Passenger Car Accessories Market Touched About USD 224 Billi...| MENAFN.COM

Thursday, 29 September 2022 06:36 GMT

Passenger Car Accessories Market Touched About USD 224 Billion By 2028, And Projected At A CAGR Of 6.8% | Share, Size & Growth, Analysis


(MENAFN- Ameliorate Digital Consultancy)

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.

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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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