Clifton, New Jersey, April 17, 2023 (GLOBE NEWSWIRE) — The number of cars on the road is increasing globally, leading to an increase in the demand for car interior and exterior accessories to personalize their vehicles. Many car accessories are designed to make driving more comfortable and convenient. For example, adding a GPS navigation system or a car phone holder can make driving easier and safer. Some other accessories are designed to improve safety, such as backup cameras, blind spot monitors, and parking sensors. As more people become aware of the importance of safety features in cars, the demand for these accessories will continue to grow. Advances in technology have led to the development of new and innovative car accessories, such as wireless charging pads, smart car assistants, and digital gauges. As these technologies become more affordable and widely available, the demand for these accessories will increase.
The car accessories market is highly competitive, with many companies vying for a share of the market. Manufacturing car accessories can be expensive, especially if the company develops new and innovative products. Demand for car accessories can be unpredictable, with fluctuations in demand based on factors such as economic conditions, consumer trends, and changes in technology. This can make it difficult for companies to plan production and inventory levels. Companies must comply with various regulations related to the production of car accessories, such as safety standards, environmental regulations, and intellectual property laws. Any disruption or downturn in the automotive industry can have a significant impact on the demand for car accessories.
Considered in the Report
- Geography: Global
- Historic Year: 2017
- Base year: 2022
- Estimated year: 2023
- Forecast year: 2028
Car interior accessories like electronics and covers are essential as they can make driving more convenient, entertaining, personalization, protect the interior, preserve its resale value, and increase comfort. Bluetooth-enabled devices, GPS navigation systems, Backup cameras, and parking sensors can help drivers avoid collisions when reversing. Tire pressure monitoring systems can help to ensure that tires are inflated properly, which can improve fuel efficiency and reduce wear and tear. On the other hand, interior car covers can help protect from damage caused by sunlight, dust, dirt, and debris and keep the car’s interior cooler in hot weather. Interior car covers are available in a variety of colors, patterns, and materials, which can allow drivers to customize their car’s interior to suit their preferences and style.
Interior lighting accessories and central locking systems are increasing rapidly in the coming years at 9.04% and 8.44%. Interior lighting accessories are poised to become an increasingly important part of the car accessory market, driven by consumer demand, technological advances, and the desire for customization and personalization. Central locking systems are a convenient, secure, and safe feature that can provide a range of benefits for car owners. As a result, we can expect to see continued growth in the use of central locking systems in the automotive industry. However, air fresheners are a luxury accessory for car owners to improve comfort and cleanliness and as such have a mere revenue share of 0.66%.
Personalization of car interior accessories is a growing trend to stand apart and at the same time experience luxury. Customized seat covers, floor mats, steering wheel covers, and dashboard trim are all popular interior accessories. As technology advances, car interior accessories are becoming more connected and smart. For example, smart car assistants, wireless charging pads, and digital gauges are all gaining popularity. Sustainable and eco-friendly materials, such as recycled fabrics and plastics, are becoming more popular. Car interior accessories are a growing trend in terms of safety features. Interior safety features like backup cameras, blind spot monitors, and lane departure warnings. Car interior accessories that improve comfort are always in demand like heated seats, lumbar supports, and massage seats.
The aftermarket is a major distributor of car interior accessories as they are comparatively priced less and OEMs typically offer a limited selection of accessories. Aftermarket car parts and accessories are manufactured by companies other than the OEM and are designed to be compatible with a wide range of car models and brands. Aftermarket car interior accessories include items such as seat covers, floor mats, steering wheel covers, dash kits, and many other items.
The Asia Pacific region is a significant player in car interior accessories, China, Japan, South Korea, and India are known for their highly skilled workforce, advanced manufacturing capabilities, and competitive labor costs, making them an attractive location for car interior accessory manufacturing. In addition, the Asia Pacific region is also known for its high level of innovation, with many local and international companies investing in research and development to create new and innovative car interior accessories. Europe is a prominent market with Germany as the third biggest market for car interior accessories. The popularity of long-distance travel in Europe has further driven the demand for car interior accessories. In addition, the trend towards connected cars has created opportunities for manufacturers of car interior accessories to develop products that integrate with car infotainment systems and provide a seamless user experience. While the car accessories industry in South America, the Middle East, and Africa may still be less developed compared to other regions, there is potential for growth and expansion in the future. However, this trend may be changing as these regions experience economic growth and an increasing middle class with higher disposable incomes, which could lead to an increase in car ownership and demand for car accessories.
