The Global Interior Car Accessories Market, By Product Type (Dash Kits, Covers, Electronic Accessories, Consoles & Organizers, Sunshades, Communication, Car Cushions & Pillows, Car Mats, Knobs, Central Locking System and Fragrance), By Vehicle Type (Passenger Cars (Compact PC, Mid-size PC, Premium PC, Luxury PC) and Pickup Trucks), By Channel Type (OEM and Aftermarket)and by Region (North America, Latin America, Europe, Asia Pacific, Middle East and Africa) - Global Forecast to 2027”, is expected to be valued at US$ 314579.4 Million by 2027, exhibiting a CAGR of 5.6% during the forecast period (2020-2027), as highlighted in a report published by Coherent Market Insights.
Interior car accessories refer to any automotive accessories used to enhance the interior appearance of the car. These accessories include car seat cover, car pillow, sound insulation, interior trims, door panels, cockpit modules, headliners, steering wheel covers, stereos, speakers, security features, a navigation system, car mats, etc. Since the automotive industry has witnessed massive growth, interior car accessories have witnessed significant adoption across the globe. Accessories offer an aesthetic look along with better safety, security, and enhanced performance.
The global Interior Car Accessories Market was accounted for US$ 202,938.9 Mn in terms of value and 803,8563.5 Thousand Units in 2019 and is expected to grow at CAGR of 5.6% for the period 2020-2027.
Increasing demand for high-speed car accessories is expected to boost the global interior car accessories market growth over the forecast period
Car accessories retailers are adopting best sales practices, in order to increase profit margin. The retailers are laying emphasis on the sales of high-speed car accessories due to rising demand for the same. These accessories include car security products, air fresheners, upholstery, etc. In terms of volume, the high-speed car accessories constitute a major share for any car accessories retailer, even though the high-speed car accessories do not top in terms of value, it helps in adding profit with the subsequent demand for high-speed car accessories from the consumers. Thus, these factors are expected to accelerate growth of the global interior car accessories market during the forecast period.
Increased average life cycle of passenger cars and pickup trucks can provide lucrative opportunities
According to a recent study conducted by IHS Automotive, the average age of cars and pickup trucks in the U.S was estimated to be 11.5 years in 2015, and it is anticipated to increase by the end of 2019 to 11.7 years. As a result of this, the requirement for car parts and accessories is expected to increase, in order to maintain aesthetics and performance of the vehicles. This, in turn, will open the window of opportunities for car accessories manufacturers, suppliers, and retailers. Market players can capitalize on these opportunities and gain a competitive edge.
Presence counterfeit products are expected to hamper the global interior car accessories market growth over the forecast period
There is a large presence of counterfeit and inferior quality products in the market. Moreover, the presence of low-quality of electronic accessories, especially manufactured in China, is leading cost competitiveness. As a result of this, the market has become fragmented thereby posing major challenges for major market players. Thus, these factors are expected to restrain growth of the global interior car accessories market during the forecast period.
Growing popularity of multimedia car accessories
According to Coherent Market Insights’ analysis, multimedia car accessories are witnessing significant popularity among young car owners. The main consumers of interior car accessories in Brazil are the young male adults aged between 20 and30, the sound equipment and accessories such as speakers, stereos are the popular car accessories among these consumers. According to Coherent Market Insights’ analysis, the sound equipment and accessories market alone were valued at US$ 0.6 billion in 2015.
Tax reduction on new cars in Argentina
In December 2015, the newly formed Argentinian government decided to cut down excise tax on new cars in an attempt to propel domestic automotive production, which in turn has resulted in recovery of the sales dip caused in automotive sales in 2015. Argentina’s vehicle fleet on road is dominated by passenger car segment, thus the recovery in automotive sales will bolster the interior car accessories market in the country.
Growing preference of Saudi consumers for luxury passenger and high-speed cars accessories
Saudi Arabia has witnessed massive increase in demand for high-speed car interior accessories such as car safety systems, car mats, and air fresheners. Moreover, Saudi consumers are increasingly demanding luxury passenger cars thereby boosting the demand for high-value interior car accessories such as stereos, LCDs, and other music accessories.
Increasing import of interior car accessories in UAE
In UAE, the total supply of interior car accessories is imported from different countries, there is negligible number of car accessories manufacturers in the UAE, with most of the interior car accessories being imported from Japan and China, followed by American and German interior car accessories.
Major companies operating in the global interior car accessories market are Momo Srl, Pioneer Corporation, Star Automotive Accessories, Garmin Ltd., H.I. Motors, Pecca Group Berhad, U.S. Auto Parts Network, Inc., Covercraft Industries, LLC, O'Reilly Auto Parts, Lloyd Mats, CAR MATE MFG. CO., Ltd., and Classic Soft Trim.