Interior Car Accessories Market will Register a CAGR of 3.9% through 2024

Posted by Vikas Bahurupi on July 20th, 2018

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, consumes 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 spruces up the car but also enhances passenger’s safety and comfort level, making driving a pleasurable experience.

Interior car accessories are add-ons that enhance the interior aesthetics of the 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 for serving different purposes.

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Key Drivers for Phenomenal Growth

The global interior car accessories market is expected to register a volume CAGR of 3.9% over the eight-year period 2016–2024 based on various factors. 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.

The growth of the global market for interior car accessories is heavily dependent on the 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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Hampering the Growth

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.

Robust Demand for Accessories and Covers

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.

Asia Pacific Most Lucrative Market for Interior Car Accessories

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.