Global Passenger Car Accessories Market to Mark a Revenue of USD 394.5 Billion by 2023: says Research Nester

The increasing inclination of people towards advanced electronic gadgets pushes consumer to install various car accessories such as music player, video players and others. The advanced car accessories give a stylish look to car. The electrical interior accessories such as music players, video players and speaker present entertainment in long journeys. Seat covers are the well-liked passenger car accessories. The increasing trend towards vehicle customization especially among the young generation along with increasing sales of vehicles in developing countries are the main factors likely to boost the passenger car accessories market across the globe.
Global passenger car accessories market is anticipated to expand at a significant annual compound growth rate (CAGR) of 7.5% during the forecast period i.e. 2016-2023.
Non-Electrical segment dominated the global passenger car accessories market in 2016 and is likely to observe growth of 1.5x during the period 2016-2023. Continuous up gradation of the car models along with availability of various advanced features which can be installed in a car as part of accessories is anticipated to foster the growth of non-electrical segment over the forecast period. However, increasing trend for visual customization is expected to further fuel the demand for global passenger car accessories globally.
Global passenger car accessories market is segmented on the basis of type and region. Based on the type, the market is further sub-divided into the electrical (interior lights, exterior lights, audio video accessories, car switches, car gauges and meters and mobile charging chords) and non-electrical passenger car accessories. With 57.3% share, the non-electrical passenger car accessories market held the largest segment in 2016. Further, non-electrical passenger car accessories market is projected to witness the CAGR of 6.03% during the forecast period i.e. 2017-2023.
The report titled “Global Passenger Car Accessories Market Outlook 2023” also includes some prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter’s five force model.
This report also studies existing competitive scenario of some of the key players of passenger car accessories market which includes profiling of Toyota Motors, Ford Motor Inc., General Motors, Hyundai Motor Group and Volkswagen Group. The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “Global Passenger Car Accessories Market Outlook 2023”, analyses the overall passenger car accessories industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in Global Passenger Car Accessories Market in near future.