Zion Market Research has published a new report titled “Car Accessories Market by Products (Working lights, Torches, Appearance accessories, Warning lights, Driving lights, Interior lights, E-sets, Interior Accessories, Lifestyle gadget, Instruments and Gauges, Safety, Light module tuning, Performance/stylish/luminaire tuning, Vision products, Appearance Chemicals, Gas & oil additives, Solar powered HVAC systems, Retrofit air conditioner sets, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2016 – 2022”. According to the report, the global car accessories market was valued at USD 360.80 billion in 2016 and is expected to reach approximately USD 519.01 billion by 2022, growing at a CAGR of around 6.4% between 2017 and 2022.
Car accessories are used to improve a car’s ability and play an important role in car maintenance process. Car owners require various accessories for different purposes. This greatly depends on preferences and specific needs of a car owner. There are specific accessories used to improve vehicle’s functionality and performance on the road. Interior and exterior car accessories are key types of car accessories. The advanced car accessories offer a trendy look to the car as well as comfort.
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The car accessories market is expected to witness substantial growth within the forecast period. The market is mainly driven by increasing demand for cars, increasing inclination towards vehicle customizations, especially among the younger generation, and growing sales of pickup trucks in developed markets are the main factors likely to boost the global market for car accessories over the forecast period. As large numbers of car accessories are available in the market many of these are inconsistent in quality. The products are made from poor quality materials. Thus, the inconsistency of quality of car accessories and availability of cheap low-quality car accessories may curb the growth of car accessories market. The auto industry is constantly bringing new technology like new lighting technology, biometric vehicle access, active window displays etc. This advancement in technology is anticipated to set new growth opportunities in coming future.
On the basis of product, the car accessories market is segmented into; working lights, torches, appearance accessories, warning lights, driving lights, interior lights, e-sets, interior accessories, lifestyle gadget, instruments and gauges, safety, light module tuning, performance/stylish/luminaire tuning, vision products, appearance chemicals, gas & oil additives, solar powered HVAC systems, retrofit air conditioner sets, and others. Among all the product types, torches, and vision products are in the highest demand. In terms of revenue, torches accounted for 20.4% of market share in 2016.
In terms of revenue, Europe emerged as a leading region in terms of car accessories demand and accounted for the majority of the market share of total revenue generated in 2016. This growth is mainly due to increase consumer spending on car accessories. Moreover, increasing population growth and changing lifestyle is projected to boost the demand for car accessories in Asia Pacific region. After Europe, North America is another key regional market which accounted for 27.3% of market share in 2016 and is expected to show significant growth in the near future on account of increasing demand for car modifications. Middle East & Africa is expected to be the fastest growing market in terms of revenue in 2016.
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The global car accessories market is moderately consolidated, with the leading players accounted for significant share of the market in 2016. Major companies have been investing in product innovation, technological advancement, and maintaining quality standards in order to retain their dominance in the market. The key players operating in the market are U.S. Auto Parts Network Inc., Cover craft Industries LLC, Lloyd Mats, Star Automotive Accessories, Robert Bosch GmbH, Hyundai Motor Company, Roush Performance, JCA Fleet Services, Classic Soft Trim, Renault, Honda Motor Co., Ltd., and others.
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