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| Global Interior Car Accessories Market |
The global Interior Car Accessories Market is estimated to be valued at US$ 252360.27 Mn in 2023 and is
expected to exhibit a CAGR of 5.6% over
the forecast period 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights.
Market Overview:
The interior car accessories market includes a wide range of automotive
interior accessories that enhance comfort, convenience, safety, styling and
functionality of vehicle interiors. Some key interior car accessories include
floor mats, car cushions and pillows, car organizers, led lights, phone holder,
USB charger, scent diffuser, panoramic sunroof, steering wheel covers and
others. Floormats are among the most popular interior car accessories that
protect vehicle floor from dirt, dust, mud, water and other elements. Car
cushions and pillows add support and comfort for rear seat passengers. Car
organizers such as glove boxes, seat organizers and dash organizers help keep
vehicle interior clutter-free and organized.
Market key trends:
One of the key trends in the interior car accessories market is the growing
demand for customization and personalization of vehicle interiors. Consumers
nowadays want their vehicle interiors to match and enhance their personalities.
This has boosted the demand for a variety of styling and functional interior
car accessories. Another major trend is the rising focus on vehicle interior
ambient lighting led strips and lightning kits. These led lights enhance the
look of vehicle interior and also serve functional purposes such as reading
lights. Innovation is also happening in interior car accessories in terms of
developing smart and advanced features like wireless phone chargers, USB ports,
Bluetooth connectivity, voice command options etc.
Porter’s Analysis:
Threat of new entrants: The interior car accessories market requires high
R&D and innovation costs for new products. Established brands have strong
brand loyalty that poses barriers for new entrants.
Bargaining power of buyers: Individual buyers have low bargaining power due to
availability of a large number of product options at competitive prices.
However, large fleet owners have relatively higher bargaining power.
Bargaining power of suppliers: The market has a large number of suppliers for
different component manufacturers. This limits the bargaining power of
individual suppliers.
Threat of new substitutes: Substitute products include leather trims, floor
mats, and other material accessories. However, high innovation and customized
fitting preserves the demand for interior car accessories.
Competitive rivalry: Strong competition exists among established brands.
Key Takeaways:
The Global
Interior Car Accessories Market is expected to witness high growth,
exhibiting CAGR of 5.6% over the
forecast period, due to increasing consumer spending on vehicle customization
and maintenance. Increasing production of passenger vehicles across the world
provides significant growth opportunities.
The Asia Pacific region dominates the global Interior Car Accessories market
with a market share of over 35% in 2023. China, Japan, and India are major
contributors to the regional market. Increasing disposable incomes, rising
vehicle ownership, and growing automotive aftermarket are driving the demand in
Asia Pacific.
Europe is another major regional market accounting for over 25% global share.
Stringent emission regulations are propelling vehicle refits and replacements
in European countries.
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. Innovation and customizations are key strategies adopted by these
players.
Read More: https://www.ukwebwire.com/interior-car-accessories-market-scope/