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Car Accessories Market Size

Report ID: GMI7148
Published Date: Oct 2023
Report Format: PDF

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Car Accessories Market Size

Car Accessories Market size was valued at USD 196 billion in 2022 and is anticipated to register a CAGR of 5.5% between 2023 and 2032. Consumer demand for car accessories is highly correlated with the desire for vehicle personalization and customization. This results in increased market demand for car accessories aimed at augmenting the aesthetic appeal and functional capabilities of automobiles as well as enhancing the overall driving experience. Car accessories encompass a wide array of products such as custom wheels, premium seating solutions, advanced automotive infotainment systems, and safety enhancements. The aging of vehicle fleets amplifies the requirement for maintenance and replacement components, increasing the sale of products such as braking systems, filtration products, and batteries.

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The growing focus on safety & security attributes has led to increased consumer interest in advanced car alarm systems, keyless entry solutions, and backup cameras. In the tech-centric automotive landscape, the car accessories market is poised for substantial growth, underpinned by consumer demand for personalizing their vehicles with cutting-edge technological innovations. According to the Organisation Internationale des Constructeurs d'Automobiles (OICA), in 2022, the passenger car sales reached 57.4 million units globally. The expansion of the passenger car market has led to the maturation of vehicle fleets, accentuating the need for maintenance and replacement components.

Car Accessories Market Report Attributes
Report Attribute	Details
Base Year:	2022
Car Accessories Market Size in 2022:	USD 196 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	5.5%
2032 Value Projection:	USD 335.5 Billion
Historical Data for:	2018 - 2022
No. of Pages:	200
Tables, Charts & Figures:	293
Segments covered:	Accessories type, end user, and distribution channel
Growth Drivers:	Increase in automobile sales High focus on safety & security attributes Increased awareness about interior comfort Rise in consumer demand for personalization
Pitfalls & Challenges:	Increasing environmental awareness Complex regulatory compliance

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The inherently global nature of the car accessories industry necessitates a multifaceted approach to regulatory compliance. Meeting the regulatory requirements encompasses a substantial allocation of resources, financial investments, extensive testing processes, and protracted certification procedures. These factors lead to increased costs and delays in product development & distribution, impacting the overall pricing strategies and market capacity to address consumer demands.

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of car accessories reached USD 196 billion in 2022 and is poised to grow at 5.5% CAGR from 2023 to 2032, attributed to the rising consumer preference for vehicle personalization and customization to enhance aesthetic appeal and functional capabilities.

Interior car accessories industry accounted for sizable revenue share in 2022 and is estimated to witness high demand through 2032, due to their substantial influence on elevating the overall driving experience and visual appeal of vehicles.

Asia Pacific market size was worth USD 113.1 billion in 2022, owing to the rising rate of vehicle ownership in the region.

Some of the leading car accessories providers are Hella GmbH & Co. KGaA, Pioneer Corporation, Garmin Ltd., Minda Industries Ltd., Bridgestone Corporation, Autozone Inc., and Michelin Group.