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Passenger Car Accessories Market achieved USD 224 billion by 2028 and Projected at a CAGR of 6.8% | Share, Size & Growth, Analysis
Passenger Car Accessories Market
The Passenger Car Accessories Market was estimated around USD 224 billion by 2028, growing at a CAGR of 6.8% over the forecast period.
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/passenger-car-accessories-market/
The factors driving the growth of Passenger Car Accessories Market includes rising smartphone penetration rates, growing demand for infotainment systems, emerging trend of vehicle customization, improvements in vehicles safety features and increase in the production of automobiles around the world. According to the report published by Bloomberg, the Global Automotive Infotainment Market is estimated to reach USD 15.13 billion by the end of 2030, growing at a CAGR of 9.3% over the forecast period (2022-2030), which will accelerate the Passenger Car Accessories Market Growth in the approaching years. Moreover, technological advancements in car accessories, increasing use of lightweight materials by manufacturers for developing lightweight automobiles and rapid growth in automotive aftermarket e-retailing and rise in the launch of innovative products, are some of the additional factors supplementing the market growth. In addition, the increasing investments by leading players on research and development, rising disposable incomes and growing population growth rates, are further contributing towards the market growth.
However, growth of the Passenger Car Accessories Market is hindered due to high cost of integrating new technologies.
The leading players operating in the Passenger Car Accessories Market are Pecca Group Berhad, CAR MATE MFG, CO., Grupo Antolin, Auto Parts Network Inc, Covercraft Industries, LLC, Continental AG, Harman International Industries, Incorporated., Alpine Company Classic Soft Trim and Star Automotive Accessories, among others.
Based on Component, the Interior segment is predicted to grow at a significant CAGR during the forecast period
Interior car accessories enhance the riding experience of consumer along with increasing demand for Artificial Intelligence (AI) enabled systems, are some of the factors responsible for the segment's growth.
Based on Sales Channel, the Original Equipment Manufacturers (OEM) segment is projected to grow at a remarkable CAGR over the forecast period
Increasing demand for advanced infotainment systems in luxurious cars, is propelling the growth of the segment.
Based on Region, the North American region is anticipated to hold the highest market share during the forecast period
Government policies promoting manufacturing of automobiles, presence of the leading players such as Magna International Inc., Denso International America Inc., rising population growth rates, improved living standards and high per capita incomes, are some of the important factors augmenting the market growth in North American region.
Key Developments
In 2021, Minda Industries and Harita Seating System Ltd. announced to merge. This merger helped the company to expand its business from switches, lamps, and horns to seating solution for passenger cars.
In 2021, Continental AG introduced three new products for the automotive spare parts comprising of air suspension dampers, compressors, coolant thermostats.
Market Segmentation
Segmentation by Component
Interior
Seat Belts
Car Seat
Horns
Speedometer
Grab Handles
Lights
Audio/Visual System
Exterior
Rims
Car Cover
Mirror
Wind Shield
Windows
Segmentation by Sales Channel
OEM
Aftermarket
Segmentation by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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