However, decrease in global vehicle production, increase in trend of shared mobility, rise in raw material prices, growth in the trade war, and high automotive import tariffs impede the market growth. On the contrary, technological advancements and growth in demand for luxurious vehicles, untapped developing markets in Africa and Asia, and advancements in in-vehicle infotainment are expected to offer multiple opportunities to the market. Stringent government regulations to upgrade the accessories, increase in the trend of vehicle customization, rise in disposable income, and high focus on well-being of drivers have propelled the growth of the global passenger smart car accessories aftermarket.
The global passenger car accessories aftermarket is analyzed by type, application, and region. Based on type, the market is fragmented into external accessories and internal accessories. The external accessories segment dominated the market in 2018, accounting for more than half of the total market share. On the other hand, the internal accessories segment is anticipated to portray the fastest CAGR of 9.2% from 2019 to 2026. Based on application, the global market is categorized into roof rack, LED lights, body kits, body covers, alloy wheels, tires, car care products, window films, seat & steering covers, electronic accessories, knobs, floor mats, sunshades, car organizers, air freshener, vacuum cleaners, pillows & cushions, and others. The tires segment dominated the global market in 2018, accounting for nearly one-third of the market. In addition, the alloy wheel segment is anticipated to register the highest CAGR of 18.6% during the forecast period.
Region-wise, the market is analyzed across Asia-Pacific, North-America, Europe, and LAMEA. The market across Asia-Pacific held the largest share in 2018, accounting for more than half of the market. Furthermore, the region is expected to dominate the market throughout the study period. On the other hand, the LAMEA region is expected to manifest the fastest CAGR of 11.0% in between 2019 to 2026. Major market players in the report include Bridgestone Corporation, CEAT Limited, Continental Corporation, Michelin, Pirelli Tyre C S.p.A., The Goodyear Tire & Rubber Company, JK Tyre & Industries Limited, MRF Limited, Sumitomo Rubber Industries, Ltd., The Yokohama Rubber Co., Ltd., Panasonic Corporation, Visteon Corporation, HARMAN International, Ford Motor Company, Audi AG, Alpine Electronics, Inc., Pioneer Corporation, BMW Group, Volkswagen AG, DENSO Corporation, Hella KGaA Hueck & Co., Hyundai Mobis, Koito Manufacturing Co., Ltd., Koninklijke Philips N.V., Osram Licht AG, Robert Bosch GmbH, Stanley Electric Co., Ltd., Valeo, Zizala Lichtsysteme GmbH, Iochpe-Maxion, CITIC Dicastal Co. Ltd., Hitachi Metals, Ltd., American Eagle Wheel, Superior Industries International, Inc., CLN Grou, Borbet, and Accuride Corporation.
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