Automotive Accessories Market Report 2024 (Global Edition)

Global Automotive Accessories Market Report 2024 Market Size Split by Type Outlook: (External Component, -Racks, -LED Lights, -Body Kits, -Chrome Accessories, -Covers, -Alloy Wheels, -Window Films, -H...

Automotive Accessories Market Report Description

We have various report editions of Automotive Accessories Market, hence please contact our sales team and author directly to obtain/purchase a desired Edition eg, Global Edition, Regional Edition, Country Specific Report Edition, Company Profiles, Forecast Edition, etc. Request for your Free Sample PDF/Online Access.

Competitive Landscape of the Automotive Accessories Market

The competitive landscape of the automotive accessories market is characterized by a mix of established players and emerging innovators. Companies are focusing on product differentiation, technological advancements, and expanding their product portfolios to meet consumer demand for customization and enhanced vehicle functionality. E-commerce platforms are playing a significant role in increasing market reach. Additionally, the market is seeing increased competition due to the rise of eco-friendly and smart accessories.

In April 2024, Tata Motors selected the Harman Ignite Store as its in-vehicle app store, providing customers with easily accessible, reliable, and safe mobility experiences. Harman and Tata Motors collaborated to deliver advanced intelligent cockpits and car audio products in India, with Harman's R&D and manufacturing facilities in the country playing a crucial role in supporting Tata Motors' growing market presence. (Source: https://auto.economictimes.indiatimes.com/news/auto-components/tata-motors-launches-innovative-harman-ignite-platform-in-its-passenger-vehicles/109593112) In June 2024, JLR launched its first Sustainability Innovation Challenge to engage innovators, startups, and organizations in developing and collaborating on sustainable solutions for the luxury mobility sector. The challenge aimed to promote collaboration between innovators from various sectors and institutions, driving creativity and accelerating the development and implementation of sustainable solutions for JLR’s customers and operations. (Source: https://media.jaguarlandrover.com/news/2024/06/jlr-launches-sustainability-innovation-challenge-engage-innovators-pioneering-mobility) In April 2024, Hyundai Motor Company launched the world’s first Nano Cooling Film, an innovative vehicle window tint that significantly improved interior cooling performance compared to traditional tint films. The Nano Cooling Film enhanced heat dissipation by utilizing a nanostructure with exceptional heat transfer properties. This transparent film was anticipated to be particularly effective in hot and dry climates, as its cooling effect was optimized at higher outdoor temperatures. (Source: https://auto-tech-news.com/2024/04/23/hyundai-launches-innovative-nano-cooling-film/?utm_source=rss&utm_medium=rss&utm_campaign=hyundai-launches-innovative-nano-cooling-film)

Top Companies Market Share in Automotive Accessories Industry: (In no particular order of Rank)

• Pioneer Corporation
• Garmin Ltd.
• H-I Motors
• MOMO
• Oakmore Pty Ltd.
• Covercraft Industries LLC
• Mont Blac Industri Ab
• Car Mate Manufacturing Co. Ltd.
• Lund International
• Inc.
• Lloyd Mats
• Confidential Data
• Access The Paid Version
• Data Hidden

*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of the Automotive Accessories Market

Which Region Dominates the Automotive Accessories Market in 2024?

According to Cognitive Market Research, North America currently dominates the Automotive Accessories market, and the region is expected to have significant growth during the projected period. The region's robust automotive industry along with increasing consumer preferences for personalization, ensures continued market leadership.

Which Region is Expanding at the Fastest CAGR?

Asia-Pacific is expected to make significant gains during the projected period, with the greatest compound annual growth rate (CAGR). The region's rapid urbanization, expanding middle class, and adoption of advanced technologies contribute to the strong growth of the automotive accessories sector.

The current report Scope analyzes Automotive Accessories Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Automotive Accessories

According to Cognitive Market Research, the global Automotive Accessories market size was estimated at USD 531251.2 Million, out of which North America held the major market share of more than 40% of the global revenue with a market size of USD 212500.48 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.0% from 2024 to 2031.

• According to Cognitive Market Research, the US had a major share in the Automotive Accessories market with a market size of USD 167662.88 million in 2024 and is projected to grow at a CAGR of 3.8% during the forecast period. The US holds a major share in the automotive accessories market due to high vehicle ownership rates.
• The Canada Automotive Accessories market had a market share of USD 25500.06 million in 2024 and is projected to grow at a CAGR of 4.8% during the forecast period. Canada is the fastest-growing nation in the automotive accessories market due to rising vehicle customization trends.
• The Mexico Automotive Accessories market is projected to witness growth at a CAGR of 4.5% during the forecast period, with a market size of USD 19337.54 million in 2024.

