Research on Interior Car Accessories Market (impact of COVID-19) with Top Players Momo Srl, Pioneer Corporation, Star Automotive Accessories, Garmin Ltd., H.I. Motors, Pecca Group Berhad, U.S. Auto Parts Network
Interior car accessories are additional components that augment the interior aesthetics of the vehicle and provide overall entertaining and comfortable riding experience. Since the automotive sector has expanded significantly in the recent past, with car accessories witnessing significant demand across the globe. A vehicle’s interior is comprised of cockpit modules, automotive seats, door panels, headliners, etc. Furthermore, interior trims, upholstery, and other adornments are crucial components in providing aesthetic appearance to the car. The global interior car accessories market focuses on five regions North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
The global Interior Car Accessories Market was accounted for US$ 202,938.9 Mn in terms of value and 803,8563.5 Thousand Units in 2019 and is expected to grow at CAGR of 5.6% for the period 2020-2027.
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Interior Car Accessories Market - Impact of Coronavirus (Covid-19) Pandemic
COVID-19 Pandemic have adversely affected the economies of various countries around the globe. According to the International Monetary fund Analysis, the global economy is expected to shrink down by 3% percent in the year 2020 compared to year 2019. These economic slowdown expected to affect various sectors such as Automotive.
Moreover, According to Coherent Market Insight Analysis, Asia Pacific region constitutes world’s 60% population and higher population demands higher mobility. According to same analysis, the Asia Pacific region have largest Automotive industry by revenue but due to COVID-19 pandemic countries such as China and India declared lockdown in some areas of country. Due to the lockdown many car accessories manufactures had to shutdown their plants. Owing to mentioned reasons, COVID-19 is expected to restrain the growth of the market during the year 2020.
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Market Dynamics- Restraints
Presence of low-quality interior car accessories is expected to restrain growth of the global interior car accessories market during the forecast period
There is a massive number of suppliers present in the market providing interior car accessories with low quality. These products are offered at competitive prices as compared to branded interior car accessories. Regardless of inferior quality offered and promising look as branded interior accessories, consumers are purchasing the low-quality accessories. This low awareness among consumers regarding genuine accessories is expected to restrain growth of the global interior car accessories market during the forecast period.
Cost competitiveness due to fragmented market is expected to hinder the global interior car accessories market growth over the forecast period
The global interior car accessories market is highly fragmented with presence of both local and global market players. The unorganized players hold dominant positions in the market, owing to which the organized players face sheer competition in terms of pricing resulting in a decline of profit margin. Most of the interior car accessories in the unorganized market are imported from countries such as China, Taiwan, Korea, and Thailand. Thus, these factors are expected to hinder the market growth in the near future.
Covid-19 Imapct Analysis on Industrial Automation and Machinery Industry: https://www.coherentmarketinsights.com/covid-19-impact-tracker/industrial-automation-and-machinery-industry
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