Automobile Accessories Market: Current Analysis and Forecast (2022-2030)

Report Description

The automobile accessories market is expected to grow at a significant CAGR of around 6% during the forecast period.

Major factors are at play in the automobile industry during current times such as improvements in consumer sentiments, continued preference for personal mobility, an uptick in economic activity, and an overall increase in infrastructure spending is increasing the number of vehicles on the road. Additionally, prolonged usage of the vehicle and increasing demand for second-hand vehicles is directly benefitting the auto accessory market. Furthermore, due to the prolonged use of vehicles demand for the auto accessories of models that are discontinued by car manufacturers is also on the rise. For instance, on August 2021, OLX group announced that OLX Autos, a platform for second-hand car trade in 10 countries across Asia and the Americas, has surpassed USD 1 billion in sales since its formation in January 2020. Every month, around half a million cars are listed for sale by consumers and dealers on OLX Autos classifieds platforms in India, Indonesia, and Latin America.

Some of the major players operating in the market include 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

Insights Presented in the Report

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

On the basis of vehicle type, the market is bifurcated into passenger vehicle and commercial vehicle. Passenger vehicle holds a significant market share owing to the rise in demand for personal mobility from the aspiring young working population with increasing income. Furthermore, with rising competition in the automobile industry, manufacturers are offering better products with high-end features at low prices, which were only exclusively available for luxury vehicles in the past is increasing the value proposition for the customers, along with that in today’s information age financing has become easily and readily available which has made high initial cost of acquiring a thing of the past which used to be a major barrier in terms of owning a vehicle and which can also be seen on the loan data where automobile loans are one of the major consumer loans that are taken in the world. For instance, on April 2021, the Reserve Bank of India(RBI), announced that outstanding vehicle loans with banks hit a new high of USD 30 billion in FY21, which is an increase of 8.5% from FY20. It also stated that around 80% of the cars and SUVs in India are financed and near about 100% of commercial vehicles are bought on loans.

“Amongst types, the interior accessories are expected to grow with a significant CAGR during the forecast period.

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.

“Asia Pacific dominated the automobile accessories market in 2021.”

The automobile accessories market in the Asia Pacific region held the largest market share and is expected to maintain its growth throughout the forecast period. Major countries in Asia Pacific like India, China, Thailand, etc. are one of the biggest markets for low to mid-range vehicles. Additionally, they are also a significant market for the preowned vehicle market as well, moreover, vehicles are also used for a longer duration of time in these regions which makes them an important market for automobile accessories. Furthermore, with rising GDP, increasing earnings, and better infrastructure development going on the demand for passenger vehicles are also on the rise in these regions which directly affects the accessories market in a positive way. For instance, on March 2023, as per sales reports published by car manufacturers of Indian markets, the sale of the passenger vehicle segment for Jan 2023 to Mar 2023, has shown a growth of 10.6% year on year.

Automobile Accessories Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global automobile accessories market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Automobile Accessories Market Analysis (2022-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global automobile accessories market were the three major steps undertaken to create and analyze the adoption of automobile accessories in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global automobile accessories market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the automobile accessories market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the automobile accessories market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as by vehicle type, by type, by product type, and by sales channel. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the automobile accessories market. Further, we conducted factor analysis using dependent and independent variables such as by vehicle type, by type, by product type, and by sales channel of the automobile accessories market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the automobile accessories market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global automobile accessories market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the automobile accessories market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global automobile accessories market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global automobile accessories market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the vehicle type, battery type, and charging type in the global automobile accessories market.

The main objective of the Global Automobile Accessories Market Study

The current & future market trends of the global automobile accessories market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the automobile accessories market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of the vehicle type, type, product type, and sales channel.
• Define and analysis of the regulatory framework for the automobile accessories industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the automobile accessories market for the major region
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the automobile accessories market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

You can also purchase parts of this report. Do you want to check out a section wise
price list?

Get in touch with team