August 09, 2022 09:03 ET | Source: Vantage Market Research Vantage Market Research

WASHINGTON, Aug. 09, 2022 (GLOBE NEWSWIRE) -- The global market for passenger car accessories enables enterprises operating in the automotive accessories market to realize their full potential. Automobile accessories pique the interest of the majority of people due to continuous product updates and new automotive attachment functions. The modern automobile accessories also provide the car with a stylish appearance and increased comfort.

The Global Car Accessories Market revenue stood at a value USD 416.4 Billion in the year 2021 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 6.4% during the forecasted to reach USD 604.1 Billion by 2028; states Vantage Market Research, in a report, titled “Car Accessories Market Size, Share & Trends Analysis Report by Vehicle Type (Passenger Vehicles, Commercial Vehicles), by Type (Interior Car Accessories, Exterior Car Accessories), by Product Type (Batteries, Car Mats, Carriers, Dash Kits), by Sales Channel (OEM, Aftermarket), by Distribution Channel (OES (Original Equipment Supplier), E-Retailer, Single Retailer, Multi-Brand Retailer), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.

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Key Insights & Findings from the Report:

Growing Automotive Infrastructure and Manufacturing

In terms of global GDP contribution, the automotive industry is considerable. According to the World Association of Car Manufacturers (OICA), the automotive sector contributed 3.65% of global GDP in 2017. In terms of employment, the automotive industry has a lot to offer. For example, in 2020, the automobile industry will have contributed 3% to the US gross domestic product (GDP) and employed over 4.1 million people across the country. The growth of the automobile sector is directly proportional to the development of the car accessory market. As a result, global demand for personal vehicles is expected to enhance the automotive accessories industry. The need for automotive accessories is anticipated to grow as consumers' preferences for comfortable transportation increase. Consumers' desire for a fun, luxurious driving experience is growing, as is their willingness to pay more.

Increasing Competition among Vehicle Manufacturers

Due to rising competition among vehicle manufacturers, automakers are likely to provide a variety of car accessories to attract a more significant number of customers and obtain a competitive advantage over their competitors. As a result, the automobile accessories market is expected to grow during the forecast period. Europe, Russia, Japan, Brazil, India, and China had an increase in new passenger vehicle registrations, while the United States saw a dramatic drop. In July 2017, the United States was the only major car market in the world to see a 7% drop in light vehicle sales. The Indian and Russian automobile markets grew significantly, with double-digit growth, while Brazil's recovery continued but at a slower pace. For the seventh month in a row, new passenger registrations in Japan grew. Furthermore, while car sales were higher in Europe and China, they were lower in the United Kingdom for the fourth month in a row. As a result, the expansion of the automotive accessories market is fueled by the general increase in passenger car registrations.

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Benefits of Purchasing Car Accessories Market Reports:                        

The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the manufacturing industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020.

Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:

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The report on Car Accessories Market highlights:

During the forecast period, Asia Pacific is expected to lead the car accessories market. This dominance is attributed to increased production and sales of passenger automobiles in China, South Korea, and India. Furthermore, China is a major producer of aftermarket products like car accessories, which are accessible at lower prices. Additionally, various Asian Pacific countries have a well-established supply chain network that caters to the automotive aftermarket.

Browse market data Tables and Figures spread through 146 Pages and in-depth TOC on "Car Accessories Market Size, Share & Trends Analysis Report by Vehicle Type (Passenger Vehicles, Commercial Vehicles), by Type (Interior Car Accessories, Exterior Car Accessories), by Product Type (Batteries, Car Mats, Carriers, Dash Kits), by Sales Channel (OEM, Aftermarket), by Distribution Channel (OES (Original Equipment Supplier), E-Retailer, Single Retailer, Multi-Brand Retailer), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".

List of Prominent Players in the Car Accessories Market:

Key questions answered in the report:

This market titled “Car Accessories Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:

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