Car accessories are used to improve the capabilities of a car and play an important role in car care. Car owners need different accessories for different purposes. This strongly depends on the preferences and specific needs of a car owner. There are specific accessories that are used to improve the functionality and performance of the vehicle on the road. Interior and exterior car accessories are important types of car accessories. The advanced car accessories offer both a trendy look as well as comfort.
According to the report, the global market for car accessories was estimated at $360.80 billion in 2016 and is expected to reach approximately $519.01 billion by 2022, equivalent to a CAGR of approximately 6.4% between 2017 and 2022.
The car accessory market is expected to grow significantly over the forecast period. The market will mainly be driven by rising demand for passenger cars, an increasing propensity for vehicle customization, especially among the younger generation, and increasing sales of pickups in developed markets are the main factors that should stimulate the global market for car accessories in the forecast period. As a large number of car accessories are available on the market, many of them are of inconsistent quality. The products are made of poor quality materials. The inconsistency in the quality of car accessories and the availability of cheap, inferior car accessories can slow down the growth of the car accessories market. The automotive industry is constantly introducing new technologies such as new lighting, biometric vehicle access, active shop windows, etc. This technological progress is expected to open up new growth opportunities in the future.
On the basis of the product, the market for car accessories is segmented into: Work lights, flashlights, optical accessories, warning lights, driving lights, interior lights, electric seats, interior equipment, lifestyle equipment, instruments and meters, safety, light module tuning, power/style/light tuning, vision products, optical chemicals, gas and oil additives, solar HVAC systems, retrofit air conditioning sets and others. Flashlights and vision products are the most popular of all product types. In terms of sales, torches accounted for 20.4% of the market share in 2016.
In terms of sales, Europe developed into a leading region in terms of demand for car accessories and accounted for the largest market share of total sales in 2016. This growth is mainly due to increased consumer spending on car accessories. In addition, increasing population growth and changing lifestyles are expected to drive demand for car accessories in the Asia Pacific region. North America is another important regional market after Europe, accounting for 27.3% of market share in 2016 and is expected to grow significantly in the near future due to the increasing demand for vehicle modifications. For 2016, the Middle East and Africa are expected to be the fastest-growing markets in terms of sales.
The global automotive aftermarket is moderately consolidated with leading companies having a significant market share in 2016. Large companies have invested in product innovation, technological advancement, and adherence to quality standards to maintain their market leadership. Key players in the market include Hyundai Motor Company, Roush Performance, Star Automotive Accessories, Robert Bosch GmbH, Renault, Honda Motor Co., Ltd, U.S. Auto Parts Network Inc, Cover craft Industries LLC, Lloyd Mats, Classic Soft Trim JCA Fleet Services and others.