The global vehicle accessories market is anticipated to grow at a significant CAGR of 5.3% during the forecast period. One of the major factors behind the anticipated growth is the rising automobile market across the globe. With the rise in the demand for the vehicle, the accessories demand is also growing since most of the consumers customize their vehicles as per their convenience, and taste to make the vehicle more personal for them. As per the data of Organisation Internationale des Constructeurs d'Automobiles (OICA), all types of vehicles sales reached 44,401,850 units from January-June 2021, globally, which is more than 29% of sales from January-June 2020.

Impact of COVID-19 Pandemic on Global Vehicle Accessories Market

The COVID-19 pandemic had affected most of the industries across the globe. The automobile industry is also one of them. Most of the countries imposed a lockdown to reduce the spread of the virus, which caused the restriction or stoppage in the production of vehicles. As per the data of the OICA 2020, vehicle sales reduced to 77,971,234 units which are 14% lesser than the sales of the vehicles in 2019. However, as the situation got normal, production resumed and the market witnessed significant growth. The sales of the vehicles increased by more than 29% in the first half of 2021 as compared to the first half of 2020.    

Segmental Outlook 

The global vehicle accessories market is segmented based on the type and vehicle type. Based on the type, the market is segmented into interior accessories and exterior accessories. Based on the vehicle type, the market is sub-segmented into passenger vehicles and commercial vehicles. Based on type, interior asseccories holds the major share in the market while Based on vehicle type, passenger vehicle dominates the market. 

Global Vehicle Accessories  Market Share by Vehicles Type, 2021 (%)

Passenger Vehicles Segment Anticipated to Hold Prominent Share in the Global Vehicle Accessories Market

The passenger vehicle segment in the vehicle accessories market holds the major shares and is anticipated to grow fastest during the forecast period. Passenger vehicles have a larger stock, larger production, and larger sales share as compared to commercial vehicles which indicate the larger passenger vehicles’ accessories shares as compared to commercial vehicles. The major factor behind the larger market of the passenger vehicle is its larger user base. Passenger vehicles appeal to consumers for personal and professional usability while commercial vehicles are made for specific applications which restrict consumer numbers. As per the data of OICA 2020, 55,834,456 passenger vehicles were produced across the globe which is 71.9% of the total vehicle production in 2020.

Regional Outlooks

The global Vehicle Accessories market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East & Africa, and Latin America). Asia-Pacific holds the largest share in the vehicle accessories market globally, followed by Europe, and North America. 

Global Vehicle Accessories  Market Growth, by Region 2022-2028

The Asia-Pacific Region Expected to Hold the Major Share in the Global Vehicle Accessories Market

Asia-Pacific holds the major share and is anticipated to grow fastest during the forecast period in the vehicle accessories market. The presence of emerging countries such as China, India, Japan, South Korea, and others have grown in the automobile industry in the past few years, and now holds the major share in the market. This also has increased the vehicle accessories market in the region. The market has great future potential due to the huge population in the region who does not own any vehicle yet and will buy in the near future as their financial situation improves. As per the data of OICA 2020, 44,289,900 vehicles were produced in the Asia-Pacific region which is 57% of the total production of the vehicles across the globe in 2020.  

Market Players Outlook

The major companies serving the global vehicle accessories market include Covercraft, Garmin Ltd., MW Company LLC, O’Reilly, Pioneer Corp., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in June 2021, CarParts.com, Inc. announced its plans to open its sixth distribution center in Jacksonville, Florida in Q1 of 2022. The distribution center of Jacksonville will be adding 150 full-time positions and add 180,000 square feet to CarParts.com's more than 1 million square feet of its warehouse space, nationwide.

The Report Covers

• Market value data analysis of 2021 and forecast to 2028.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global vehicle accessories market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.