The global interior car accessories market has witnessed significant growth in recent years owing to the rising adoption of various interior enhancement products among consumers. Interior car accessories such as car covers, mats, organizers, chargers, and perfumes help improve the aesthetics and functionality of vehicles. In addition, they protect the automobile interiors from wear and tear. There is a wide range of interior car accessories available in the market that cater to different consumer needs and preferences. Innovation in material technology has led to the development of durable, long-lasting, and easy to install accessories.
The global interior car accessories market is estimated to be valued at US$ 160 Billion in 2023 and is expected to exhibit a CAGR of 9.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends witnessed in the global interior car accessories market is the increased emphasis on eco-friendly products. Consumers today are more aware of the impact of vehicle accessories on the environment. They seek accessories made from sustainable and recycled materials like plant-based leather, recycled PET, etc. Leading manufacturers are focusing on developing interior enhancements using bio-based composites and recycled post-consumer plastics to reduce carbon footprint. Their green initiatives are expected to drive the future growth in the eco-friendly accessories segment of the market.
Threat of new entrants: The threat of new entrants is moderate as initial investments are high and there are well established players in the market. However, new entrants can leverage technology and innovation to gain market share.
Bargaining power of buyers: The bargaining power of buyers is high as there are many substitute options available and customers can switch easily between various brands. Buyers can negotiate on price and demand better services.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as suppliers have established supply chains but many suppliers are available. Suppliers may integrate forward to boost influence.
Threat of new substitutes: The threat of substitutes is moderate as plastic and wooden materials can be used instead of leather but leather offers premium appeal and aesthetic value. However, technology driven features may emerge as substitutes.
Competitive rivalry: Competition is high among existing players as they compete on price, quality, features, durability and after-sales service.
The Global Interior Car Accessories Market Size is expected to witness high growth. The global interior car accessories market is estimated to be valued at US$ 160 Billion in 2023 and is expected to exhibit a CAGR of 9.7% over the forecast period 2023 to 2030.
Regional analysis The Asia Pacific region holds the largest market share currently due to high vehicle production in China and India. Key players operating in the region are expanding manufacturing units to cater to the rising demand.
Key players operating in the Interior Car Accessories market are Johnson Controls, Car Mate Mfg, Lund International, Takata Corporation, Hayashi Telempu, Pioneer Corporation, Samvardhana Motherson Automotive Systems Group, Garmin, Pecca Group, Covercraft Industries.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it