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Car Accessories Market Trends

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

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Car Accessories Market Trends

In the ever-evolving automotive industry, collaborations between car accessory vendors and technology providers are a strategic move toward innovations and staying competitive. For instance, in June 2023, Yanfeng Automotive Interiors adopted IBM's data, AI, and intelligent automation software. Such partnerships will enable automotive accessory vendors to embrace digital transformation, leveraging data analytics and automation to enhance operational efficiency, understand customer behavior, and design innovative products. Such collaborations allow vendors to optimize their intricate supply chains, reduce costs, and gain a competitive edge by staying at the forefront of technological advancements. They facilitate the development of sustainable solutions, addressing the industry's growing emphasis on eco-friendly practices and reducing the environmental impacts.

Consumers are increasingly focusing on safety and convenience while considering accessory purchases, which has increased the demand for car accessories. The high demand for Advanced Driver Assistance Systems (ADAS) incorporating features, such as adaptive cruise control and lane-keeping assist, underscores the role of accessories in enabling the integration of its functionalities into older vehicles.

The adoption of smart & connected accessories, known for their real-time data provision, advanced navigation, remote vehicle control, and emergency assistance features, has enhanced safety and convenience. In today’s fast-paced lifestyle, consumers seek convenient solutions for their vehicles, which is driving the demand for accessories that streamline tasks and minimize distractions. The accessories include hands-free communication systems, entertainment enhancements, and well-designed storage solutions.

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.