Car Accessories Market Size, Share Global Analysis Report, 2019–2026

Industry Insights

According to the report published by Facts & Factors, the global Car Accessories Market size was worth around USD 415 billion in 2019 and is predicted to grow around USD 646 billion by 2026 with a compound annual growth rate (CAGR) of roughly 7% between 2020 and 2026. The report analyzes the global Car Accessories Market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the Car Accessories Market.

The report encompasses the forecast as well as analysis of the car accessories market on a global and regional level. The study displays historical data of 2016 to 2019 along with a forecast from 2020 to 2026 based on revenue (USD Billion). Additionally, the market growth drivers, opportunities, limitations, and trends are also included in the car accessories market report. 

We have included industry analysis models in our report and extensively demonstrated the key business strategies and competitive landscape of the car accessories market in our study.

Key Insights from Primary Research

• CXOs perspective for the global car accessories sales is pretty optimistic in terms of growth and revenue generation. They believe the global car accessories market to surpass USD 645 billion by the end of 2026.
• Our interviewees predicted the global car accessories industry to grow at a robust CAGR of nearly 7% between 2020-2026 on account of increasing passenger car sales especially in the Asia-Pacific region.
• Component-wise, the external car accessory sales is predicted to dominate the global market with a share of nearly 60% by 2026 end due to increasing demand for safety accessories such as guards, covers, etc.
• Our primary respondents believe that the aftermarket sales of car accessories is expected to lead the market throughout the forecast period owing to less prices, wider portfolio as well as easy availability.
• Some of the subject matter experts interviewed suggested that the rapid growth of the pre-owned car market is anticipated to drive the sales of car accessories as consumers prefer to impart new feel and aesthetic value to used cars.

Key Recommendations from Analysts

• Analysts of FnF automotive department forecast the market to generate gigantic revenues of USD 645 billion by the end of 2026 on account of rising car sales as well as increasing trade across Asian countries.
• The Asian automotive industry is expected to witness exponential growth over the coming years on account of rising consumer spending in Southeast Asian countries as well as increasing population across India and China.
• The robust 7.5%CAGR of the Asia car accessories market is also due to increasing inclination of car accessory manufacturers to set up their facilities in Asian countries on account of cheaper labor, easy availability of raw materials and supportive governmental policies, etc.
• Our analysts predict that the sales of seats and cushions, seat covers and infotainments systems is expected to dominate the global car accessories market throughout 2026.
• Developing countries of Middle East & Africa are expected to bring lucrative opportunistic avenues for European and Asian car accessory manufacturers throughout the projected timeframe.

Global Car Accessories Industry – SWOT Analysis

Our study also includes an analysis of Porter’s Five Forces framework for understanding the competitive strategies used by market competitors. It also encompasses PESTLE analysis and SWOT analysis.

Report Scope

The report also offers an in-depth analysis of the market share of each industry player and gives an outline of the market position of key players in the car accessories market. Moreover, the study offers wide coverage of key strategic improvements witnessed in the market such as acquisitions & mergers, new product launches, agreements, partnerships, collaborations & joint ventures, R&D activities, and geographical expansion of key players of the car accessories market.

The study provides a decisive view of the car accessories market by segmenting the car accessories market based on components, distribution channels, and regions. All the segments and sub-segments have been examined based on historic, current and future trends in the global market and the market size is estimated from 2020 to 2026. The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

The automobile is a relatively large industry that provides significant prospects for the demand for accessories, though vehicle accessories have a major share in the market for automobile accessories. Due to the significant growth of the global automotive industry, the vehicle accessories sector has grown rapidly in the last few years. As an added option for comfort, protection, usability and security, automotive accessories are things that a consumer can mount in his vehicle.

Car market growth has boosted related industries such as vehicle parts and materials. Accessories not only give the car more aesthetic appeal but also give the driver the confidence of protection, safety, and better performance. Owing to the growing demand for cars around the world, the automotive accessories market is likely to grow at a significant rate during the forecast period. Nonetheless, there is likely to be a variance in the market growth rate across regions and countries, owing to the disparity in the degree of penetration of products launched by major car accessories manufacturers/suppliers and the logic behind regional players' launch of the product in their respective markets. Furthermore, shifts in patterns and developments in government regulations are anticipated to impede the demand for car accessories over the foreseeable years.

Key players operating in the car accessories industry are

•  BMW
•  Daimler AG
•  Audi
•  Jaguar Land Rover
•  Volksvagen Group
•  Hyundai Motor Company
•  Rober Bosch GmbH
•  Renault
•  Honda Motor Company Ltd.
•  Lloyd Mats
•  U.S. Auto Parts Network Inc.
•  Cover Craft Industries LLC
•  Roush Performance Products Inc. 

This report segments the car accessories market as follows:

By Component Segment Analysis

• Internal
• External
  • Car Covers
  • LED Lights
  • Body Kits
  • Chrome Accessories
  • Alloy Wheels
  • Window Films
  • Wipers
  • Charging Kits
  • Repair Kits
  • Mud and Splash Guards
  • Horns
  • Tail Lamps
  • Fog Lamps
  • Head Lamps
  • Others

By Distribution Channel Segment Analysis

• OEMs
• Aftermarket

Regional Segment Analysis

• North America 
  • The U.S. 
  • Canada 
• Europe 
  • Germany 
  • France 
  • The U.K. 
  • Italy 
  • Spain 
  • Rest of Europe 
• Asia Pacific 
  • China 
  • Japan 
  • India 
  • South Korea 
  • South-East Asia 
  • Rest of Asia Pacific 
• Latin America 
  • Brazil 
  • Mexico 
  • Rest of Latin America 
• The Middle-East and Africa 
  • GCC Countries 
  • South Africa 
  • Rest of Middle-East Africa 

Key Pointers Addressed by the Report

• Historical data and forecast analysis of the market
• Drivers and Restraints affecting market dynamics
• Exhaustive analysis about the future market trends
• Comprehensive information about the leading market segments and region
• Strategic developments made by the competitive players and in-depth analysis about its impact on market growth