Automobile accessories are additional components that enhance the functionality and aesthetic appeal of automobiles. The global automobile accessories market has been growing steadily over the past decade, driven by increasing demand for enhanced driving experience and customization of vehicles.

The automobile accessories market offers a wide range of products such as infotainment systems, navigation systems, car mats, seat covers, lighting, wheels, and tires. These products are available in various price ranges, catering to the needs and preferences of different consumer segments.

The global automobile accessories market was valued at USD 360.8 billion in 2020 and is projected to reach USD 513.5 billion by 2028, growing at a CAGR of 4.3% during the forecast period (2021-2028).

Executive Summary

The global automobile accessories market has witnessed steady growth over the past decade, driven by increasing demand for customization of vehicles and enhanced driving experience. The market offers a wide range of products such as infotainment systems, navigation systems, car mats, seat covers, lighting, wheels, and tires.

North America and Europe are the largest markets for automobile accessories, owing to the high disposable incomes and the presence of established automobile manufacturers in these regions. However, the Asia Pacific region is expected to grow at the highest CAGR during the forecast period, driven by increasing disposable incomes and the growth of the automobile industry in countries such as China and India.

The COVID-19 pandemic has had a mixed impact on the automobile accessories market, with supply chain disruptions and reduced consumer spending affecting the market growth. However, the market is expected to recover steadily in the post-pandemic period, driven by pent-up demand and increasing adoption of electric vehicles.

Important Note: The companies listed in the image above are for reference only. The final study will cover 18–20 key players in this market, and the list can be adjusted based on our client’s requirements.

Market Drivers

• Increasing demand for customization of vehicles: Consumers are increasingly looking for ways to personalize their vehicles, driving the demand for accessories such as infotainment systems, seat covers, and lighting.
• Growing adoption of electric vehicles: The growing adoption of electric vehicles is driving the demand for accessories such as charging stations, charging cables, and battery management systems.
• Technological advancements in automobile accessories: The development of advanced technologies such as connected car systems, smart infotainment systems, and advanced driver assistance systems (ADAS) is driving the demand for advanced automobile accessories.

Market Restraints

• High cost of advanced automobile accessories: The high cost of advanced automobile accessories such as ADAS and connected car systems is a major restraint for the market, as it limits the adoption of these products among price-sensitive consumers.
• Low awareness among consumers: The low awareness among consumers regarding the benefits of advanced automobile accessories is also a major restraint for the market, as it limits the demand for these products.

Market Opportunities

• Growing demand for aftermarket automobile accessories: The growing demand for aftermarket automobile accessories presents significant opportunities for market players, as it allows them to cater to a wider range of consumer preferences and offer customized solutions.
• Increasing adoption of connected car systems: The increasing adoption of connected car systems presents significant opportunities for market players, as it allows them to offer advanced services such as remote diagnostics and over-the-air software updates.

Market Dynamics

The global automobile accessories market is characterized by intense competition, with a large number of established players and new entrants vying for market share. The market is also characterized by rapidly evolving technologies and changing consumer preferences, which require market players to stay updated and adapt quickly.

Regional Analysis

The global automobile accessories market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America and Europe are the largest markets for automobile accessories, owing to the high disposable incomes and the presence of established automobile manufacturers in these regions. However, the Asia Pacific region is expected to grow at the highest CAGR during the forecast period, driven by increasing disposable incomes and the growth of the automobile industry in countries such as China and India.

North America is the largest market for automobile accessories, with a market size of USD 133.4 billion in 2020. The region is home to some of the largest automobile manufacturers such as General Motors, Ford, and Tesla, which drives the demand for advanced automobile accessories such as ADAS and connected car systems. The region is also characterized by high disposable incomes and a strong culture of vehicle customization, which further drives the demand for automobile accessories.

Europe is the second-largest market for automobile accessories, with a market size of USD 94.3 billion in 2020. The region is characterized by strict regulations regarding vehicle safety and emissions, which drives the demand for advanced automobile accessories such as ADAS and hybrid powertrain systems. The region is also characterized by high disposable incomes and a strong culture of vehicle customization, which further drives the demand for automobile accessories.

The Asia Pacific region is expected to grow at the highest CAGR during the forecast period, driven by increasing disposable incomes and the growth of the automobile industry in countries such as China and India. The region is characterized by a large population and a growing middle class, which drives the demand for affordable automobile accessories such as seat covers, car mats, and wheels. The region is also witnessing a growing trend of vehicle customization, which further drives the demand for advanced automobile accessories.

Latin America and Middle East & Africa are also expected to witness steady growth during the forecast period, driven by increasing disposable incomes and the growth of the automobile industry in these regions.

Competitive Landscape

Leading Companies in the Automobile Accessories Market:

1. 3M Company
2. Thule Group AB
3. Continental AG
4. Robert Bosch GmbH
5. Magna International Inc.
6. Delphi Technologies
7. Denso Corporation
8. Yakima Products, Inc.
9. Hella GmbH & Co. KGaA
10. Valeo SA

Please note: This is a preliminary list; the final study will feature 18–20 leading companies in this market. The selection of companies in the final report can be customized based on our client’s specific requirements.

Segmentation

The global automobile accessories market is segmented based on product type, distribution channel, vehicle type, and region.

By product type, the market is segmented into:

• Infotainment systems
• Navigation systems
• Car mats
• Seat covers
• Lighting
• Wheels
• Tires
• Others

By distribution channel, the market is segmented into:

• OEMs
• Aftermarket

By vehicle type, the market is segmented into:

• Passenger cars
• Commercial vehicles

Category-wise Insights

Infotainment Systems: Infotainment systems are one of the most popular automobile accessories, offering a range of features such as music playback, navigation, and voice commands. The market for infotainment systems is expected to grow steadily during the forecast period, driven by increasing demand for advanced features such as smartphone integration and voice recognition.

