Automobile accessories are an important addition to a vehicle that embellish the look and feel of an automobile or add functionality. Automobile accessories provide protection to the various parts, improve the aesthetics and also ensure safe travel. Automobile accessories also play an important role in the maintenance of the vehicle.
There are many types of automobile accessories, internal as well as external accessories such as covers, alloy wheels window films, dash kits, communication system, racks, helmets, etc. in the market that provide comfort and trendy look to the vehicle.
The global automobile accessories market is expected to grow in the near future with the rising demand for vehicles, changing lifestyles and preferences of the people, especially among the young generation.
The outbreak of novel coronavirus is believed to have a severe impact on the global automobile industry. There has been a disruption in the import of several Chinese parts that are required in the manufacturing of automobile accessories.
Automobile accessories manufacturing are being shuttered around the world causing an unprecedented technology and business model transformation. The consumer’s footfall into various showrooms have drastically fallen which has led to the decreased sale in the vehicles which in turn is affecting the global automobile accessories market.
After the supply and manufacturing disruptions, the industries are now facing a demand sock with an uncertain recovery timeline due to shelter-in-place regulations.
The automobile accessories market is growing rapidly due to several factors such as increasing demand for vehicles, rising demand for customization of vehicles, especially among youth and increasing passenger vehicles registration. Introduction of new technologies in the automobile sector such as active window display and biometric vehicle access are the major driving forces of the automobile accessories market.
However, there are also some restraints which can hamper the growth of the automobile accessories market such as the availability of cheap and poor quality accessories in the market.
Based on the component, the external component is expected to hold a major share in the automobile accessories market. Based on the application, passenger cars are expected to dominate the automobile accessories market, followed by commercial vehicles and two-wheelers.
Based on the distribution channel, the original equipment manufacturer is expected to be the most profitable segment in the global automobile accessories market.
The global automobile accessories market is expected to be dominated by North America, owing to the prominent technological advancements and innovations in automobile industries. North America to be followed by Europe, owing to the increasing new passenger vehicles registration.
Asia-Pacific is expected to have a significant growth in the global automobile accessories market over the forecast period, due to changing lifestyle and preferences which leads to the rising demand of automobile accessories.
The increasing demand for luxury vehicle in countries like China, owing to improved living standards and rise in disposable income are expected to drive the growth of the automobile accessories in these regions.
Some of the market participants in the global automobile accessories market identified across the value chain include:
Based on the Component Type
Based on the Application
Based on the Distribution Channel
Explore Similar Insights
Automobile Accessories Market
Thank you!
You will receive an email from our Business Development Manager. Please be sure to check your SPAM/JUNK folder too.
