Home Business Passenger Car Accessories Market expected to reach USD 283.4 billion by 2024

Passenger Car Accessories Market expected to reach USD 283.4 billion by 2024

Passenger Car Accessories

Global Passenger Car Accessories Market: Size, Trends & Forecasts (2017-2021) provides an in-depth analysis of the US appraisal market by value, by volume, by segments, by number of AMCs, appraiser’s tenure, etc. The report also gives an insight of the Canada addressable appraisal market opportunity.

On the basis of attributes such as company overview, recent developments, strategies adopted by the market leaders to ensure growth, sustainability, financial overview and recent developments.

This report provides a detailed analysis of the Passenger Car Accessories market with description of market sizing and growth, segmentation of market by products & services and major markets, top market players etc. The report recapitulates the factors that will be responsible for the growth in the market in the forecasted period.

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Essential points covered in Global Passenger Car Accessories Market 2017 Research are:-

  • What will the market size and the growth rate be in 2021?
  • What are the key factors driving the global Passenger Car Accessories market?
  • What are the key market trends impacting the growth of the global Passenger Car Accessories market?
  • What are the challenges to market growth?
  • Who are the key vendors in the global Passenger Car Accessories market?
  • What are the market opportunities and threats faced by the vendors in the global Passenger Car Accessories market?
  • What are the key outcomes of the five forces analysis of the global Passenger Car Accessories market?

This independent 230 pages report guarantees you will remain better informed than your competition. With over 175 tables and figures examining the Passenger Car Accessories market, the report gives you a visual, one-stop breakdown of the leading products, sub market and market leader’s market revenue forecasts as well as analysis to 2021.

Furthermore, the report provides a detailed analysis of the global Passenger Car Accessories market with analysis of market size by value and volume. Along with this, an analysis of penetration rate and the average revenue generated per user (ARPU) in the market has also been done.The report also includes a detailed analysis of the global Passenger Car Accessories market by countries, comprising of its market by value, volume, and ARPU and penetration rate.

Car Accessories are the add-ons to the vehicle to enhance their look and functionality. Interior passenger car accessories improve interior aesthetics of the vehicle and provide much better comfortable and entertaining ride. Extensive range of interior car accessories are available in the market each serving different purposes such as steering wheel covers, in dash music players, speakers, navigation systems, seat covers, and car mats among others. Car exterior accessories like decals, alloy wheels, body kits and spoilers are also used to enhance the look, safety and performance of the vehicles. Car accessories not only enhance looks and functionality but also play an important role in maintenance of car. Specific advanced car accessories are used to enhance the performance of vehicle on road. Growing sales of passenger cars and rising personal disposable income of people provides the boost to the car accessories market in both OEMs and aftermarket.

However, car accessories market is enormously fragmented and has large number of local and scattered players who provides good products at cheaper price. Also, in some regions there are stringent regulations regarding the usage of car accessories for safety purposes, as consumers has to use only original manufactured car accessories on highways.

Inclination of vehicle owners towards cars customization will remain a key factor for the significant demand for car accessories globally. Rising demand for enhanced comfort and high-performance drive fueled the growth of advanced car accessories market. Flourishing automobile industry and rapid growth in sales of cars is significantly driving the growth of car accessories market. The global automobile industry is expected to grow at a CAGR of +4% over the forecast period of 2016-2024, which considerably impel the growth of passenger car accessories market. Developing countries such as China, India, Mexico and Brazil among others are showcasing vast growth opportunity owing to rapidly growing passenger vehicles sales in these countries. For instance, India has registered growth of 21% in its sales of passenger vehicle segment and 13% in its overall domestic vehicle sales. Huge investments of car manufacturers in these regions also expected to bolster the growth passenger car accessories market in these countries. However, extremely fragmented market and competition from local players who provides good quality products with competitive costs majorly in developing and Asian countries is the major challenge for the key players.
Market Size and Forecast

Global passenger car accessories market accounted for USD 172.3 billion in 2016 and the market is expected to reach USD 283.4 billion by the end of 2024. Further, the market is anticipated to expand at a compound annual growth rate of 6.4% over the forecast period i.e. 2016-2024.

Geographically, Asia-Pacific region accounted for the highest revenue share in global passenger car accessories market followed by North America and Europe. The Asia Pacific region contributed more than 34% in total revenue of global passenger car accessories market in 2016. Rapidly expanding automobile industry in Asia Pacific region is anticipated to bolster the demand for passenger car accessories over the forecast period.

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The Passenger Car Accessories market is expected to increase due to growth in GDP per-capita, international tourism, etc. Yet, the market faces some challenges such as, global economic downturn, high probability of terror attack, etc. The global Passenger Car Accessories market is expected to grow at a healthy rate during the forecast period (2017-2021). The growth is expected on account of many factors, such as an increase in disposable income, increasing international inbound and outbound tourism and aging demography.

However, the market also faces some challenges, which includes increase in the number of terror attacks, heavy taxes imposed on the tour operators and seasonality dependence. Digital travel, evolution of eco-tourism and rise of adventure tourism are some of the latest trends in the global Passenger Car Accessories market.

The report provides a basic overview of the Passenger Car Accessories industry including definitions, classifications, applications and industry chain structure. And development policies and plans are discussed as well as manufacturing processes and cost structures.

Then, the report focuses on global major leading industry players with information such as company profiles, product picture and specifications, sales, market share and contact information. What’s more, the Passenger Car Accessories industry development trends and marketing channels are analyzed.

The research includes historic data from 2012 to 2016 and forecasts until 2021 which makes the reports an invaluable resource for industry executives, marketing, sales and product managers, consultants, analysts, and other people looking for key industry data in readily accessible documents with clearly presented tables and graphs. The report will make detailed analysis mainly on above questions and in-depth research on the development environment, market size, development trend, operation situation and future development trend of Passenger Car Accessories on the basis of stating current situation of the industry in 2017 so as to make comprehensive organization and judgment on the competition situation and development trend of Passenger Car Accessories Market and assist manufacturers and investment organization to better grasp the development course of Passenger Car Accessories Market.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.