at a CAGR of 7.5%, Passenger Car Accessories Market (2016-2023) Will Be Driven By The Booming Sale Of Passenger Car Vehicles And Technological Advancement

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Passenger car accessories are gaining traction among consumers as they offer stylish look, entertainment and comfort. Car accessories enable the consumer to upgrade their cars with advanced features. The interior car accessories such as MP3 players, LED screens and seat cover offer comfort and advanced entertainment system. Further, seat cover accessories serve a dual purpose of comfort as well as protection to the seats. Rising activities of theft and accidents are increasing the consumer awareness about security system accessories such as gear lock, power lock, GPS security and others. The security system accessories alert the owner of car in the case of theft.

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Apart from this, exterior car accessories such as body covers, bumpers and others provide security from damaging the powertrain system and interior parts of the car. The global passenger car accessories market is flourishing due to the rise in sale of automobiles. The various countries such as U.S, Germany, China and Japan are witnessing the demand for automobiles. As a result, the adoption of the passenger car accessories is rising due to the benefit such as security, comfort and others.

Market Size and Forecast

The passenger car accessories market is expected to expand at a CAGR of 7.5% during the forecast period of 2016-2023. The market growth will be driven by the booming sale of passenger car vehicles and technological advancement in passenger car accessories.

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Globally, Asia-Pacific is forecasted to hold top position in global passenger car accessories market followed by North- America and Europe. The Asia Pacific region contributed 34.3% in the total revenue of global passenger car accessories market in 2016. Expansion of automobile industry in the Asia-Pacific region is anticipated to foster the demand for passenger car accessories over the forecast period i.e. 2016-2023. Further, China followed by Japan is anticipated to be largest passenger car accessories market during the forecast period.

Apart from this, North-America passenger car accessories market is expected to showcase a significant growth over the forecast period. The positive growth in automobile industry in North-America region and introduction of stringent government regulation to manufacture vehicles within the country especially in the U.S. are some of the major factors which are driving the growth of passenger car accessories market. Moreover, Europe region is likely to mark robust growth owing to its advance life style and demographics.

Further by electrical accessories type, audio/video accessories contributed the highest share of 40.2% in the overall revenue of passenger car accessories market. On the other hand, non-electrical segment dominated the global passenger car accessories market in 2016. Continuous up gradation of the car models along with availability of various advanced features which can be installed in a car as part of accessories is anticipated to foster the growth of non-electrical segment over the forecast period.

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Leading Key Players of Automotive Industry:

Toyota Motors, Ford Motor Inc., General Motors, Hyundai Motor Group, Volkswagen Group, Other Key Players.

Growth Drivers and Challenges

The global passenger car accessories market is driven by rising sales of passenger cars across the globe. Further, the advancement in material technology has improved the durability and life span of passenger car accessories. This factor is expected to drive the market of the global passenger car accessories during the forecast period. Apart from this, the demand for car accessories is increasing due to changing lifestyle of people. Most of the people are inclined towards advanced electronic gadgets such as music systems, video players in their cars as these accessories are vital for car entertainment.

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Further, strict government regulations to replace or upgrade the accessories after a specific time period are one of the major factors which are driving the growth of passenger car accessories market. For instance, National Highway Traffic Safety Administration of the U.S. has passed a new regulation for motor vehicle parts such as tires, rims, seat belts and others should be originally manufactured and must be replaced according to the life span of the product. This factor is likely to increase the demand of passenger car accessories in North America.

However, high cost of quality car accessories is one of factors restraining the market growth for car accessories as advanced technologies are costlier than the conventional accessories. Moreover, presence of local manufacturers and lack of standards and regulations is leading the players to manufacture low-quality passenger car accessories. This increasing number of low quality offerings of passenger car accessories is hampering the growth of industry and decreasing the revenue share of the organized players. Further, government regulations regarding the internal and external modification of the vehicle are restricting the growth of passenger car accessories market.

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