Passenger Car Accessories Aftermarket by Type (External Accessories and Internal Accessories) and Application (Roof Rack, LED Lights, Body Kits, Body Covers, Alloy Wheels, Tires, Car Care Products, Window Films, Seat & Steering Covers, Electronic Accessories, Knobs, Floor Mats, Sunshades, Car Organizers, Air Fresheners, Vacuum Cleaners, Pillows & Cushions, and Others): Global Opportunity Analysis and Industry Forecast, 2019-2026 Market

The passenger car accessories aftermarket was valued at $128.97 billion in 2018, and is projected to reach $248.41 billion by 2026, registering a CAGR of 8.5% from 2019 to 2026.

Car accessories are the interior/exterior parts that are installed in/on car to improve the aesthetics. Car owners are more focused on the exterior as well as the interior accessories as it gives stylish look to the car from outside as well as comfortable and convenient feel from inside. Passenger car accessories allows car owners to upgrade their cars with advanced features. 

The major companies profiled in the passenger car accessories aftermarket include Bridgestone Corporation, CEAT Limited, Continental Corporation, Michelin, Pirelli Tyre C S.p.A., The Goodyear Tire & Rubber Company, JK Tyre & Industries Limited, MRF Limited, Sumitomo Rubber Industries, Ltd., The Yokohama Rubber Co., Ltd., Panasonic Corporation, Visteon Corporation, HARMAN International, Ford Motor Company, Audi AG, Alpine Electronics, Inc., Pioneer Corporation, BMW Group, Volkswagen AG, DENSO Corporation, Hella KGaA Hueck & Co., Hyundai Mobis, Koito Manufacturing Co., Ltd., Koninklijke Philips N.V., Osram Licht AG, Robert Bosch GmbH, Stanley Electric Co., Ltd., Valeo, Zizala Lichtsysteme GmbH, Iochpe-Maxion, CITIC Dicastal Co., Ltd., Hitachi Metals, Ltd., American Eagle Wheel, Superior Industries International, Inc., CLN group, and Borbet, Accuride Corporation.

The passenger car accessories aftermarket is segmented on the basis of type, application, and region. By type, the market is bifurcated into external accessories and internal accessories. Based on  applications, it is segmented into roof rack, LED lights, body kits (chrome accessories, bumper  guards, and door visors), body covers, alloy wheels, tires, car care products, window films, seat & steering covers, electronic accessories (infotainment units, mobile charger, and music system), knobs, floor mats, sunshades, car organizers, air freshener, vacuum cleaners, pillows & cushions, and others (dash camera, tissue holders, antenna, and horn). Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Top Impacting Factors

The significant impacting factors in the growth of the passenger car accessories aftermarket include stringent government regulations to replace or upgrade the accessories, rise in trend of vehicle customization coupled with rise in disposable income, and high focus on well-being of drivers. Further, decrease in global vehicle production, rise in trend of shared mobility, increase in prices of raw materials, growth in trade war and high automotive import tariffs, technological advancements and growth in demand for luxurious vehicles, untapped developing markets in Africa and Asia, and advancements in in-vehicle infotainment have strong impact on the market. Each of these factors is anticipated to have a definite impact on the passenger car accessories aftermarket during the forecast period.

Stringent government regulations to replace or upgrade the accessories 

Many countries are mandating strict rules and regulations to replace the car accessories after the expiry date. For instance, National Highway Traffic Safety Administration (NHTSA) has stated a new regulatory norm for car parts such as tires, rims, seat belts, and others to be originally manufactured and must be replaced according to the life span of the product. Such mandates will in turn boost the sales of the passenger car accessories aftermarket.

Rise in trend of vehicle customization coupled with rise in disposable income.       

Globally, the disposable income of individuals has been increasing considerably. For instance, according to the Office for National Statistics (ONS), Europe accounted for high household disposable income in 2016. In addition, China’s per capita disposable income observed an increase of 6.3% in the same year. 

In addition, rise in trend of vehicle customization due to increase in disposable income as car owners are more conscious about the looks and aesthetics of the car. Chrome accessories, spoilers, LED lights, allow wheels, and other are some of the examples of the passenger car accessories, which enhance the car aesthetics. This in turn fuels the growth of the global passenger car accessories aftermarket.

Key Benefits for Stakeholders:

• This study comprises analytical depiction of the passenger car accessories aftermarket trends and future estimations to depict the imminent investment pockets.
• The overall potential is determined to understand the profitable trends to gain a stronger foothold.
• The passenger car accessories aftermarket analysis report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
• The current growth and passenger car accessories aftermarket forecast is quantitatively analyzed from 2018 to 2026 to benchmark the financial competency.
• Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the passenger car accessories aftermarket share.
• The study also comprises the aftermarket of passenger car accessories market opportunity that helps key players in decision-making

• The leading playersin the industry are expecting high revenue margin from passenger car accessories aftermarket returns.

 Passenger Car Accessories Aftermarket by Type Report Highlights