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Body kits are an essential part of car exterior accessories worth USD 138.43 Billion. A body kit typically includes various exterior components that can be added to a car to enhance its appearance and style, as well as its aerodynamics and performance. Some common components of a body kit may include front and rear bumpers, side skirts, spoilers, fenders, and hoods. While some body kits can be expensive and require professional installation. Alloy wheels are another important car exterior accessory with a revenue share of 10.53%. They are lighter and stronger than steel wheels and offer improved handling, better braking, and fuel efficiency. They are often more durable and resist corrosion and rust more effectively. Upgrading to alloy wheels can increase the resale value of a car, making it more attractive.
Car exterior accessories include a wide range of products, such as body kits, alloy wheels, spoilers, lighting, grilles, and others. The aftermarket is a crucial distribution channel for car exterior accessories, providing car owners with a wide range of affordable, customizable, and easily accessible products.
SUV car owners are indeed one of the major buyers of car accessories, as they are more likely to prioritize customization, luxury, functionality, and kid-friendly when it comes to their cars. They invest to make cars more functional and comfortable for outdoor activities or camping activities, such as roof racks, cargo organizers, portable coolers, skid plates, mud flaps, winches, fender flares, or grille guards. On the other hand, small and mid-size car owners may be less likely to buy car accessories due to cost, limited space, design constraints, or different priorities.
Customized rims, body kits, spoilers, and vinyl wraps are all popular exterior options. LED lighting kits for headlights, taillights, and under-body lighting are all popular exterior upgrades. Car exterior accessories that improve functionality are also gaining popularity. For example, roof racks, bike racks, and cargo carriers. With increasing concerns about the environment, eco-friendly car exterior accessories are also gaining popularity. Solar-powered car chargers and bike racks made from recycled materials are becoming more common. Exterior safety features are backup cameras, parking sensors, and blind-spot monitors.
Europe is known for its leadership in car exterior accessories. Germany, France, Italy, and the UK are the world’s largest car manufacturers with a long history of producing high-end, luxury vehicles with sophisticated exterior designs. European car exterior accessory manufacturers are known for their high-quality products, attention to detail, and use of advanced materials and manufacturing techniques. North America is a prominent market with the US leading the global car exterior accessories market with more than 25% of revenues. The region has a large and mature automotive market with high levels of car ownership and a strong car culture, which has created a significant demand for car accessories, including those that enhance the appearance and functionality of a vehicle’s exterior. Moreover, the popularity of sports utility vehicles (SUVs), pickup trucks, and other large vehicles in North America has further driven the demand for car exterior accessories such as running boards, bull bars, and tonneau covers. In recent years, some global players in the automotive industry have been expanding their presence in the MEA regions, investing in local production facilities and distribution networks to tap into the potential market.
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The Global Car care product market was valued at USD 6.92 Billion in 2022 and is expected to further grow at a CAGR of 4.02% over the forecast period. North America is an important region for car care products as the US leads the market globally. Asia Pacific region is expected to grow faster at a growth rate of 5.37% with China and Japan as major markets. SAMEA has less number of cars and has limited demand for car care products with a mere share of 4.76%. However, with the adoption of electric vehicles and the infiltration of the expatriate populace in the region are expected to showcase a lucrative market in future years.
The Global Car Rental Market is estimated to grow at a growth rate of 9.87% from 2023 – 2028. Asia Pacific region has the highest share worth 32.59% as China is the second biggest country in the car rental market. North America is also a prominent region for the car rental industry with Mexico expected to further at 7.66% during the forecast period. In the Europe region, Germany is expected to grow at the highest CAGR of 15.64%. South America is the smallest market for car rental with less than 5% share.
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