Europe Automotive Accessories

According to Cognitive Market Research, the global Automotive Accessories market size was estimated at USD 531251.2 Million, out of which Europe held the market share of more than 30% of the global revenue with a market size of USD 159375.36 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.3% from 2024 to 2031.

• The United Kingdom Automotive Accessories market had a market share of USD 26775.06 million in 2024 and is projected to grow at a CAGR of 5.1% during the forecast period. The UK is a leading market in automotive accessories driven by high demand for customization and innovation.
• The France Automotive Accessories market is projected to witness growth at a CAGR of 3.5% during the forecast period, with a market size of USD 14662.53 million in 2024.
• According to Cognitive Market Research, the German Automotive Accessories market size was valued at USD 31556.32 million in 2024 and is projected to grow at a CAGR of 4.5% during the forecast period. Germany is experiencing a growing automotive accessories market driven by advanced technology and high vehicle customization demand.
• The Italy Automotive Accessories market is projected to witness growth at a CAGR of 3.7% during the forecast period, with a market size of USD 13706.28 million in 2024.
• The Russia Automotive Accessories market is projected to witness growth at a CAGR of 3.3% during the forecast period, with a market size of USD 24703.18 million in 2024.
• The Spain Automotive Accessories market is projected to witness growth at a CAGR of 3.4% during the forecast period with a market size of USD 13068.78 million in 2024
• The Luxembourg Automotive Accessories market is projected to witness growth at a CAGR of 4.4% during the forecast period, with a market size of USD 4940.64 million in 2024.
• The Portugal Automotive Accessories market is projected to witness growth at a CAGR of 4.1% during the forecast period, with a market size of USD 3346.88 million in 2024.
• The Greece Automotive Accessories market is projected to witness growth at a CAGR of 4.6% during the forecast period, with a market size of USD 1912.50 million in 2024.
• The Rest of Europe's Automotive Accessories market is projected to witness growth at a CAGR of 3.0% during the forecast period, with a market size of USD 24703.18 million in 2024.

Asia Pacific Automotive Accessories

According to Cognitive Market Research, the global Automotive Accessories market size was estimated at USD 531251.2 Million, out of which Asia Pacific held the market share of around 23% of the global revenue with a market size of USD 122187.78 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.8% from 2024 to 2031.

• According to Cognitive Market Research, the China Automotive Accessories market size was valued at USD 54984.50 million in 2024 and is projected to grow at a CAGR of 7.3% during the forecast period. China holds the largest share in the automotive accessories market due to high vehicle production and consumer demand.
• The Japan Automotive Accessories market is projected to witness growth at a CAGR of 6.3% during the forecast period, with a market size of USD 16861.91 million in 2024.
• The India Automotive Accessories market had a market share of USD 14662.53 million in 2024 and is projected to grow at a CAGR of 9.6% during the forecast period. India is experiencing rapid growth in the automotive accessories market driven by increasing vehicle ownership and customization trends.
• The South Korean Automotive Accessories market is projected to witness growth at a CAGR of 6.9% during the forecast period, with a market size of USD 12218.78 million in 2024.
• The Australian Automotive Accessories market is projected to witness growth at a CAGR of 7.5% during the forecast period, with a market size of USD 6353.76 million in 2024.
• The South East Asia Automotive Accessories market is projected to witness growth at a CAGR of 8.8% during the forecast period, with a market size of USD 8430.96 million in 2024.
• The Rest of Asia Pacific Automotive Accessories market is projected to witness growth at a CAGR of 7.6% during the forecast period, with a market size of USD 8675.33 million in 2024.

South America Automotive Accessories

According to Cognitive Market Research, the global Automotive Accessories market size was estimated at USD 531251.2 Million, out of which the Latin America held the market share of around 5% of the global revenue with a market size of USD 26562.56 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.2% from 2024 to 2031.

• According to Cognitive Market Research, the Brazil Automotive Accessories market size was valued at USD 11368.78 million in 2024 and is projected to grow at a CAGR of 5.8% during the forecast period. Brazil is set to dominate the automotive accessories market due to rising vehicle sales and consumer customization preferences.
• Argentina's Automotive Accessories market had a market share of USD 4462.51 million in 2024 and is projected to grow at a CAGR of 6.1% during the forecast period. Argentina is witnessing a rising automotive accessories market driven by increased vehicle ownership and consumer demand for customization.
• Colombia's Automotive Accessories market is projected to witness growth at a CAGR of 5.0% during the forecast period, with a market size of USD 2364.07 million in 2024.
• Peru's Automotive Accessories market is projected to witness growth at a CAGR of 5.4% during the forecast period, with a market size of USD 2178.13 million in 2024.
• Chile's Automotive Accessories market is projected to witness growth at a CAGR of 5.5% during the forecast period, with a market size of USD 1912.50 million in 2024.
• The Rest of Latin America's Automotive Accessories market is projected to witness growth at a CAGR of 4.3% during the forecast period, with a market size of USD 4276.57 million in 2024.

