Automotive Accessories Market to Grow USD 1,946.3 Billion by 2028 with a CAGR of 3.58%

Jul 21, 2023

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25 Oct, 2022, 21:30 IST

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BANGALORE, India, Oct. 25, 2022 /PRNewswire/ -- The Global Automotive Accessories Market is Segmented by Type (Exterior Automotive Accessories, Interior Automotive Accessories), by Application (LCV (Light Commercial Vehicles), HCV (Heavy Commercial Vehicles), Passenger Cars): Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Vehicle Parts & Accessories Category.

The global automotive accessories market size is estimated to be worth USD 1,575.6 Billion in 2022 and is forecast to a readjusted size of USD 1,946.3 Billion by 2028 with a CAGR of 3.58% during the forecast period 2022-2028.

Major factors driving the growth of the automotive accessories market are:

The demand for car customization, particularly among the younger generation, is likely to expand in the near future, leading to significant growth for the worldwide automotive accessories market. Additionally, the market for vehicle accessories is expanding due to consumer preferences for improved performance when driving. Additionally, increased demand for passenger automobiles brought on by an increase in disposable income and an improved standard of living promotes the automotive accessories market expansion.

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TRENDS INFLUENCING THE GROWTH OF THE AUTOMOTIVE ACCESSORIES MARKET:

The increasing sale of passenger cars and pickup trucks is expected to boost the automotive accessories market. The automotive accessories market size for interior automobile accessories is expected to benefit from the expansion of aftermarket e-retailing in developed regions.

Furthermore, The demand for quick-moving auto accessories and vehicle modifications is expected to increase, which will speed up market growth.

China was a major contributor to the market for luxury vehicles because of its rising disposable income and higher standard of living. This element is anticipated to generate profitable prospects for the expansion of the automotive accessories industry.

Additionally, the need for protection from wear and tear, enhance safety, improve performance, and give personalized look is expected to drive the growth of the automotive accessories market. A high-quality vehicle cover will protect your automobile from various environmental threats, including severe weather and harmful solar rays, in addition to protecting it from a lot of dust. Fog lights, LED headlights, and rear windshield wipers are a few additions that enhance your car's performance and should be seriously examined.

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AUTOMOTIVE ACCESSORIES MARKET SHARE:

A significant portion of the worldwide market for auto accessories will come from the Asia Pacific. due to an increase in passenger vehicle manufacturing and sales in China, South Korea, and India. China is a well-known producer of aftermarket goods like car accessories, which are sold for less money. In addition, there are established supply chains for the automotive aftermarket in various nations in the Asia-Pacific region.

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