Global Passenger Car Accessories Market
The Passenger Car Accessories Market is projected to expand at a CAGR of 6.8% over the forecast period. Passenger car accessories have gained immense prominence in the market due to the enhanced comfort, stylish look, and better standard of their car.
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Passenger Car Accessories Market Dynamics
The accelerating sale of passenger cars is one of the foremost forces stimulating the growth of the global passenger car accessories market. For example, in accordance with the International Organization of Motor Vehicle producers, in 2020, the overall sale of the passenger car was approximated to be 53.60 million units.
Also, companies are making an effort to offer entertainment facilities to back seat passengers. For instance, KIA offered Console Mounted DVD system, which involves remote control and two wireless headphones. This feature is also acquired by companies providing cab services to its main members, such as OLA and UBER. Furthermore, the innovations in infotainment systems will encourage market growth. For example, Hyundai has featured NVIDIA DRIVE 'connected car' infotainment and AI platform.
However, the innovations in the latest technologies can be expensive than the traditional accessories, which may become an issue for the passenger car accessories market and may act as an obstruction for the market.
Regional Drivers
On the basis of region, the North American region is expected to dominate the passenger car market over the forecast period. The surge in consumer expenditure on passenger car accessories has stimulated market growth. Moreover, the growing demand for personalization of vehicles among millennials has bolstered the demand for cars gauged with sophisticated car accessories. Furthermore, the exacerbating automotive aftermarket in the United States market will proliferate the market growth. The presence of various prominent players in the passenger car accessories market, such as Magna International Inc. and Denso International America Inc., is likely to bolster the market growth.
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