Middle East and Africa Automotive Accessories

According to Cognitive Market Research, the global Automotive Accessories market size was estimated at USD 531251.2 Million, out of which the Middle East and Africa held the major market share of around 2% of the global revenue with a market size of USD 10625.02 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.5% from 2024 to 2031..

• The GCC Countries Automotive Accessories market is projected to witness growth at a CAGR of 6.3% during the forecast period, with a market size of USD 4547.51 million in 2024. GCC countries govern the automotive accessories market through regulations promoting vehicle safety, innovation, and customization options.
• The Egypt Automotive Accessories market is projected to witness growth at a CAGR of 5.8% during the forecast period, with a market size of USD 1115.63 million in 2024.
• The South Africa Automotive Accessories market is projected to witness growth at a CAGR of 6.5% during the forecast period, with a market size of USD 1678.75 million in 2024. South Africa is experiencing increasing demand for automotive accessories driven by vehicle customization and growing consumer preferences.
• The Turkey Automotive Accessories market is projected to witness growth at a CAGR of 5.0% during the forecast period, with a market size of USD 913.75 million in 2024.
• The Nigeria Automotive Accessories market is projected to witness growth at a CAGR of 4.6% during the forecast period, with a market size of USD 1115.63 million in 2024.
• The Rest of the MEA Automotive Accessories market is projected to witness growth at a CAGR of 4.5% during the forecast period, with a market size of USD 1253.75 million in 2024.

Automotive Accessories Market Analysis

How are Segments Performing in the Global Automotive Accessories Market?

Automotive Accessories Market Type Segment Analysis

According to Cognitive Market Research, the external components segment dominates the automotive accessories market due to consumer demand for vehicle customization and enhanced aesthetics. This section comprises modifications such as body kits, spoilers, bumpers, roof racks, and alloy wheels, which have grown more popular for both functional and visual purposes. The segment's rise is also driven by increased car ownership and a desire for personalized vehicles.

The internal component segment of the automotive accessories market is the fastest growing owing to increasing customer demand for vehicle comfort, convenience, and personalization. Seating, interior lighting, dashboard accessories, and infotainment systems have collectively seen significant innovation. As technology evolves, people demand high-quality, practical, and aesthetic modifications to improve their driving experience, which drives the growth of this market.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Automotive Accessories Industry. Request a Free Sample PDF!

Automotive Accessories Market Application Segment Analysis

According to Cognitive Market Research, the passenger car segment dominates the automotive accessories market due to rising customer demand for vehicle modification and improved comfort. As more people want personalized driving experiences, demand for interior accessories, safety features, and advanced technological systems has increased. Furthermore, rising disposable incomes and the expanding popularity of passenger automobiles contribute greatly to the segment's market domination.

Two-wheelers are the fastest-growing segment in the automotive accessories market due to increased development, rising disposable incomes, and a growing preference for affordable, fuel-efficient transportation. Consumers are looking for accessories that improve vehicle performance, safety, and aesthetics. Furthermore, the popularity of motorcycle modification, as well as improvements in smart technology, are driving the segment's rapid increase.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Automotive Accessories Distribution Channel Outlook: Segment Analysis

Automotive Accessories Market Distribution Channel Segment Analysis

According to Cognitive Market Research, the original equipment manufacturer (OEM) segment dominates the automotive accessories market due to rising demand for high-quality vehicle-specific accessories. OEM products offer greater fit, durability, and performance, making them the preferred choice for customers looking for dependable and warranty-backed choices. Furthermore, OEM connections with automakers assure consistent supply and alignment with vehicle models, leading to market leadership.

The aftermarket is the fastest-growing segment of the automotive accessories industry, driven by increasing consumer demand for vehicle customization, performance upgrades, and aesthetic enhancements. With technological improvements and the growing popularity of online purchasing, consumers want high-quality, custom-fit accessories. This expansion is accelerated by the increasing number of automobiles on the road and changing consumer preferences.

• Original Equipment Manufacturer (OEM)
• Aftermarket

Author's Detail

Swasti Dharmadhikari

Research associate at Cognitive Market Research

LinkedIn

Profile

Swasti Dharmadhikari, an agile and achievement-focused market researcher with an innate ardor for deciphering the intricacies of the Service & Software sector. Backed by a profound insight into technology trends and consumer dynamics, she has committed herself to meticulously navigating the ever-evolving terrain of digital Services and software solutions.

Author's Conclusion