Automotive is a significantly large industry and offers considerable opportunity to the accessories market, while car accessories hold a major share in the automotive accessories market. The car accessories market has expanded at a steady pace in the last few years due to the significant expansion of the global cars market. Car accessories are items that a customer can install in his car as an additional feature for comfort, safety, convenience, and security.
Expansion of the car market has fuelled the associated industries, such as car accessories and components. Accessories not only impart greater aesthetic appeal to the car but also provide the driver the assurance of safety, security, and better performance. The car accessories market is likely to expand at a notable pace during the forecast period due to the rising demand for cars across the world. However, a variation in growth rate of the market is likely to be there across regions and clusters, due to difference in the level of penetration of products introduced by major manufacturers/suppliers of car accessories and the rationality behind the introduction of the product by regional players in their respective markets. Furthermore, changes in trends and dynamics in government regulations are anticipated to restrain the car accessories market during the forecast period.
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The automobile industry comprises several segments, such as passenger vehicles (hatchbacks, sedans, SUVs/MUVs, etc.), commercial vehicles, military vehicles, hybrid vehicles, and electric vehicles. These segments includes sub-segments, such as accessories. The global car accessories market can be segmented based on car type, application, product/accessory type, distribution channel, sales channel, and region.
In terms of car type, the car accessories market can be segregated into mini, hatchback, sedan, SUV/MUV, sports-car others. Based on application, the car accessories market can be divided into interior and exterior. Based on product/accessory type, the market can be bifurcated into batteries, guard rails, carriers, rims, infotainments, frames and fittings, lighting (headlights, flashers), fenders, and others. Based on distribution channel, the car accessories market can be split into OES (Original Equipment Supplier), e-retailer, single retailer, multi-brand retailer, others.
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Multi-brand retailer provides accessories of different brands under a single roof. Single brand retailer sells accessories of only one particular brand for different types of cars. In terms of sales channel, the car accessories market can be bifurcated into OEM (Original Equipment Manufacturer) and aftermarket. Based on region, the global car accessories market can be segmented into Asia Pacific, Middle East & Africa, North America, Latin America, and Europe. Asia Pacific is the major manufacturer and consumer of cars, which contributes to the significant demand and market share of the global cars accessories market.
Key players operating in the global car accessories market include Lloyd Mats, JCA Fleet Services, U.S. Auto Parts Network, Star Automotive Accessories, Classic Soft Trim, Pecca Group Berhad, AG Roush Performance, Cover craft Industries LLC, and Robert Bosch GmbH.
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