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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“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.