Growing inclination towards customisation of vehicles and rising car requirements bolster the development of the global car accessories market to grow at a CAGR of almost 6.4% from 2021 to 2028.
As per the recent report by Zion Market Research - Car Accessories Market by products - Global Industry Perspective, Comprehensive Analysis And Forecast, 2020 – 2028,the global car accessories market was capitalised at $ 487.79 billion in 2020 and is likely to cross almost $ 753.05 billion by end of 2028.
According to the report, the global car accessories market is reasonably populated with the leading companies in 2016, adding up a significant market share. Major players have been spending in technological advancement, product innovation, and maintaining quality standards to preserve their supremacy in the car accessories market.
The major players active in the car accessories market are Cover craft Industries, US Auto Parts Network, Star Automotive Accessories, Lloyd Mats, Hyundai Motor Company, Robert Bosch, JCA Fleet Services, Roush Performance, Renault, Classic Soft Trim, and Honda Motor, among others. These players are set to augment the growth of the car accessories market in the near future.
According to an analyst at Zion Market Research, the car accessories market is likely to see considerable development in the near future. Rising requirements for cars, growing inclination towards customisations of vehicles (particularly amongst the teen generation), and increasing sales of pickup trucks in developed nations are the main reasons expected to power the development of the global car accessories market over the forecast period. As huge numbers of car accessories are accessible in the industry, many of these are not consistent in quality. The goods are made from materials of poor quality. Thus, the availability of cheap, low-quality car accessories and irregularity of quality of car accessories might hinder the development of the car accessories market.
The report identified that the technical advancements are likely to set new developmental opportunities for car accessories in the years to come. The auto sector continually brings new tech such as biometric vehicle access, new lighting technology, and active window displays, among others. This advancement in tech is likely to set new developmental opportunities for car accessories going forward. For example, in June 2018, Rockford Fosgate DSR1 audio processor was launched in India. The Rockford Fosgate DSR1 enhances the quality of the sound over the stock version by connecting to the OEM factory-fitted system of the car. Such types of launches boost the car accessories market.
Based on the product, the car accessories market is divided into torches, working lights, warning lights, appearance accessories, interior lights, driving lights, interior accessories, e-sets, gauges & instruments, lifestyle gadgets, light module tuning, safety, vision products, stylish/ performance/luminaire tuning, gas & oil additives, appearance chemicals, retrofit air conditioner sets, solar-powered HVAC systems, and others. Among all the product types, vision products & torches have the highest demand, thereby boosting the car accessories market, the research company said.
Courtesy: Zion Market Research. NB: Photo is representational.