The global market size of automotive accessories by country was $5 billion in 2015 and is expected to grow at a CAGR of 13.1% during the forecast period from 2016 to 2021. China is the major consumer of automotive accessories, followed by Europe, the U.S., and Japan.
The automotive accessories market is expected to grow with a CAGR of more than 5% during the forecast period, 2018–2026. The global automotive accessories market is expected to reach US$1,918.3 million by 2026, growing at a CAGR of more than 5%.
This report provides the latest trends and insights into the automotive accessories market. The report covers market data and analysis for 2014–2020, covering major regions, including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. This report provides a deep analysis of the leading market players and offers in-depth information about the key factors influencing the growth of the global automotive accessories market.
The global automotive accessories market report is based on the analysis and forecast of the worldwide demand for automotive accessories, type, and application. The report also analyzes the leading countries’ automotive accessories market in-depth.
The automotive accessories market is expected to grow with a CAGR of more than 5% during the forecast period, 2018–2026. The global automotive accessories market is expected to reach US$1,918.3 million by 2026, growing at a CAGR of more than 5%.
This report segments the global automotive accessories market based on product type, application, and region. The market is segmented into air conditioning systems, batteries, electrical components, audio-visual equipment, and others found in product type.
Based on application, the market is segmented into interior and exterior. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America holds the largest market share.
This is attributed to the growing demand for aftermarket services and rising disposable income. The ever-increasing demand for aftermarket services and increasing disposable income drive North America’s need for automotive accessories. Asia Pacific is expected to witness the fastest growth. This is attributed to the increasing demand for aftermarket services and rising disposable income. Europe is expected to witness moderate growth. This is attributed to the growing demand for aftermarket services and increasing disposable income.
North America
The U.S. and Canada are the largest markets for automotive accessories. North America accounted for about 41% share in 2016. Increasing demand from emerging economies and the popularity of electric vehicles is expected to drive the market for automotive accessories. Also, consumers in North America are increasingly demanding safety features in their cars, which is driving the market.
Asia Pacific
Asia Pacific is the fastest-growing region in terms of automotive accessories. In 2016, the region accounted for nearly a quarter of global revenue. The area is projected to grow fastest during the forecast period, driven by increasing demand for automotive accessories. The rise in disposable income and the need for premium products are some of the reasons driving the growth of the automotive accessories market.
According to recent statistics, China is the world’s largest market for automotive accessories. China is the second-largest economy in the world, and the country is also the largest market for automotive accessories. The market growth in this region is expected to be driven by the rise in automobile sales and increasing demand for automotive accessories. According to the Society of Automotive Engineers, the number of passenger vehicles in China is expected to reach 18.8 million units by the end of 2019.
Rest of the World
The report provides a detailed analysis of the current trends and prospects of the automotive accessories market. The information includes an exhaustive study of the automotive accessories market concerning the following segments: Type, application, and geography. Furthermore, this report discusses the recent trends and drivers and the challenges and restraints influencing the market.
United States
The automotive accessories market in the U.S. is expected to grow at a CAGR of more than 6% during the forecast period, 2018–2026. The U.S. automotive accessories market is expected to reach US$1,085.2 million by 2026, growing at a CAGR of more than 6%.
The U.S. automotive accessories market is dominated by major automotive OEMs, followed by aftermarket OEMs and suppliers. The major OEMs, including Ford, General Motors, and Fiat Chrysler Automobiles (FCA), have adopted a strategic approach of integrating more advanced technology and features into their products.
These products include advanced driver-assist systems, autonomous vehicles, and electrified vehicles. The major aftermarket OEMs include AutoZone Inc., Carquest Auto Parts, and Jiffy Lube. The major suppliers of automotive accessories include Bosch, Autoliv, and Valeo.
Frequently Asked Questions Automotive Accessories Market
Q: How has the automotive accessories market changed over the past five years?
A: According to the latest study by Frost & Sullivan, in 2009, the global automotive accessories market was valued at US$41 billion, representing an increase of 4.6 percent from 2008. The automotive accessories market is expected to grow by 5.8 percent annually, reaching approximately US$55.5 billion annually by 2014.
Q: What are the key trends in the automotive accessories market?
A: In 2010, the global automotive accessories market reached US$43.8 billion; the U.S. accounted for 40 percent. In 2014, the global automotive accessories market was projected to reach US$58.9 billion, with an estimated CAGR of 5.4 percent from 2010 to 2014.
Top Myths About Automotive Accessories Market
- China has a large population and is a very important market.
- The Chinese are buying fewer Automotive Accessories than in the past.
- The Chinese are not buying any Automotive Accessories
- The U.S. dominates the Automotive Accessories Market Share.
- Asia Pacific is expected to grow significantly during the forecast period.
Conclusion
This report presents the global automotive accessories market by country and product type, including the United States, Europe, China, Japan, India, and Southeast Asia. It includes forecast figures through 2020. The automotive accessories market is expected to grow from $8.3 billion in 2016 to $11.6 billion in 2020. The United States holds the largest global automotive accessories market share, followed by China.
The United States will account for the largest global automotive accessories market share 2020. China is expected to be the fastest-growing market in the same period. Automotive accessories market growth in China is expected to be driven by the increased popularity of cars in the country and the increasing number of car owners.