Interior Car Accessories Market Estimated To Witness High Growth

Market Overview:
Car accessories refer to additional features or parts added to the interior or exterior of a vehicle to enhance its appearance, style, comfortability, and functionality. Interior car accessories include steering wheel covers, floor mats, car cushions/pillows, air fresheners, USB charging ports, and organizers. These products help in customizing the interiors as per user preferences and requirements such as protecting interiors from wear and tear, improving seating comfort, adding storage spaces for small items, and enhancing the aesthetic appeal of the vehicle. Growing vehicle purchases and rising disposable incomes are fueling the demand for interior car accessories globally.
Market Dynamics:
Increased vehicle ownership post-pandemic recovery and rising disposable incomes are expected to drive the interior car accessories market growth over the forecast period. Lockdowns imposed during the pandemic drastically reduced vehicle sales worldwide. However, as restrictions are being lifted and economic activities are recovering, vehicle purchases are also witnessing an uptick. According to the International Organization of Motor Vehicle Manufacturers, total passenger car production increased by 3.6% in 2021 compared to 2023. This is positively impacting the demand for interior car accessories. Moreover, rising disposable incomes are allowing consumers to spend more on customizing and accessorizing their vehicles. Availability of a wide range accessories at affordable prices through online and offline retailers is also supporting the market expansion. However, presence of counterfeit and low-quality products may restrain the market growth.
Segment Analysis
The global interior car accessories market is dominated by the infotainment segment, which holds over 35% market share. This is because in-car entertainment and connectivity is a fast growing area with adoption of advanced automation and connected car technologies. Features like Android Auto, Apple CarPlay and advanced Bluetooth capabilities are being increasingly used by consumers. In-car navigation is also a highly popular segment owing to use of GPS and mapping technologies.
PEST Analysis

  • Political: Regulations around vehicle safety, emissions and new technology integration influence product innovation.
  • Economic: A growing middle class and disposable incomes drive demand. Rising vehicle ownership increases aftermarket spending on accessories.
  • Social: Younger consumers seek latest tech and customization options. Emphasis on comfort, convenience and mobile connectivity while driving.
  • Technological: Emergence of advanced features like 360 degree cameras, wireless charging, ambient lighting and advanced Bluetooth. Adoption of AI, ML and 5G to enable connected vehicle technologies.

Key Takeaways
The Global Interior Car Accessories Market Size was valued at US$ 202,938.9 Mn in 2019 and is expected to witness high growth, exhibiting a CAGR of 5.6% over the forecast period. Increasing consumer preference for personalized, technologically enhanced driving experience and on-the-go connectivity is driving market growth.
North America dominated the market in 2019 with over 30% value share owing to high vehicle ownership and demand for customized interiors in countries like the US and Canada. Asia Pacific is expected to be the fastest growing region exhibiting a CAGR of around 7% during 2023-2030 led by countries like China and India with rising vehicle sales and discretionary spending on automotive lifestyle products.
Key players operating in the interior car accessories market are Momo Srl, Pioneer Corporation, Star Automotive Accessories, Garmin Ltd., H.I. Motors, Pecca Group Berhad, U.S. Auto Parts Network, Inc., Covercraft Industries, LLC, O’Reilly Auto Parts, Lloyd Mats, CAR MATE MFG. CO., Ltd., and Classic Soft Trim. These companies offer an extensive range of products catering to different price points along with innovative features to attract new consumers globally.
 

Read More – ​https://www.newsstatix.com/interior-car-accessories-market-demand-and-forecasts-analysis/

13 thoughts on “Interior Car Accessories Market Estimated To Witness High Growth”

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