Car Accessories Market to cross 5.5 Bn by 2032, Says Global Market Insights Inc.

Car Accessories Market to cross $335.5 Bn by 2032, Says Global Market Insights Inc.

Global Market Insights Inc.

Global Market Insights Inc.

Major car accessories market participants include Hella GmbH & Co. KGaA, Michelin Group, Pioneer Corporation, Autozone Inc., Garmin Ltd., Bridgestone Corporation and Minda Industries Ltd.

Selbyville, Delaware, Feb. 19, 2024 (GLOBE NEWSWIRE) —

The car accessories market valuation is predicted to surpass USD 335.5 billion by 2032, as reported in a research study by Global Market Insights Inc.

The industry growth is attributed to the increasing consumer demand for customization and personalization of vehicles. Consumers seek unique accessories to enhance the aesthetic appeal and functionality of their cars, from decorative elements to advanced technological additions. In February 2023, at Mobile World Congress (MWC) in Barcelona, chip maker Qualcomm announced the latest addition to its expanding Snapdragon Digital Chassis connected car technology portfolio with its Snapdragon Auto 5G Modem-RF Gen 2.

Additionally, with the integration of smart technologies in vehicles, there’s a growing demand for technologically advanced car accessories such as connected infotainment systems, smart navigation tools, and safety-enhancing devices. As consumers become more tech-savvy, the inclination for innovative car accessories that complement the modern driving experience continues to rise.

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The car accessories market from safety and security accessories segment is poised to record sustained demand between 2024 and 2032, impelled by the heightened consumer awareness and the prioritization of road safety. With an increasing emphasis on accident prevention and vehicle protection, consumers are actively seeking safety accessories that go beyond standard features. Advanced security systems, such as GPS tracking devices, dash cameras, and collision detection systems, are gaining traction as drivers prioritize measures that enhance both personal and vehicular safety. Regulatory standards and a growing concern for vehicle theft have bolstered the demand for security accessories like steering wheel locks and car alarms.

Mass Merchandisers segment is slated to generate high revenues for the car accessories market through 2032, driven by enhancing accessibility and affordability. These large-scale retailers, with their expansive reach and diverse customer base, serve as crucial channels for car accessory manufacturers to showcase and distribute their products widely. Through strategic partnerships and shelf space in these mass merchandiser stores, car accessory brands gain significant visibility, attracting a broad spectrum of consumers.

Europe car accessories market share is touted to surge at a rapid pace from 2024 to 2032, favored by the increasing focus on sustainability and eco-friendly practices. Consumers in Europe, known for their environmental awareness, seek accessories that align with sustainable practices, such as energy-efficient lighting solutions and recyclable materials. The integration of smart technologies into vehicles stimulates a demand for tech-savvy car accessories such as smart safety features, further generating revenues for the regional market.

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Some of the leading players in the car accessories market are Hella GmbH & Co. KGaA, Michelin Group, Pioneer Corporation, Autozone Inc., Garmin Ltd., Bridgestone Corporation and Minda Industries Ltd.

Partial chapters of report table of contents (TOC):

Chapter 1   Methodology & Scope
1.1    Market scope & definition
1.2    Base estimates & calculations
1.3    Forecast calculation
1.4    Data sources
1.4.1    Primary
1.4.2    Secondary   Paid sources   Public sources
Chapter 2   Executive Summary
2.1    Car accessories market 3600 synopsis, 2018 – 2032
2.2    Business trends
2.3    Regional trends
2.4    Accessories type trends
2.5    Distribution channel trends
2.6    End use trends
Chapter 3   Car Accessories Market Insights
3.1    Impact of COVID-19
3.2    Impact of the Russia-Ukraine war
3.3    Industry ecosystem analysis
3.4    Vendor matrix
3.5    Profit margin analysis
3.6    Technology & innovation landscape
3.7    Patent analysis
3.8    Key news and initiatives
3.8.1    Partnership/Collaboration
3.8.2    Merger/Acquisition
3.8.3    Investment
3.8.4    Product launch & innovation
3.9    Regulatory landscape
3.10    Impact forces
3.10.1    Growth drivers    Increase in automobile sales    High focus on safety & security attributes    Increase awareness of interior comfort    Rise in consumer demand for personalization
3.10.2    Industry pitfalls & challenges    Increasing environmental awareness    Complex regulatory compliance
3.11    Growth potential analysis
3.12    Porter’s analysis
3.13    PESTEL analysis
3.14    Global Construction Investment
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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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