The global Interior Car Accessories Market is estimated to be valued at US$215,945.7 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:
The interior car accessories market comprises various products utilized inside the vehicle cabin to enhance looks, provide comfort, and add safety. Some key products in this market include floor mats, seats covers, LED lights, car covers, charging points, electronics accessories, phone holders, and others. These products offer advantages like protection from wear and tear, protection from UV rays and scratches, changing interior aesthetics, added comfort, and safety features like phone mount and charging points. With rising consumer demand for enhancing in-car experience and looks, the need for interior car accessories is growing significantly.
Market key trends:
One of the major trends currently influencing the interior car accessories market is the rising demand for smart and connected car accessories. Manufacturers are increasingly offering advanced electronics accessories focused on connectivity, entertainment, and driving assistance features. For instance, phone holders integrated with Bluetooth for calls and music, rear-view cameras, onboard navigation systems, wireless charging docks, and ambient lighting systems controlled via apps. The focus on enhancing usability, safety, and driver experience through technology is a key trend spurring sales in this industry. Additionally, customization is another prominent trend where consumers are choosing to personalize their car interiors based on preferences through stylistic accessories.
Porter’s Analysis
· Threat of new entrants: Low manufacturing costs and access to distribution channels allow new companies to enter the market and compete with existing players easily.
· Bargaining power of buyers: Buyers have high bargaining power due to availability of substitute products. They can easily switch to alternate brands.
· Bargaining power of suppliers: A few large suppliers exist globally for raw materials used in manufacturing interior car accessories. This consolidates supplier power.
· Threat of new substitutes: New eco-friendly alternatives for leather interiors and introduction of advanced connectivity features pose a threat.
· Competitive rivalry: Intense competition exists among existing players leading to pricing pressures.
Key Takeaways
The Global Interior Car Accessories Market Demand is expected to witness high growth, exhibiting CAGR of 5.6% over the forecast period, due to increasing vehicle production and demand for enhanced aesthetics and comfort features in cars.
North America dominates the Interior Car Accessories market, with the United States accounting for majority of the share. This is attributed to high vehicle ownership and demand for premium and luxury vehicles with latest accessories and comfort features in the region. Asia Pacific is expected to exhibit the fastest growth during the forecast period owing to growing middle class population, rising disposable incomes and popularity of ultra-luxury vehicles in China and India.
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 are focusing on new product development and partnerships to cater to evolving consumer preferences especially in emerging countries.
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