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The Future of the Car Accessories Market
Monday, March 26, 2018

“Emirati Businessman buys number plate for 10 million dirhams”

— Khaleej Times 

Well yes, people are that crazy about their cars and the accessories that go on them. This is the reason the car accessories market has been predicted to rise by almost 6.4% to $519.01billion by 2022. The share of the market is currently valued at $360.80 billion at the end of 2016. These stats were published by Zion Market Research, a well known India-based market research agency. The findings were published in their report titled “Car Accessories Market by Products: Global Industry Perspective, Comprehensive Analysis and Forecast, 2016 – 2022”

The drivers behind the rise

The trend was predicted based on an increase in car sales across the globe. Also there has been an increase in consumer spending on accessories. The trend is predicted to further increase due to changing lifestyles and growing incomes of the target audience for the product. Car accessories can range from something as minimal as set covers to engine modifications. The release of many vehicle based flicks in the film industry have fuelled the passion in youngsters to jump on the bandwagon of tweaking their rides in terms of the exterior, interior or engine performance.

Car accessories come in a wide range of categories. The above mentioned report provides a comprehensive category wise and region wise analysis of the market. According to the categories specified by the research, torches make up the bulk of the market with 20.4% of all sales.

Leading market for car accessories

Europe emerged as the leading market for car accessories in 2016 followed closely by North America. It might come as a surprise that the Middle East is ranked quite low because the consumers in that part of the world relies more on buying expensive cars and less on customizing them using further accessories. Furthermore, the population in that region is substantially less as compared to Europe and North America. The Asia-Pacific belt, however, also shows promise according to the report.

Threats to the market

As with all industries, counterfeiting and availability of low quality products is hurting the market. With little or no knowledge, people are easily duped into buying cheap products at exorbitantly high prices. This process hurts the overall growth of the market.

With cars getting more and more extreme, the competition is heating up. The title for the fastest production car has been trading hands continuously with one manufacturing trying to topple the other. Elon Musk recently stunned the world with his Tesla Roadster, a machine capable of accelerating for 0 – 60 mph in a meager 1.9s. Hybrid combinations of electric and petrol engines are pushing supercars to new limits while still protecting the environment.

The potential for growth in the car accessories division is immense according to market statistics. There is, however, need for extensive regulations to check the sale of low quality products that are detrimental to various divisions of the industry.



 
 
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