Stringent government regulations to replace, rise in the trend of vehicle customization coupled with increase in disposable income, and high focus on the well-being of drivers fuel the growth of the global passenger car accessories aftermarket.
PORTLAND, Ore., Oct. 27, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Passenger Car Accessories Aftermarket by Type (External Accessories and Internal Accessories) and Application (Roof Rack, LED Lights, Body Kits, Body Covers, Alloy Wheels, Tires, Car Care Products, Window Films, Seat & Steering Covers, Electronic Accessories, Knobs, Floor Mats, Sunshades, Car Organizers, Air Fresheners, Vacuum Cleaners, Pillows & Cushions, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global passenger car accessories aftermarket industry was estimated at $128.97 billion in 2018, and is anticipated to hit $248.41 billion by 2026, registering a CAGR of 8.5% from 2019 to 2026.
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Drivers, restraints, and opportunities-
Stringent government regulations to replace or upgrade the accessories, rise in the trend of vehicle customization coupled with increase in disposable income, and high focus on the well-being of drivers fuel the growth of the global passenger car accessories aftermarket. On the other hand, decrease in global vehicle production, surge in the drift toward shared mobility, rise in raw-material prices, and high automotive import tariffs restrain the growth to some extent. However, technological advancements, growth in demand for luxurious vehicles, and untapped developing markets in Africa and Asia are expected to create lucrative opportunities in the segment.
- Disruptions in Chinese parts exports, interruptions in large scale manufacturing across Europe, and the closure of assembly plants in the United States have impacted the global passenger car accessories aftermarket badly.
- Moreover, the global lockdown has compelled people to stay back at home. So, quite naturally, there's been a steep fall in the zest to upgrade their cars with advanced features. However, with several government bodies coming up with relaxations on the existing restrictions, the global market is expected to recover shortly.
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The external accessories segment to retain its dominance by 2026-
Based on type, the external accessories segment accounted for more than half of the global passenger car accessories aftermarket share in 2018, and is expected to rule the roost by the end of 2026. Rise in disposable income of people along with the strict vehicle acts in some of the countries are driving the growth of the segment. The internal accessories segment, on the other hand, would register the fastest CAGR of 9.2% during the study period. The fact that internal car accessories give a stylish look to the car from inside and also provides convenient and comfort features to the driver as well as co-drivers spurs the segment growth.
The tyres segment to rule the roost-
Based on application, the tyres segment contributed to nearly one-third of the global passenger car accessories aftermarket revenue in 2018, and is projected to lead trail till 2026. Installation of right tyres on cars not only allows the vehicles to get proper traction over the road but it also plays a crucial role in improving their performance. This factor has driven the segment growth. Simultaneously, the alloy wheels segment would garner the fastest CAGR of 18.6% throughout the forecast period. One of the main benefits of alloy wheels is their lightweight feature that results in better handling and reduction of the overall weight of the vehicle. This aspect has propelled the growth of the segment.
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Asia-Pacific to dominate in terms of revenue, North America to grow at a moderate rate-
Based on geography, Asia-Pacific held the major share in 2018, generating more than half of the global passenger car accessories aftermarket. The Asia-Pacific automotive motor industry is controlled by government policies that encourage sustainable manufacturing and investments in the sector. At the same time, LAMEA would register the fastest CAGR of 11.0% by 2026. Factors such as growth in IoT and rise in the demand for advanced technologies in automobiles propel the growth of the market. However, North America would portray a CAGR of 9.3% from 2019 to 2026.
Frontrunners in the industry-
- CEAT Limited
- Continental Corporation
- Pirelli Tyre C S.p.A.
- JK Tyre & Industries Limited
- MRF Limited
- Volkswagen AG
- Sumitomo Rubber Industries, Ltd.
- Visteon Corporation
- The Yokohama Rubber Co., Ltd.
- Hella KGaA Hueck & Co.
- Bridgestone Corporation
- Panasonic Corporation
- HARMAN International
- Ford Motor Company
- Audi AG
- Alpine Electronics, Inc.
- The Goodyear Tire & Rubber Company
- Pioneer Corporation
- BMW Group
- DENSO Corporation
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