According to Goldstein Research, “Growing passenger vehicle sales and growing trend of enhancing vehicle appearance and performance increasing the consumer’s interest towards passenger car accessories.” Rising trend of customization will remain the key factor driving demand for passenger car accessories across the globe. While astounding growth of global automotive industry hold a direct impact on the passenger car accessories market, exceptional growth is witnessed in automotive sector of BRIC nations will continue to impel passenger car accessories market.
The global passenger car accessories market is segmented based on product and by end users. Product segment is further bifurcated into interior, exterior and electronic accessories. Non-electronic segment accounted for the 55% share in total revenue of global passenger car accessories market. Electronic segment accounted for 45% revenue share with car audio & video devices as a dominating segment.
The global passenger car accessories market is expected to expand at a CAGR of 6.4% over the forecast period i.e. 2016-2024. The market is majorly driven by the booming sales of passenger cars and technological advancement of electric passenger car accessories.
Asia-Pacific is the largest region for passenger car accessories market in 2016 and is expected to dominate the market during the forecast period of 2016-2024. Asia-Pacific passenger car accessories market valued USD 54.2 billion in 2016 and is estimated to reach USD 65.3 billion by 2024. China is expected to dominate the passenger car accessories market followed by India due to large passenger cars production in these countries. Rising personal disposable income and readiness to spend on car accessories is accelerating Asia-Pacific passenger car accessories market.
Growing Passenger Car Sales: Major Breakthrough
Based on vehicle types, although the sales of SUVs and pickup trucks are gaining exceptional pace in developed markets, passenger car will continue to dominate and accounted for the largest market share of over 76% in 2016. By end users, aftermarket segment will remain a clear dominator over OEM segment. With the growing consumer base, purchasing accessories later within the three months of the car purchase, the aftermarket segment revenue are estimated to reach 176.9 billion by 2024, whereas OEM segment will reach USD 106.5 billion in revenue by the end of 2024.
“Global Passenger Car Accessories Market Outlook 2024” contains detailed overview of the global passenger car accessories market in terms of market segmentation by Product type and by end users.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Global Passenger Car Accessories Market Report also provides competitive outlook of some of the major players which includes profiling of companies such as Lloyd mats, O'Reilly Auto Parts, HONDA Original, Lear Corporation, Thule Group, Pep Boys, Alps Electric, Bosch, Continental, Delphi Automotive, Mitsubishi Electric etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the global passenger car accessories market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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