July 20, 2024
Interior Car Accessories Market

Rising Demand for Premium and Luxury Vehicles to Stimulate Growth of the Global Interior Car Accessories Market

The global Interior Car Accessories Market is estimated to be valued at US$ 252360.27 Mn in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The interior car accessories market comprises of several product categories that are used to enhance the appearance, style and functionality of the vehicle’s interior. Some of the key product types include coat hangers, gum holders, USB adapters, car cushions, car sunshade and others. These accessories help in customizing the vehicle interior as per individual preferences and keeping vehicle surfaces protected. There is a rising demand for premium accessories among high-end consumers that seek luxury in-cabin experience. Product innovation and focus on enhancing in-cabin experience is expected to drive the market growth over the forecast period.

Market key trends:
One of the major trends in the market is growing demand for smart connectivity accessories. With the advancement of car technology, manufacturers are focusing on developing smart connectivity accessories to integrate car with smart devices. Accessories such as wireless chargers, USB hubs and holders are widely gaining popularity. Furthermore, rising focus on comfortable driving experience is augmenting the demand for car cushions, organizers and sunshades. Manufacturers are offering variety of designs, styles and materials to cater to dynamic consumer preferences. Sustainable materials and eco-friendly production methods are other trends gaining foothold in the market.

Porter’s Analysis
Threat of new entrants: The threat of new entrants in the interior car accessories market is moderate as manufacturing process requires high capital and branding building requires huge marketing spending. However, digital platforms and e-commerce gives ease to new players to enter the market.
Bargaining power of buyers: The bargaining power of buyers is high in the interior car accessories market due to availability of wide range of options from various brands. Buyers can compare features and prices to get best deals.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many raw material suppliers and manufacturers in the market. However, new technologies and designs require collaboration with specialized suppliers.
Threat of new substitutes: The threat of new substitutes is low in the interior car accessories market as there are very few substitutes that can provide similar functionalities and aesthetics for car interiors.
Competitive rivalry: The competitive rivalry is high among established players to increase their market share through new product launches and partnerships.

Key Takeaways
The global Interior Car Accessories Market Growth is expected to witness high growth, exhibiting CAGR of 5.6% over the forecast period, due to increasing spending on vehicle customization and rise in disposable incomes.

Regional analysis: Asia Pacific dominates the interior car accessories market and is expected to maintain its lead during the forecast period as well. Growing automotive sector and rising middle class population fuel the demand for car accessories in countries like China and India. North America and Europe are also sizable markets driven by high product demand from premium and luxury vehicles segment.

Key players: Key players operating in the 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. These players are focusing on new product development and strategic collaborations to strengthen their market position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it