Navigation Systems: Navigation systems are another popular automobile accessory, offering real-time navigation and traffic updates. The market for navigation systems is expected to grow steadily during the forecast period, driven by increasing demand for accurate and reliable navigation.

Car Mats: Car mats are essential automobile accessories that protect the car floor from dirt and damage. The market for car mats is expected to grow steadily during the forecast period, driven by increasing demand for customized and high-quality car mats.

Seat Covers: Seat covers are automobile accessories that protect the car seats from wear and tear and enhance their aesthetic appeal. The market for seat covers is expected to grow steadily during the forecast period, driven by increasing demand for customized and high-quality seat covers.

Lighting: Lighting is an important automobile accessory that enhances visibility and safety while driving. The market for automotive lighting is expected to grow steadily during the forecast period, driven by increasing demand for advanced lighting technologies such as LED and OLED.

Wheels and Tires: Wheels and tires are essential automobile accessories that affect the performance and aesthetic appeal of vehicles. The market for wheels and tires is expected to grow steadily during the forecast period, driven by increasing demand for customized and high-quality wheels and tires.

Key Benefits for Industry Participants and Stakeholders

The following are some of the key benefits for industry participants and stakeholders in the global automobile accessories market:

• Growing market size and revenue opportunities: The global automobile accessories market is growing steadily, offering significant revenue opportunities for market players.
• Increasing demand for customized and advanced automobile accessories: The growing demand for customized and advanced automobile accessories presents significant opportunities for market players, as it allows them to cater to a wider range of consumer preferences and offer customized solutions.
• Technological advancements in automobile accessories: The development of advanced technologies such as connected car systems, smart infotainment systems, and advanced driver assistance systems (ADAS) is driving the demand for advanced automobile accessories, offering significant revenue opportunities for market players.

SWOT Analysis

The following is a SWOT analysis of the global automobile accessories market:

Strengths:

• Growing demand for customized and advanced automobile accessories
• Technological advancements in automobile accessories
• Increasing adoption of electric vehicles

Weaknesses:

• High cost of advanced automobile accessories
• Low awareness among consumers regarding the benefits of advanced automobile accessories

Opportunities:

• Growing demand for aftermarket automobile accessories
• Increasing adoption of connected car systems

Threats:

• Intense competition from established players and new entrants
• Rapidly evolving technologies and changing consumer preferences

Market Key Trends

The following are some of the key trends in the global automobile accessories market:

• Increasing adoption of electric vehicles: The increasing adoption of electric vehicles is driving the demand for accessories such as charging stations, charging cables, and battery management systems.
• Growing demand for connected car systems: The growing demand for connected car systems is driving the development of advanced automobile accessories such as smart infotainment systems and remote diagnostics.
• Increasing adoption of advanced driver assistance systems (ADAS): The increasing adoption of advanced driver assistance systems (ADAS) is driving the demand for advanced automobile accessories such as sensors, cameras, and radar systems.

Covid-19 Impact

The COVID-19 pandemic has had a mixed impact on the global automobile accessories market. The pandemic led to supply chain disruptions and reduced consumer spending, which affected the market growth in the short term. However, the market is expected to recover steadily in the post-pandemic period, driven by pent-up demand and increasing adoption of electric vehicles.

The pandemic also accelerated the adoption of e-commerce platforms for automobile accessories, as consumers shifted towards online purchasing due to lockdown restrictions and social distancing measures. This trend is expected to continue in the post-pandemic period, driving the growth of online retail channels for automobile accessories.

Key Industry Developments

The following are some of the key industry developments in the global automobile accessories market:

• In January 2021, Denso Corporation launched a new aftermarket product line for electric vehicles, offering a range of accessories such as charging stations, charging cables, and battery management systems.
• In December 2020, Harman International Industries, Inc. launched a new smart infotainment system for luxury vehicles, offering advanced features such as voice recognition and natural language processing.
• In October 2020, Magna International Inc. announced a strategic partnership with LG Electronics, to develop advanced lighting and camera systems for autonomous vehicles.

Analyst Suggestions

The following are some of the key analyst suggestions for industry participants and stakeholders in the global automobile accessories market:

• Focus on product innovation: To stay competitive in the rapidly evolving market, industry players should focus on product innovation and development of advanced technologies such as connected car systems and ADAS.
• Expand market presence through strategic partnerships and mergers & acquisitions: To expand their market presence and stay competitive, industry players should explore strategic partnerships and mergers & acquisitions with other players in the market.
• Increase focus on e-commerce channels: To cater to the growing demand for online purchasing of automobile accessories, industry players should increase their focus on e-commerce channels and develop user-friendly and secure online platforms.

Future Outlook

The global automobile accessories market is expected to grow steadily during the forecast period, driven by increasing demand for customized and advanced automobile accessories, growing adoption of electric vehicles, and technological advancements in automobile accessories. The Asia Pacific region is expected to grow at the highest CAGR during the forecast period, driven by increasing disposable incomes and the growth of the automobile industry in countries such as China and India.

Conclusion

The global automobile accessories market is a growing and competitive market, offering significant revenue opportunities for industry participants and stakeholders. The market is characterized by increasing demand for customized and advanced automobile accessories, growing adoption of electric vehicles, and technological advancements in automobile accessories. To stay competitive in the market, industry players should focus on product innovation, strategic partnerships, and expanding their market presence through e-commerce channels. The market is expected to recover steadily from the COVID-19 pandemic in the post-pandemic period, driven by pent-up demand and increasing adoption of electric vehicles.