Published by TMR Research Insights
Posted on October 5, 2021
5 min readLast updated: January 31, 2026
The car accessories market is poised for significant growth by 2031, driven by automotive expansion and consumer demand for customization, with Asia Pacific leading the market.
Car accessories are items that a customer can install in his car as an additional feature for comfort, safety, convenience, and security. The car accessories market has been expanding at a steady pace in the last few years due to significant expansion of the global cars market. Automotive is a significant industry in terms of contribution to the global GDP. According to the World Association of Car Manufacturers, OICA, in 2017, the automotive industry accounted for 3.65% of the total global GDP. Automotive offers considerable opportunity in terms of employment. For instance, in 2020, the automotive industry contributed 3% to the U.S gross domestic product (GDP) and provided employment to over 4.1 million people across U.S. Expansion of the automotive industry directly corresponds to the car accessories market. Therefore, a rise in the demand for personal vehicles globally is likely to boost the car accessories market.
Rising preference toward comfortable travel among consumers is expected to propel the car accessories market. Increasing consumer inclination toward an entertaining, luxurious driving experience, rise in trends toward moving car accessories, and a surge in vehicle customization among the young population are prominent factors that are expected to fuel the global car accessories market.
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Automakers are likely to offer different type of car accessories to attract more number of consumers and gain a competitive edge over other rivals owing to increased competition among vehicle manufacturers. This, in turn, is likely to propel the car accessories market during the forecast period.
Global Car Accessories Market: Challenge
Global Car Accessories Market: COVID 19 Impact
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Asia Pacific to account for prominent share of global car accessories market
Key Players Operating in Car Accessories Market
The global car accessories market is concentrated owing to the presence of top manufacturers. A few key players operating in the global car accessories market are:
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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The article discusses the growth and challenges of the global car accessories market up to 2031.
Asia Pacific is expected to dominate the car accessories market due to increased vehicle production and sales.
COVID-19 caused a decline in vehicle production but increased e-retailing, boosting the aftermarket.
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