Furthermore, surge in demand of passenger cars owing to rise in disposable income and improved lifestyle fuels the market growth of the market. However, the availability of cheap, low-quality accessories is expected to limit the market growth. Customers are also getting more interested in customizing their automobiles, which is driving up demand for aftermarket auto accessories. The high cost of automotive accessories, on the other hand, is stifling market expansion, particularly in emerging countries. Reduced excise rates in the automobile industry will boost demand for auto parts.
Another factor is suppliers and original equipment manufacturers are increasingly turning to direct sales . Moreover, B2-B sales are a battleground for online companies versus traditional distributors or retailers. The increased demand for aftermarket parts and services is driving new revenue and growth opportunities for manufacturers. Customers all across the world are interested in changing the look of their cars and making them trendier.
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- New passenger registrations in Japan increased for the ninth consecutive month.
- Thus, the overall increase in registration of passenger vehicles drives the growth of the automotive accessories market.
- The global automotive accessories market is expected to grow at a CAGR of 4.5% during the forecast period, from 2021 to 2030.
- Despite technically being a portable shop vac, Milwaukee’s M18 Compact was just as good at keeping my vehicle’s interior spick-and-span.
- This report provides an in-depth analysis of the market for automotive parts and accessories in Asia.