The rise of passenger vehicle sales propelled the growth of the automotive accessories market in the APAC Region!

The automobile accessories market in APAC (Asia-Pacific) region is expected to grow significantly in the coming years. APAC is a region with diverse economies and infrastructure development levels, but the demand for passenger vehicles is increasing across the region due to rapid urbanization and infrastructure development. The growing adoption is also attributed to the rising incomes of people hence more households are entering the consuming class and at the same time more people are joining the workforce, as more women and youth are joining the workforce, raising the demand for mobility and is expected to drive the market during the forecast period. Moreover, the large population of young and working-class aspirational youth are further driving the market because of their preferences like sporty design, comfortable and luxurious features, and technologically advanced vehicles. Furthermore, China is driving the growth of automobile accessories as the demand for passenger vehicles in China is very high and youth of the China is driving this growth, according to the sales data of China passenger vehicles, those aged from 21 to 30 account for 27 percent of car buyers in China in 2022, up from 16 percent in 2017, moreover, another major shift in car buyer demographic in china is growing number of female buyers of cars. For instance, according to a report by China’s Auto Home Research Institute, The average age of Mercedes-Benz car owners in China is less than 36, which is around 10 to 15 years younger than its customer base in Europe and the United States.

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The APAC automobile accessories market is expected to grow at a strong CAGR of around 6% during the forecast period (2022-2030). APAC is anticipated to emerge as the fastest-growing automobile accessories market primarily owing to the spur in demand for passenger vehicles in China, India, and Japan coupled with the growing demand for SUVs and premium luxury vehicles in these countries are expected to drive the market during the analysis time period.

FIG. 1 APAC Automobile Accessories Market Revenue (2020-2030)- USD Mn

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“Amongst vehicle types, the passenger vehicle segment held a dominating share of the market”

Based on vehicle type, the market is bifurcated into passenger vehicles and commercial vehicles. A passenger vehicle is the one that holds a significant market share among the two owing to the rise in demand for personal mobility among the population due to COVID-19 and also due to the rise in discretionary income on the people’s hands. The commercial vehicle segment is also showing significant growth because of increased economic activities and increasing government and private players’ investments in infrastructure developments.

Based on type, the market is segmented into interior accessories and exterior accessories. The interior accessory is expected to grow at a significant CAGR during the forecast period. The market is mainly driven by the pace with which the car market is growing where car brands are launching new and futuristic features in their cars which is encouraging budget car customers to get premium auto accessories from the aftermarket. Additionally, with an increasing number of pre-owned cars demand and prolonged use of cars for longer years is further adding up to the demand for auto accessories.

Global Automobile Accessories Market Segmentation

Market Insight, by Vehicle Type

• Passenger Vehicle
• Commercial Vehicle

Market Insights, by Type

• Interior Accessories
• Exterior Accessories

Market Insights, by Component Type

• Body accessories
• Lights
• Tires
• Utilities
• Audio & Electronics
• Others

Market Insights, by Sales Channel

• OEMs
• Aftermarket

Market Insight, by Region

• North America
  • U.S.
  • Canada
  • Rest of North America
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Rest of Europe
• APAC
  • China
  • Japan
  • India
  • South Korea
  • Rest of APAC
• Rest of the World

Top Company Profiles

• Robert Bosch GmbH
• EXIDE INDUSTRIES LTD.
• Honda Motor Co., Ltd.
• Pioneer India Electronics Pvt. Ltd
• HARMAN International.
• Covercraft Industries LLC
• Husky Liners, Inc
• NR Auto
• CURT Manufacturing LLC
• MacNeil IP LLC