Growing consumer preference for a more comfortable and entertaining driving experience is expected to remain a key factor in driving demand growth in the global interior car accessories market. The market will witness a CAGR of 3.9% in terms of volume, with passenger cars dominating the market with over 95% of the share. The marketis also anticipated to expand at a moderate rate throughout the forecast period of 2016-2024.
The global market for interior car accessories is steadily gaining traction as the popularity of accessories, such as seat covers, car mats, stereos and speakers, steering wheel covers, dash kits, navigation systems, cushions, sunshades, and others continue to increase. A trend of customised cars is on the rise since the recent past, and will remain a favorable factor for the market growth during the forecast period.
Counterfeits operating in the market are however expected to capture a sizeable market share, owing to easily available and cost effective products. In addition, the global market is extremely fragmented. These two factors may collectively hamper the market growth over the forecast period.
Technological innovations and growing applications of car accessories collectively boost a trend of decorative car accessories in the global car interior accessories market. This trend will remain a major driver for the market by 2024 end.
By product type, electronic accessories will remain a major shareholder through to 2024, registering a CAGR of 5.4%. Covers segment is estimated to record the highest CAGR of 6.8%, reaching a value of US$ 61.59 billion by 2024 end. Other product segments include knobs, consoles & organisers, car cushions & pillows, fragrance, communication, car mats, central locking system, dash kits, and sunshades.
Based on vehicle type, passenger cars will continue to attract higher sales against pickup trucks. While the former is expected to maintain around 95% of the total market share, the latter will grow significantly over the forecast period.
By distribution channel, OEM segment is projected to grab over 25% of the total market share. However, the aftermarket segment will remain dominant with a CAGR of 5.2% during 2016-2024.
Based on regional analysis, interior car accessories will witness the highest consumption in developing regions of Asia Pacific. APAC is anticipated to account for over 30% of the market revenue share, and record a moderate CAGR of 5.5% over the forecast period. Latin America, the Middle East, and Africa will also register discernible demand for interior car accessories.
Key players competing in the global interior car accessories include Pep Boys, Pioneer Corporation, Garmin Ltd., O’Reilly Auto Parts, U.S. Auto Parts Network Inc., Pecca Group Berhad, Car Mate Mfg, Co., Ltd., Cover craft Industries, LLC, Classic Soft Trim, Lloyd Mats, H.I. Motors, Star Automotive Accessories, and Momo Srl.
Leading companies are focusing on strategic marketing for better product positioning and enhanced market presence. A number of automotive dealers are also working as individual brands, in tandem with their parent OEMs.