Passenger car accessories are gaining traction among consumers as they offer stylish look, entertainment and comfort. Car accessories enable the consumer to upgrade their cars with advanced features.
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The global passenger car accessories market is segmented by type such as electrical and non-electrical passenger car accessories. Further, electric segment is segmented into interior lights, exterior lights, audio video accessories, car switches, car gauges and meters and mobile charging chords.
Moreover, non-electrical passenger car accessories are segmented into passenger interior accessories and passenger exterior accessories. Among these segments, non-electrical segment occupied the largest market in overall global passenger car accessories market in 2016.
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Continuous up gradation of the car models and wide range of availability of various advanced accessories is anticipated to foster the growth of non-electrical segment over the forecast period.
Global passenger car accessories market is expected to flourish at a significant CAGR of 7.5% during the forecast period. Moreover, the global passenger car accessories market is anticipated to garner noteworthy revenue by the end of 2023.
Regular up gradation of car models, increasing car sales in the high and medium income economies such as Japan, China, U.S., Germany and others is expected to be the fuel the demand for car accessories over the forecast period. Moreover, rising trend of customization and modular interiors is boosting the growth of the car passenger accessories industry.
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The passenger car alloy wheel and rims segment by passenger exterior accessories is estimated to register a significant CAGR during the forecast period. Moreover, the passenger car segment is expected to account for the largest share of revenue across the globe.
Growing disposable income and changing lifestyle are triggering the demand for passenger car alloy wheel and rims segment. Moreover, increasing number of car modification workshops globally and rising trend of customized passenger cars in various developed region such as U.S., Germany, France, China, Japan and others is expected to propel the demand for passenger car accessories in near future.
Growing Trend of Vehicle Customization
The demand of car accessories market is increasing due to changing the life style of people. Most of the people are inclined towards advanced electronic gadgets such as music systems, video players in their cars.
The increasing trend towards vehicle customization especially among the young generation along with increasing sales of vehicles in developing countries are the main factors likely to boost the car accessories market across the globe.
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Technological Advancement & Innovation in Passenger Car Accessories
Advances in technologies and innovation are resulting in increased adoption of the passenger car accessories across the globe. Further, advancements such as operating the electric accessories via digital technology with easy user interface are predicted to trigger the demand for passenger car accessories.
However, high cost of quality accessories, stringent government regulations regarding modification of vehicle, presence of local manufacturers and lack of standards and regulations is expected to dampen the growth of global passenger car accessories market in future.
The report titled “Passenger Car Accessories Market: Global Demand Analysis & Opportunity Outlook 2023” delivers detailed overview of the global passenger car accessories market in terms of market segmentation by offerings and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global passenger car accessories market which includes company profiling of Toyota Motors, Hyundai Motor Group, Honda Motors, Ford Motor Inc., Groupe Renault, General Motors, Volkswagen Group BMW AG, AUDI AG and Car Mate Mfg. Co. Ltd. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.
On the whole, the report depicts detailed overview of the global passenger car accessories market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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