Car Accessories Market to hitUSD 317.50 Billion by 2032 Owing to the Growing Demand for Enhanced Vehicle Safety Features

The Car Accessories Market is expanding due to rising consumer interest in customization, in-car tech upgrades, and increased vehicle personalization

AUSTIN, TX, UNITED STATES, November 15, 2024 /EINPresswire.com/ --

Car Accessories Market

The Car Accessories Market was USD 191.48 billion in 2023 and is expected to reach USD 317.50 billion by 2032 and grow at a CAGR of 5.78% over the forecast period of 2024-2032.

The car accessories market is transforming through technological innovation and growing consumer demand for safety and personalization.

The car accessories market is experiencing an incredible transformation through technological innovation and shifting consumer preferences. Consumers continue to demand safety features on products that are conducive to a safe driving experience. Interestingly, the simple original designs of sun visors had progressed into sophisticated accessories that now have mirrors and lights complementing utility and aesthetic appeal.

With the addition of vinyl and fabric materials into the production of sun visors, their demand continues to increase. The acceleration of global urbanization and surging consumer purchasing power is expected to fuel the demand for car accessories that enhance the functionality and style of vehicles. Growth in demand across the car accessory sector has been picking up speed from consumer interest in personalization to innovation within the sector, thus creating room for significant growth over the coming years.

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Key Players Listed in the Car Accessories Market Are:

• Irvin Automotive Products Inc
• GRIOS S.R.O
• Grupo Antolin
• GUMOTEX
• OTOTRIM Sanayi
• Atlas Holding
• KASAI KOGYO CO. LTD.
• HOWA TEXTILE INDUSTRY CO. LTD.
• Ticaret A.Ş. Panel
• FOMPAK
• and KB Foam Inc. & Other Players

The growth of the car accessories market is driven by a combination of consumer demands and technological advancements.

Several significant driving factors propel the car accessories market, but these primarily include safety and technological advances with changing customer preferences. As concerns grow for the safety of the passengers, consumers are also looking to secure their cars and be as comfortable as possible inside their vehicles while driving, leading to sun visors equipped with integral mirrors and lights, which give greater clarity in visibility with reduced glare. The advancement in automobile design with technological means is continuously shaping consumer expectations. Consumer preferences shift toward the newer car accessories that come with smart features and personalization options.

Economic growth, therefore, also leads to the same trend because disposable income increases, and consumers are ready to spend more on upgrading the functionality and style of their vehicle through accessories. These all urge the need for smaller yet multiple-functioning accessories for automobiles that optimize space usage within vehicles. The car accessories market, as a whole, seems to be well set for huge growth since consumers are seeking increasingly personalized as well as safety-oriented experience at driving. Combining the issues of safety, evolving technological trends, and shift in consumer behavior has developed an environment for further expansion during the next few years in this market.

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Car Accessories Market Segment Analysis

By Type:

Conventional types and LCD sun visors are the two classification types in the market. The conventional sun visors are the most widely prevailing in the market currently mainly because of their established demand and functionality. However, the demand for LCD sun visors is increasing by leaps and bounds as people are interested in enjoying themselves during their travel.

By Material Type:

Material type includes fabric, vinyl, and others. The market share for the vinyl material is higher, mainly because vinyl material is more affordable and durable as compared to fabric. However, although the fabric sun visor market is a minor portion of the whole, it has significant relevance in the market share of high-end vehicles.

By Vehicle Type:

In the market, vehicle type segregates the car accessories market into passenger cars and commercial vehicles. Passenger cars are presently dominating the sun visor market, which reflects growing demand for personal vehicles in the world. As the car market expands, so would be the demand for efficient as well as aesthetically pleasing sun visors.

Car Accessories Market Key Segmentation:

By Type:

Conventional Type
LCD Sun Visor

By Material Type:

Fabric
Vinyl
Others

By Vehicle Type:

Passenger cars
Commercial vehicles

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Regional Analysis

The Asia Pacific region accounts for the largest market share due to the presence of strong automotive industries in countries like China, Japan, India, and South Korea. More than 50 percent of the world's market share is expected to be commanded by the region. It will be supported by the growth in the level of vehicle production and a rapidly increasing demand for electric vehicles.

Growth in China's automotive sector, especially in the production and sales of electric vehicles, will greatly boost the market. In Europe, the increasing popularity of electric vehicles will boost demand for car accessories, such as sun visors. Meanwhile, in North America, the sun visor market is expected to grow with high safety regulations and increased manufacturing of light vehicles in the forecast period.

Recent Developments

December 2023: The new Tata Harrier and Safari SUVs have, on their instrument panels, incorporated Antolin's innovative Touch Control. The instrument panel has been able to marry together several functions for the most fantastic driving experience.
November 2024: Nissan has completed the investment in Kasai Kogyo as announced on May 9, acquiring newly-issued class A preferred shares of Kasai Kogyo. To consummate the investment, procedures include approval by Kasai Kogyo's ordinary general meeting of shareholders and obtaining appropriate regulatory approvals.

Table Of Contents

1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Car Accessories Market Segmentation, By Type
9. Car Accessories Segmentation, By Material Type
10. Car Accessories Market Segmentation, By Vehicle Type
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Conclusion

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