by The Interior Car Accessories Market is estimated to be valued at US$ 202,938.9 Mn in 2022 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Interior car accessories help enhance aesthetics, utility and safety of vehicles. Key product types include floor mats, LED lights, electronic accessories, seating covers and organizers. These accessories allow personalization of interiors according to user preferences and improve in-car experience. Floor mats protect vehicle carpets from wear and tear, while organizers offer storage for small items. LED lights enhance ambience. Seat covers provide protection and help changing vehicle interior aesthetics.
Market Dynamics:
Personalization has become an important trend amongst buyers looking to customize their vehicles. This has driven strong demand for stylish and versatile interior accessories. In addition, the growing popularity of connected cars integrated with Bluetooth, navigation and infotainment systems is boosting the electronics accessories segment. Major auto manufacturers are focusing on development of concept cars with technologically advanced interiors and customizable features through partnerships with leading accessory providers. Such initiatives are expected to further fuel the market growth over the forecast period.
SWOT Analysis:
- Strength: Interior car accessories enhance the aesthetic appeal and functionality of vehicles. They provide features like USB connectivity, wireless charging and better audio systems. An increase in customization trends and variety of options available have expanded the market size.
- Weakness: Frequent changes in design and technology can make certain accessories obsolete quickly. Also, lower-priced alternatives from local manufacturers impact established brands.
- Opportunity: Growing consumer preference for SUVs and luxury vehicles will boost demand for premium interior addons. Developing economies offer scope as car ownership rises along with disposable incomes.
- Threats: Stricter emission norms forcing a shift to electric cars may reduce scope over time. Economic slowdowns can lower discretionary spending on car accessories. Supply chain disruptions due to Covid-19 affected production.
Key Takeaways:
The Global Interior Car Accessories Market Demand is expected to witness high growth, exhibiting a CAGR of 5.6% over the forecast period, due to increasing consumer preference for customizable interior features and enhanced in-vehicle experience.
Regional analysis:
North America dominated the market in 2019 with a share of over 30%, led by high vehicle ownership in the US and Canada. However, Asia Pacific is expected to grow the fastest, due to rising passenger vehicle sales in India and China along with expanding middle-class population with higher spending power on lifestyle products.
Key players:
Key players operating in the interior car accessories market are Momo Srl, Pioneer Corporation, Star Automotive Accessories, Garmin Ltd., H.I. Motors, Pecca Group Berhad, U.S. Auto Parts Network, Inc., Covercraft Industries, LLC, O’Reilly Auto Parts, Lloyd Mats, CAR MATE MFG. CO., Ltd., and Classic Soft Trim. These companies focus on new product launches and strategic partnerships for business expansion.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
