Car Accessories Market Size, Share, Growth Report 2032

Market Overview

The global car accessories market accounted for USD 487.79 Billion in 2020 and is expected to reach USD 753.05 Billion by 2028, growing at a CAGR of 6.4% from 2021 to 2028.

The car accessories play an important role in improving the safety and aesthetic value of an automobile. The automobile consumers across the globe are inclined towards equipping their cars with essential accessories required for improving performance and passenger comfort. The car accessories ranges from the basic appearance improving product to the most advanced e-seat in a vehicle. Rising competition in the passenger vehicle market has triggered a trend in incorporating essential car accessories, that were previously considered luxury, to gain competitive edge in the market. This has played a key role in shaping the global car accessories market.

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COVID-19 Impact Analysis

The global car accessories market has witnessed a mild impact in the sales for short term due to the halt in public movement amidst the lockdown enforced by governments to contain and prevent spreading of COVID-19. The consumer spending on the vehicle accessories has decreased significantly across the globe. However, emergence of cars as preferred mode of transportation in the developing countries has offered opportunity to the aftermarket sale of car accessories, thereby keeping the demand in motion. The production halts amidst the lockdown has impacted the demand for car accessories across the globe.

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Growth Factors

Increased passenger vehicle sales, rising awareness regarding on-road safety, growing technology integration into automobiles, increasing demand for electric vehicles, and shifting preference towards enhancing vehicle appearance are the key forces driving the global car accessories market. Consumer preference for high aesthetic value automobiles has increased significantly across the developing countries across Asia Pacific and Africa. Additionally, the demand for safety accessories has witnessed significant growth during the past couple of years owing to increased consumer awareness and government initiatives. This has significantly contributed towards the growth of the global car accessories during past couple of years and is anticipated to be a key factor driving the growth of the global car accessories market over coming years.

Global Car Accessories Market: Report Scope:

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Product Segment Analysis Preview

Based on product, the global 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.

The safety accessories segment accounted for a prominent share to the global car accessories market in 2019 and is anticipated to be the fastest growing segment during the forecast period. The awareness regarding the importance of safety features such as airbags is rising at a high rate across the globe. Additionally, the growth in sales of automobiles across the globe during past half decade has contributed towards the growth of the car accessories market. The major automobile manufacturers such as Toyota Group, VW Group, Renault-Nissan-Mitsubishi, General Motors, Hyundai-Kia Group, Honda, and Ford witnessed prominent growth in the number of vehicles sold in 2019. This has not only accounted for increased demand for safety car accessories from the automotive original equipment manufacturers, but has significantly contributed to increased demand from the aftermarket applications.

Along with the rising demand for safety accessories, the lighting accessories such as the warning lights, driving lights, and interior lights collectively contributed more than 15% to the global car accessories market in 2019 and are expected to be among the fastest growing segments during the forecast period. Among these, the warning lights segment is anticipated to be the fastest segment during the forecast period. The warning lights are increasingly being used to improve visibility and on-road safety across the European and Asia countries, thereby contributing towards the growth of the global car accessories market.

Moreover, automotive OEMs are focusing to enhance the aesthetic value of automotive along with improving the safety and efficiency of automobiles. For instance, fog lamps and adjustable seats are being provided in the base models by major automobile manufacturers across the globe. The largest Indian automobile manufacturer, the Tata Motors, has equipped the base models of its vehicle with essential safety features to improve road safety. This has fueled the demand for multiple car accessories during the past couple of years. Further, incorporation of essential features has shifted the focus of automobile buyers towards appearance accessories and is anticipated to play an important role in the growth of the global car accessories market in the coming years.

Additionally, the demand for electric vehicles is anticipated to surge during the forecast period owing to rising awareness regarding the impact of fossil fuel burning. The demand and production of electric vehicles has witnessed prominent growth across major countries such as India, China, the U.S., and the European Union. This has contributed towards the growth in demand for improved or updated car accessories and is anticipated to be a prime factor driving the growth of the global car accessories market during the coming years.

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Regional Analysis Preview

Asia Pacific held the largest share of the global car accessories market in 2020 and is anticipated to be the fastest growing segment during the forecast period owing to increasing number of cars across major countries such as India, Indonesia, and Malaysia. However, government initiatives towards the use of public transport and increasing investment in public transport infrastructure in major countries such as China and Japan are anticipated to hinder the growth of the Asia Pacific car accessories market in coming years. However, strong aftermarket demand for car accessories across the region is anticipated to be a key factor driving the growth of Asia Pacific car accessories market during the forecast period.

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Key Market Players & Competitive Landscape

Some of key players in car accessories 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. among others.

The global Car Accessories market is segmented as follows:

By Product

• 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
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa