Interior Car Accessories Market Analysis | Coherent Market Insights

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INTERIOR CAR ACCESSORIES MARKET ANALYSIS

• Interior Car Accessories Market, By Product Type
  (Dash Kits, Covers, Electronic Accessories,
  Consoles Organizers, Sunshades, Communication,
  Car Cushions Pillows, Car Mats, Knobs, Central
  Locking System and Fragrance), By Vehicle Type
  (Passenger Cars (Compact PC, Mid-size PC, Premium
  PC, Luxury PC) and Pickup Trucks), By Channel
  Type (OEM and Aftermarket)and by Region (North
  America, Latin America, Europe, Asia Pacific,
  Middle East and Africa) - Size, Share, Outlook,
  and Opportunity Analysis, 2020 - 2027

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• The global Interior Car Accessories market was
  valued at US 202,938.9 Mn in 2019 and is
  forecast to reach a value of US 314,579.4
  Mn by 2027 at a CAGR of 5.6 between 2020 and
  2027.

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Market Drivers

• High growth in automotive industry is expected to
  drive growth of the global interior car
  accessories market during the forecast period
• The automotive industry has witnessed stable
  growth in the recent past following the economic
  crisis. According to Coherent Market Insights
  analysis, the global automotive industry is
  expected to be valued at US 87.5 billion by
  2020. This is owing to increasing sales of
  passenger cars combined with rising sales of
  pickup trucks. Hence, sales of passenger cars and
  pickup trucks are expected to boost sales of
  interior car accessories. Thus, these factors are
  expected to drive growth of the global interior
  car accessories market during the forecast
  period.
• Rapid growth automotive aftermarket e-retailing
  in developed countries is expected to propel the
  global interior car accessories market growth
  over the forecast period
• The automotive aftermarket e-retailing is
  expanding, especially in developed regions such
  as Europe and North America. A wide array of
  automotive parts and accessories are being sold
  via automotive aftermarket e-retailers such as
  AutoZone, Pep Boys, and Carid.com. Thus, rising
  sales of automotive parts through e-retailers is
  expected to propel the global interior car
  accessories market growth in the near future.

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• Europe held dominant position in the global
  Interior Car Accessories market in 2019,
  accounting for 34.2 share in terms of value,
  followed by Europe and Asia Pacific, respectively
  
• Figure 1 Global Interior Car Accessories Market
  Share () in terms of Value, By Region, 2019

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Interior Car Accessories Market - Impact of
Coronavirus (Covid-19) Pandemic

• COVID-19 Pandemic have adversely affected the
  economies of various countries around the globe.
  According to the International Monetary fund
  Analysis, the global economy is expected to
  shrink down by 3 percent in the year 2020
  compared to year 2019. These economic slowdown
  expected to affect various sectors such as
  Automotive.
• Moreover, According to Coherent Market Insight
  Analysis, Asia Pacific region constitutes worlds
  60 population and higher population demands
  higher mobility. According to same analysis, the
  Asia Pacific region have largest Automotive
  industry by revenue but due to COVID-19 pandemic
  countries such as China and India declared
  lockdown in some areas of country. Due to the
  lockdown many car accessories manufactures had to
  shutdown their plants. Owing to mentioned
  reasons, COVID-19 is expected to restrain the
  growth of the market during the year 2020.

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Market Restraints

• Presence of low-quality interior car accessories
  is expected to restrain growth of the global
  interior car accessories market during the
  forecast period
• There is a massive number of suppliers present in
  the market providing interior car accessories
  with low quality. These products are offered at
  competitive prices as compared to branded
  interior car accessories. Regardless of inferior
  quality offered and promising look as branded
  interior accessories, consumers are purchasing
  the low-quality accessories. This low awareness
  among consumers regarding genuine accessories is
  expected to restrain growth of the global
  interior car accessories market during the
  forecast period.
• Cost competitiveness due to fragmented market is
  expected to hinder the global interior car
  accessories market growth over the forecast
  period
• The global interior car accessories market is
  highly fragmented with presence of both local and
  global market players. The unorganized players
  hold dominant positions in the market, owing to
  which the organized players face sheer
  competition in terms of pricing resulting in a
  decline of profit margin. Most of the interior
  car accessories in the unorganized market are
  imported from countries such as China, Taiwan,
  Korea, and Thailand. Thus, these factors are
  expected to hinder the market growth in the near
  future.

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Market Opportunities

• Rising demand for customized vehicles among
  younger population can present lucrative growth
  opportunities
• Vehicle ownership among young age group is
  increasing rapidly worldwide with an intent to
  invest more on customizing and accessorizing
  their vehicles. This is done in order to increase
  the performance of their cars and offer more
  sporty aesthetics. Therefore, rising demand for
  car accessories among young population for
  customization activities is expected to provide
  major business opportunities for market players
  in the near future.
• High demand for car security accessories can
  offer major business opportunities
• Most of the economic or low variant compact cars
  have a manual locking system, they dont have
  pre-fitted central locking systems, which
  increases the risks of car theft. In order to
  avoid the cars from theft, car owners are
  preferring to install anti-theft locking systems
  in the car from the automotive aftermarket. This,
  in turn, is expected to boost the demand for car
  security accessories worldwide. Major companies
  in the market can capitalize on the opportunities
  and gain a competitive advantage in the market.

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• Figure 2 Global Interior Car Accessories Market
  Value (US Mn), 2017 - 2027

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Market Trends

• North America Trends
• Distribution channel consolidation
• Distribution channel consolidation is the latest
  trend in the North America interior car
  accessories and aftermarket. The aftermarket and
  retailers hold a dominant position in the North
  America. Manufacturers and suppliers in the
  market are focused on consolidation in their
  distribution networks with large retailers and
  distributors. The distributors require large
  suppliers with product expertise, supply chain
  services, and a global footprint.
• Growing preference for two-color and perforated
  seat covers
• Consumers are gradually preferring multicolor
  seat covers for their cars with contrasting
  stitching and piping in bright colors.
  Furthermore, consumers are focused on purchasing
  creative seat cover patterns such as perforated
  seat covers that allow airflow through
  perforations. This, in turn, offers comfort to
  the passengers during the hot weather.

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• Europe Trends
• Expansion of production plants of major car
  manufacturers in Slovakia
• Major passenger car manufacturers such as PSA,
  KIA Motors, and Volkswagen are focused on
  expanding their production facilities in Slovakia
  since 2011. Thus, the prevailing trend in the
  country will offer lucrative opportunities for
  the interior car accessories market in the
  country.
• Higher prevalence of car customization among
  consumers in Spain and the Netherlands
• The customization of cars, which is commonly
  termed as tuning among the consumers in Spain
  is increasing significantly, this increase is
  highly influenced by the trend followed in the
  US. Thus, the rising affinity of people towards
  car customization in Spain will be the sweet spot
  for interior car accessories manufacturers across
  the Western Europe region. The most commonly
  preferred interior car accessories in the region
  include seat covers, floor mats, and electronic
  accessories.

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Value Chain Analysis

• The key participants in the value chain of global
  interior accessories market include,
  manufacturers, suppliers, distributors, OEMs,
  dealers and the aftermarket. The profit margin
  percentage across the value chain varies
  depending on the flow of supply.
• Manufacturers directly supply the accessories to
  the suppliers, the suppliers are the main point
  of contact for aftermarket and distributors, the
  distributors further distribute products to
  various OEMs, vehicle dealers/showrooms and
  aftermarket, where direct contact between
  suppliers and aftermarket doesnt exist

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Competitive Section

• Major companies operating in the global 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.

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Key Developments

• Key players in the market are involved in mergers
  and acquisitions, in order to gain a competitive
  edge in the market. For instance, in August 2018,
  Covercraft Industries, LLC acquired Marathon Seat
  Covers, a provider of premium-quality seat
  covers.
• Major market players are focused on partnerships
  and collaborations, in order to enhance the
  market presence. For instance, in December 2019,
  Pioneer Corporation partnered with Nain Inc., a
  startup in UI solution business.

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