Market Overview
The global interior car accessories market is poised to grow at a moderate rate by the end of the year 2024, buoyed by the rise in the sale of passenger cars and pickup trucks. The impact of growing aftermarket e-retailing in developed regions is set to positively influence the interior car accessories market size. Escalating demand for fast-moving car accessories and vehicle customizations is projected to accelerate the progress in the market.
The sudden drop in demand and supply across the transport sector in the COVID-19 pandemic poses as a hurdle ahead of the market growth. The markets are expected to attain their normal position with relaxations in lockdown and trade.With the high demand for electronic accessories, Asia Pacific is expected to stay at the forefront of the market competition.
Other regions to generate lucrative opportunities during the forecast period include Latin America, the Middle East, and Africa.Prominent market players are introducing new technologies and advanced products in the market to broaden their product portfolio. They are focused to develop products that offer comfort coupled with technology. Established players profiled in the global market include U.S. Auto Parts Network, Inc., Covercraft Industries, LLC, CAR MATE MFG.CO., LTD., Star Automotive Accessories, Lloyd Mats, Garmin Ltd., and O'Reilly Auto Parts.
Interior car accessories are add-ons that enhance the interior aesthetics of the vehicle and give an overall entertaining and comfortable riding experience. A wide range of interior car accessories are available in the market each serving different purposes such as seat covers, steering wheel covers, car stereos, speakers, Automotive navigation systems, and car mats among others. The global interior car accessories market is expected to register a volume CAGR of 3.9% over the eight-year period 2016–2024 based on various factors.
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Key market drivers and restraints
A growth in the global automotive industry and a subsequent rise in the sales of passenger cars and pickup trucks is likely to boost the global market for interior car accessories. There is also a growing automotive aftermarket e-retailing in developed markets, which in turn is expected to drive growth of the interior car accessories market over the forecast period.
A growing consumer inclination towards an entertaining driving experience, increasing demand for fast moving car accessories, and rising vehicle customization among a young population are some of the other factors expected to drive growth of the global interior car accessories market.
Availability of counterfeit and inferior quality electronic accessories, which are mostly imported from Asian continents to other regions and cost competitiveness due to huge market fragmentation are some of the factors anticipated to hamper the growth of the global interior car accessories market over the forecast period.
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The global interior car accessories market is categorized by product type (covers, electronic accessories, knobs, consoles & organizers, car cushions & pillows, fragrance, communication, car mats, central locking system, dash kits, sunshades), vehicle type (passenger cars, pickup trucks), and distribution channel (OEM, aftermarket).
By product type, the electronic accessories segment is anticipated to maintain a dominant share of the global interior car accessories market over the forecast period and expand at a value CAGR of 5.4% during the period 2016–2024. The covers segment is anticipated to increase in value from US$ 36.46 Bn in 2016 to US$ 61.59 Bn by 2024, registering a CAGR of 6.8% over the forecast period.
By vehicle type, the passenger cars segment is expected to dominate the global interior car accessories market in terms of value over the forecast period. This segment is expected to account for 93.0% value share in 2016 and is projected to register a CAGR of 5.4% over the forecast period. In terms of value and volume, the pickup trucks segment is expected to expand at a higher CAGR in comparison to the passenger cars segment during the forecast period.
By distribution channel, the aftermarket segment is expected to dominate the global interior car accessories market in terms of value over the forecast period and is projected to register a CAGR of 5.2% between 2016 and 2024. The OEM segment is estimated to account for 25.2% value share in 2016.
Market Research Methodology
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Check Research MethodologyKey geographies
The global interior car accessories market has been segmented into five key regions namely North America, Latin America, Europe, Asia-Pacific, and Middle East & Africa. Demand for electronic accessories is expected to be the highest in Asia-Pacific region over the forecast period, followed by Middle East & Africa and Latin America. The interior car accessories market in the APAC region is estimated to account for 31.8% revenue share by 2016 and is expected to expand at CAGR of 5.5% over the forecast period.
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Leading market players
Pep Boys, Pioneer Corporation, Garmin Ltd., O’Reilly Auto Parts, U.S. Auto Parts Network Inc., Pecca Group Berhad, CAR MATE MFG, CO., LTD., Covercraft Industries, LLC, Classic Soft Trim, Lloyd Mats, H.I. Motors, Star Automotive Accessories, and Momo Srl are some of the leading players operating in the global interior car accessories market.
