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Passenger car accessories market to reach at USD 305 billion by 2020 according to market forecasts

Passenger Car Accessories market size and forecast expanded at a CAGR of 6.2%, the global car accessories market is expected to cross revenue of USD 305 Billion by 2020. Due to increasing purchasing power and rising need for better comfort in the developing countries such as India and China, Asia-Pacific region

Passenger Car Accessories market size and forecast is expected to be the largest geographical region in terms of revenue for automotive interior market; the region comprises the major equipment manufacturing unit across the globe. North America and Europe are also expected to contribute significantly in car accessories market due to high awareness and advance lifestyle.

Passenger car accessories market is one of the fastest growing markets across the globe. The demand for the car accessories is increasing due to changing life style of people.

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Market Segmentation

By Exterior Parts

Parts that shape the body of the vehicle are categorised in this segment. Exterior parts category can be further segmented into following categories

  • Doors
  • Windows
  • Wheels and Rims
  • Car Cover
  • Mirrors

By Interior Parts

Parts that are used to decorate interior of the car are further segmented into following categories:

  • Car Seats
  • Floor Components
  • Seat covers
  • Seat Belts
  • Brake Systems
  • Grab Handles
  • Horn

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By Electric Devices

Electronic device segment is the most popular segment among the consumers due to entertainment equipment’s such as music systems, video players. The segment is further classified in to following categories:-

  • Batteries
  • Battery Fillers
  • Dome Lights
  • Audio/video Accessories
  • Sensors
  • Switches
  • Gauges and Meters
  • Air Conditioning System (A/C)
  • Charger
  • Charge Cord

By Region

Passenger Car Accessories Market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Western and Eastern Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, Rest of Western Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of Asia) Market size, Y-O-Y growth & Opportunity Analysis

Growth Drivers and Challenges

The increasing trend towards vehicle customization especially among the young generation, Increasing sales of vehicle in the developing countries are the main factors likely to boost the car accessories market across the globe. Government regulations play a very vital role in the passenger car accessories market.

According to National Highway Traffic Safety Administration of the U.S, new regulated motor vehicle parts such as tires, rims, seat belts and others should be originally manufactured   and must be replaced according to the life span of the product. This has strengthened the demand for car accessories all over the world.

Increasing personal disposable income in developing countries and changing lifestyle of people for better comfort are factors expected to intensify the growth of car passenger accessories market till 2021. Most of the consumers are mainly inclined towards the electronic accessories such as music system; video player in the car, the segment constitutes high demand over the forecast period.

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Government regulations regarding the internal and external modification of the vehicle, cost competitiveness among the key players of the market are few of the  factors anticipated to restrict the growth of car accessories market.

Market Size & Forecast

Expanding at a CAGR of 6.2%, the global car accessories market is expected to cross revenue of USD 305 Billion by 2020. Due to increasing purchasing power and rising need for better comfort in the developing countries such as India and China, Asia-Pacific region is expected to be the largest geographical region in terms of revenue for automotive interior market; the region comprises the major equipment manufacturing unit across the globe.

North America and Europe are also expected to contribute significantly in car accessories market due to high awareness and advance lifestyle. 

             

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