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COVID-19 Impact: Passenger Car Accessories Maintenance, After Sales Services Market Growth, Restrains and Opportunities 2020-2026 | Bridgestone Corp, CEAT Ltd, Continental Corp, Michelin, Pirelli Tyre, JK Tyre, MRF Ltd, Visteon Corp, Audi, Pioneer Corp, B
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According to a recent report published by Allied Market Research, titled, "Passenger Car Accessories Aftermarket by Type and Application: Global Opportunity Analysis and Industry Forecast, 2019-2026," the global passenger car accessories aftermarket size 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.
Presently, the U.S. dominates the market, followed by Mexico and Canada in North America. However, Canada is expected to grow at a higher CAGR during the forecast period. In addition, in 2018, China led the market in the Asia-Pacific region followed by Japan, India, South Korea, and rest of Asia-Pacific countries.
Factors such as stringent government regulations to replace or upgrade the accessories, increase in trend of vehicle customization coupled with rise in disposable income, and high focus on well-being of drivers fuel the growth of the market. However, decrease in global vehicle production, rise in trend of shared mobility, increase in prices of raw material, and growth in trade war and high automotive import tariffs are anticipated to hamper the market growth. Further, 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 numerous opportunities for market expansion.
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Technological advancements such as Bluetooth connectivity for hands-free mode in the automotive accessories market are on the rise, owing to increase in demand for attractive, comfortable, and aesthetic features in the automotive vehicles, especially passenger vehicles. However, Faurecia showcased the concept of customizable controls in January 2017 to solve the problem of bulky dashboard. This is expected to decrease the use of display screens and separate display panels. For example, control knobs can be integrated into door panels.
Generally, luxurious car brands such as Audi and BMW, offer high-quality equipment, comfort, performance, and technologically innovative automotive interiors. These manufacturers are planning to use customizable controls that can easily be integrated into the dashboard materials. The sales of luxurious cars increased worldwide by around 4% from 2016 to 2017.
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This rise in demand for luxurious cars is expected to increase the need for innovative automotive accessories. Therefore, technological advancements and growth in demand for luxurious vehicles are estimated to increase the demand for passenger car accessories.
The developing nations of Asia-Pacific and Africa offer numerous growth opportunities. There is a considerable demand for passenger vehicles in this region and is anticipated to increase during the forecast period. This has facilitated many automotive vehicle manufacturers to set up manufacturing plants in Africa and Asia to cater to the local demand and leverage low manufacturing costs for exporting vehicles and parts. For instance, in September 2017, Chinese car-maker BAIC opened an automotive assembly plant in South Africa that is expected to build 50,000 vehicles a year by 2022. In addition, in January 2017,Volkswagen South Africa began production at its Kenyan facility in Thika. This provides an opportunity for vendors in the African market.
Automotive infotainment is one of the fastest growing technologies in the automotive interior industry. In-vehicle infotainment systems comprise handset integration, head-up display, infotainment systems for driver assistance, interior personalization, and cloud-based infotainment. A lot of automotive companies launch various products with advanced features in infotainments. For instance, in September 2018, Renault-Nissan-Mitsubishi and Google joined forces for next-gen infotainment system. The launch for the same is expected by 2021. Therefore, in-vehicle infotainment provides an opportunity for vendors in the market.
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Various companies are offering in-vehicle entertainment system for rear seat passengers. For instance, in April 2016, Mercedes Benz offered rear seat entertainment system for their E class saloon body type of models, which allows passengers to watch videos, play games, and movies on a 17.8 cm color screen. Furthermore, the demand for connected car platform has increased due to demand for features such as hands-free telephony, media player, connectivity, and navigation.
Key Findings of the Study:
o By type, the external accessories segment generated the highest revenue in the passenger car accessories aftermarket analysis in 2018.
o LAMEA is anticipated to exhibit the highest CAGR during the forecast period while considering passenger car accessories aftermarket growth.
o Latin America leads the market in the LAMEA region.
o The leading companies listed in the passenger car accessories aftermarket report expects high revenue from passenger car accessories aftermarket returns.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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