The vehicle accessories market is witnessing huge growth owing to the increasing number of automobile companies, new vehicle launches, growing per capita income, and an increasing population as well. Vehicle accessories are add-ons for a vehicle, either to upgrade or to improve its functionality. Vehicle accessories are popular because people can personalize them according to their and their vehicle’s needs. There are different types of interior and exterior accessories available on the market, including essential and non-essential ones, such as wheel covers for four-wheeler vehicles, body covers, seat covers, air fresheners, mats, and others. These accessories are great for vehicle lovers who want to upgrade their vehicle. With the growing use of vehicles, the vehicle accessory market is set to see a remarkable growth of 5.3% CAGR during the forecast period of 2022–2028, according to OMR Research analysis. To contribute to this growth, many market players such as AutoFurnish, Accuride Corporation, and others are launching new investments and products in the market. For instance, in December 2021, UpScalio, a funding and management company for e-commerce brands, invested an undisclosed sum in AutoFurnish and three other accessory companies that operate online.
Types of Vehicle Accessories in the Market
There are mainly two types of vehicle accessories on the market, including interior accessories and exterior accessories. Aside from that, the market has four, three, and two-wheeler accessory subcategories.
Vehicle’s Interior Accessories
Interior accessories are used in three- or four-wheeler vehicles such as cars, buses, trucks, and others. These accessories either provide ease of driving or decorate the interior. Sun shades, décor items, neck pillows, seat covers and cushions, decorative lights, consoles and organizers, air purifiers, floor mats, fans, cabin lights, vacuum cleaners, air fresheners, steering covers, phone accessories, dashboard mats, tissue holders, and many more are examples of interior accessories. The companies that provide interior vehicle accessories include Michelin, Bergmann, Kingsway, and others.
Vehicle’s Exterior Accessories
Exterior accessories are used in two, three, and four-wheelers. These accessories are great for the safety and security of a vehicle and the user. Some of the most popular exterior accessories include body covers, locks, bumper guards, parking security and cameras, door guards, stickers, wrap sheets, and door visors for four-wheelers. In addition, for two-wheelers, the accessories include mobile holders, HID lights, handlebars, seat covers, locks, leg guards, silencers, saddle bags, light grills, and others.
Recent Activities in the Vehicle Accessories Market
The vehicle accessories market is penetrated with different strategies, mergers, launches, and collaborations by the market players such as Garmin Ltd., Pioneer India, Covercraft, MW Company LLC, CarParts.com, AutoFurnish, and Accuride Corporation, among others. A few of the recent activities by the market contributors include:
• In January 2022, Covercraft, a custom cover maker, announced plans to acquire Lloyd Mats, a custom carpet maker for automobiles such as cars, trucks, SUVs, and vans. With this acquisition, both companies aim to provide fast and improved services to the market.
• In August 2022, Seoul Robotics introduced its new LV5 CTRL TWR system that converts non-autonomous vehicles into self-driving vehicles. This new system is capable of assisting in parking with its camera sensors and NVIDIA technology.
• In 2022, Velocity Moto launched its new body kit for the Yamaha XSR700, inspired by the RD350. This bodywork allows bike lovers to get a new look for their bikes. This kit includes a seat, side panel, retro tail lamp, plate holder, tinted visor, and headlight bracket as well.
Conclusion
With the increasing vehicle launches and increasing income of the population, the demand for vehicle accessories is also growing. Customers can customize their vehicles as per their comfort level. Furthermore, according to data by the International Organization of Motor Vehicle Manufacturers (OICA), the sales of all types of vehicles reached 44 million units between January and June of 2021. This much growth in the vehicle industry contributed to the vehicle accessories market's development as well. In addition, to provide customers with an easy purchase option, many companies such as AutoFurnish, MotorHunk, and Car Hatke, among others, are selling their vehicle accessories on the online market. This, in turn, prompts online selling platforms such as Amazon to provide customers with extra discounts and coupons on those accessories, which, in turn, helps the market to grow further.