Passenger Car Accessories Aftermarket by Type Thumbnail Image

2020

Passenger Car Accessories Aftermarket by Type

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

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Author's: Akshay Jadhav| Lalit Katare | Lalit Janardhan Katare
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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.

Passenger Car Accessories Aftermarket 2019-2026

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.

Passenger Car Accessories Aftermarket by Type
By Type
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Internal Accessories segment is projected as the most lucrative segments

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.

Passenger Car Accessories Aftermarket by Type
By Region
2026
Asia-pacific 
North America
Europe
LAMEA

LAMEA region would exhibit the highest CAGR of 11.0% during 2019-2026.

 

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

Aspects Details
Passenger Car Accessories Aftermarket by Type By Type
By Type
  • EXTERNAL ACCESSORIES
  • INTERNAL ACCESSORIES
Passenger Car Accessories Aftermarket by Type By Application
By Application
  • Roof Rack
  • LED Lights
  • Body Kits (Chrome Accessories, Bumper Guards, and Door Visors)
  • Body Covers
  • Alloy Wheels
  • Tyres
  • 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
  • Others (Dash Camera, Tissue Holders, Antenna, and Horn)
Passenger Car Accessories Aftermarket by Type By Region
By Region
  • NORTH AMERICA  (US, CANADA, MEXICO)
  • EUROPE  (UK, GERMANY, FRANCE, SPAIN, RUSSIA, REST OF EUROPE)
  • ASIA-PACIFIC  (CHINA, INDIA, JAPAN, SOUTH KOREA, REST OF ASIA-PACIFIC)
  • LAMEA  (LATIN AMERICA, MIDDLE EAST, AFRICA)
Key Market Players
Key Market Players

HYUNDAI MOBIS, FORD MOTOR COMPANY, BORBET, PIONEER CORPORATION, VALEO, CLN GROUP, HITACHI METALS LTD., KOIT MANUFACTURING CO., LTD., CONTINENTAL CORPORATION, STANLEY ELECTRIC CO., LTD., ACCURIDE CORPORATION, DENS CORPORATION, SUMITOM RUBBER INDUSTRIES, LTD., HELLA KGAA HUECK & CO., AUDI AG, MRF LIMITED, VOLKSWAGEN AG, VISTEON CORPORATION, SUPERIOR INDUSTRIES, PANASONIC CORPORATION, OSRAM LICHT AG, IOCHPE-MAXION, JK TYRE & INDUSTRIES LIMITED, KONINKLIJKE PHILIPS N.V., CEAT LIMITED (CEAT), HARMAN INTERNATIONAL (SAMSUNG ELECTRONICS), BRIDGESTONE CORPORATION, THE YOKOHAMA RUBBER CO., LTD., AMERICAN EAGLE WHEELS, THE GOODYEAR TIRE & RUBBER COMPANY, ALPINE ELECTRONICS, INC., MICHELIN, PIRELLI TYRE C S.P.A. (CHINA NATIONAL CHEMICAL CORPORATION), BMW GROUP, ROBERT BOSCH GMBH, CITIC DICASTAL WHEEL MANUFACTURING., ZIZALA LICHTSYSTEME GMBH

Analyst Review

The passenger car accessories aftermarket is projected to witness moderate growth rate, owing to growth in population along with increase in disposable income and rise in purchasing power. Companies in this industry are adopting various innovative techniques to provide customers with advanced and innovative product offerings.

The passenger car accessories aftermarket is driven by 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. 

In addition, changing lifestyle of people especially young generation is generating the demand of the passenger car accessories. Most people are inclined toward advancements of the electronic accessories such as infotainment units, music system, and others. 

However, decrease in global vehicle production, rise in trend of shared mobility, increase in prices of raw materials, and growth in trade war and high automotive import tariffs restrict the market growth. Moreover, technological advancements and growth in demand for luxurious vehicles, untapped developing markets in Africa and Asia, and advancements in in-vehicle infotainment are expected to create lucrative opportunities in near future for passenger car accessories aftermarket.

Among the analyzed regions, Asia-Pacific accounted for the highest revenue in the global market in 2018. However, LAMEA is expected to grow at a higher rate, predicting lucrative opportunities for the key players operating in the passenger car accessories aftermarket.
 

Author Name(s) : Akshay Jadhav| Lalit Katare | Lalit Janardhan Katare
Frequently Asked Questions?

CEAT Limited have launched two new range of motorcycle tires, Tubeless Gripp XL, and Zoom X3 series at India Bike Week 2019 in Goa, India. Further, Continental launched 19.5" tire, which is developed to use in medium-sized urban buses.

The global 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. The tires segment was the highest contributor to the market in 2018.

The sample for global global passenger car accessories aftermarket report can be obtained on demand from the AMR website. Also, the 24*7 chat support and direct call services are provided to procure the sample report.

Potential customers of the passenger accessories aftermaret are the owners of the vehicles which have more interest in retrofit accessories for their personal vehicle. In addition, vehicle distributors are also their potential customers

The key players operating in the market include Bridgestone Corporation, CEAT Limited, Continental Corporation, Michelin, Pirelli & C. S.p.A., JK Tyre & Industries Limited, MRF Limited, Panasonic Corporation, Visteon Corporation, HARMAN International, Ford Motor Company and others

The company profiles of the top market players of global passenger car accessories aftermarket can be obtained from the company profile section mentioned in the report. This section includes analysis of top ten player’s operating in the global market.

Asia-Pacific region is leading the global passenger car accessories aftermarket presently. However, LAMEA is expected to create more business opportunities for the market expansion.

The service providers in the global passenger car accessories aftermarket industry are the different accessories manufacturers who are developing better and advanced products thus propelling the growth of the global market.

Product Launch, acqiosition, is the key growth strategy adopted by the majority of the key players operating in the passenger car accessories aftermarket in order to expand their bussiness and and increase their revenues.

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Passenger Car Accessories Aftermarket by Type

Global Opportunity Analysis and Industry Forecast, 2019-2026