- Asia Pacific is the most lucrative market for interior car accessories.
- There is robust demand for accessories and covers.
- Market growth for interior car accessories is heavily dependent on growth of the global automotive industry.
As an individual, one likes to be unique. This quest for individuality and personalization extends to many aspects of life. Whether its customized gifts or customized clothing, consumers today are looking for ways to express themselves.
Quite unsurprisingly, this increasing focus on personalization has also influenced the personal vehicle segment. Many consumers are experimenting with their car interiors to enhance comfort and improve the available features. They want their cars to stand out in a crowd in order to reflect their personal style. Car accessories, both interior and exterior, not only spruce up the car but may also enhances passenger’s safety or comfort level, making driving a pleasurable experience.
Interior car accessories are add-ons that enhance the interior aesthetics of a vehicle and give an overall entertaining and comfortable riding experience. A mind boggling range of interior car accessories like covers, electronic accessories, knobs, consoles & organizers, car cushions & pillows, fragrance, communication, car mats, central locking system, dash kits, and sunshades are available in the market, serving different purposes.
Key Drivers for Phenomenal Growth
As new vehicle buyers accessorize their vehicles, the car accessories market is gaining robust and sustained growth. An increasing demand for fast moving car accessories, growing consumer inclination towards an entertaining driving experience, and rising vehicle customization among a young population are some of the other factors expected to drive growth of the global interior car accessories market.
Market growth for interior car accessories is heavily dependent on growth of the global automotive industry. Moreover, a growing automotive aftermarket e-retailing in developed markets is also expected to drive growth of the interior car accessories market over the forecast period.
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The global market for interior car accessories is facing several challenges due to availability of counterfeit and inferior quality electronic accessories, which are mostly imported from Asian continents to other regions and cost competitiveness due to huge market fragmentation.
Categorization of the global interior car accessories market is done by product type, vehicle type, and distribution channel. By product type, the electronic accessories and covers segment is anticipated to maintain a dominant share of the global interior car accessories market over the forecast period.
By vehicle type, the passenger cars segment is expected to dominate the global interior car accessories market in terms of value over the forecast period. By distribution channel, the aftermarket segment is expected to dominate the global interior car accessories market in terms of value over the forecast period.
The global interior car accessories market has been segmented into five key regions namely North America, Latin America, Europe, Asia-Pacific, and Middle East & Africa. Demand for electronic accessories is expected to be the highest in Asia-Pacific region over the forecast period, followed by Middle East & Africa and Latin America.
The leading players in the market of global interior car accessories are Pep Boys, Pioneer Corporation, Garmin Ltd., O’Reilly Auto Parts, U.S. Auto Parts Network Inc., Pecca Group Berhad, CAR MATE MFG CO. LTD., Covercraft Industries LLC, Classic Soft Trim, Lloyd Mats, H.I. Motors, Star Automotive Accessories, and Momo Srl.