Passenger Car Accessories Market is projected to expand steadily at a CAGR of 5.5% to reach US$ 829.2 Bn by 2032

According to the most recent findings from Persistence Market Research, sales of passenger car accessories are expected to reach US$ 487.7 Bn in 2022 with consistent long-term estimates. According to the analysis, the market will grow at a 5.5% value CAGR from 2022 to 2032. It is anticipated that the expansion of the passenger vehicle accessories market would be driven by shifting consumer preferences for the personalization of automobile design with cutting-edge amenities like entertainment systems and music accessories in the next years.

Manufacturers are developing lightweight materials to use in the production of passenger car accessories to meet the demand for creating lightweight, fuel-efficient vehicles. This is done in response to the rising trend of vehicle customization. For instance, the main raw materials used to manufacture car accessories today are lightweight materials such as high-strength steel and thermoplastic.

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Key Takeaways from Market Study

By type, interior car accessories are anticipated to witness prominent demand growth at 5.4% CAGR by volume during the forecast period of 2022 to 2032.
Under vehicle type, the mid-size PC segment is projected to expand at a value CAGR of 5.3%.
By region, Europe is anticipated to witness substantial growth in the passenger car accessories market. Among the countries, sales of passenger car accessories in Germany, Italy, and the U.K are expected to increase at high CAGRs in terms of volume.
By sales channel, the aftermarket is estimated to hold a prominent volume share of 59.7% in 2022.

"The market for passenger car accessories is being fueled by rising disposable income and shifting customer preferences toward technologically-advanced appliances. Manufacturers are developing lightweight materials to utilize in the production of passenger car accessories in response to the necessity to develop fuel-efficient and lightweight cars." says a Persistence Market Research analyst.

Competitive Landscape

Leading manufacturers of passenger car accessories include Robert Bosch GmbH, Classic Soft Trim, Covercraft Industries LLC, Lloyd Mats, Pecca Group Berhad, Lippert, Continental AG, Classic Soft Trim, Lear Corporation, Denso Corporation, Robert Bosch GmbH, Alpine Company, and Kenwood Corporation.

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To gain a competitive advantage in the industry, key manufacturers are developing innovative passenger car products. Market players are also heavily investing in expansion, mergers, acquisitions, and strategic partnerships to expand their global footprint.

For instance:

In December 2020, Volkswagen became the first manufacturer to introduce the new technology in the compact segment with the models ID.3 and ID.4.

More Valuable Insights on Offer

Persistence Market Research, a research and consulting firm, has published a new market research report on the global passenger car accessories market that contains an industry analysis of 2017-2021 and opportunity assessment for 2022-2032.

Passenger Car Accessories Industry Research by Category

Passenger Car Accessories Market by Type:

Interior Parts
Electronic Accessories
Head-up Displays
Dashcams
Rear Backup Cameras
Radar Blind-Spot Sensor Kits
Ambient Lighting
Others
Covers
Knobs
Car Cushions and Pillows
Others (Floor Components, Grab Handles, Interior Lights, etc.)
Exterior Parts
Body Kits
Bull Bars
Bumpers
Runner Bars & Steps
Rocker Panels
Spoilers
Others (Fender Flares, Tail Light Guards, Window Deflectors)
Exhaust Mufflers
Exterior Lights
Roof Racks
Window Films
Chrome Accessories
Others (License Plate Frames, Wheel Covers, Car Covers, etc.)

Passenger Car Accessories Market by Vehicle Type:

Compact PCs
SUVs
Mid-size PCs
Luxury

Passenger Car Accessories Market by Sales Channel:

OEMs
Aftermarket

Passenger Car Accessories Market by Region:

North America Passenger Car Accessories Market
Latin America Passenger Car Accessories Market
Europe Passenger Car Accessories Market
East Asia Passenger Car Accessories Market
South Asia Pacific Passenger Car Accessories Market
The Middle East and Africa Passenger Car Accessories Market

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The report provides an in-depth analysis of the market through different segments, namely, type, vehicle type, sales channel, and region. The report also provides supply and demand trends along with an overview of the parent market.

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