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