sales of passenger car accessories in Germany, Italy, and the U.K are expected to increase at high CAGRs in terms of volume.
- By sales channel, the aftermarket is estimated to hold a prominent volume share of 59.7% in 2022.
“The market for passenger car accessories is being fueled by rising disposable income and shifting customer preferences toward technologically-advanced appliances. Manufacturers are developing lightweight materials to utilize in the production of passenger car accessories in response to the necessity to develop fuel-efficient and lightweight cars.” says a Persistence Market Research analyst.
Competitive Landscape
Leading manufacturers of passenger car accessories include Robert Bosch GmbH, Classic Soft Trim, Covercraft Industries LLC, Lloyd Mats, Pecca Group Berhad, Lippert, Continental AG, Classic Soft Trim, Lear Corporation, Denso Corporation, Robert Bosch GmbH, Alpine Company, and Kenwood Corporation.
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To gain a competitive advantage in the industry, key manufacturers are developing innovative passenger car products. Market players are also heavily investing in expansion, mergers, acquisitions, and strategic partnerships to expand their global footprint.
For instance:
- In December 2020, Volkswagen became the first manufacturer to introduce the new technology in the compact segment with the models ID.3 and ID.4.
More Valuable Insights on Offer
Persistence Market Research, a research and consulting firm, has published a new market research report on the global passenger car accessories market that contains an industry analysis of 2017–2021 and opportunity assessment for 2022–2032.
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The report provides an in-depth analysis of the market through different segments, namely, type, vehicle type, sales channel, and region. The report also provides supply and demand trends along with an overview of the parent market.
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