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(Transportation-News.com, October 10, 2018 ) This growth trend is mirrored in the total number of passenger cars across the globe. There was an estimated 69 million passenger car sale in 2016, with rising vehicle service life. As a result, the aftersales market including maintenance, value-added services, and auto parts sales are playing a gradually prominent role in the passenger car accessories market. As the rivalry within the automobile sector for new passenger car sales gets aggressive, the aftersales product and service market to gets affected. In such a scenario, it is imperative for all major automobile industry players to evaluate the trends and challenges in aftersales services and develop practical managing strategies. China will become the chief driver at 8.1% CAGR with the rest of Asia at 6.5%, while Europe and North America will contribute humbly at around 3.5%.
The automobile aftermarket industry business (maintenance and repair of vehicles) generates about 45% of total aftermarket around the world, while retail and wholesale of vehicle parts and accessories make up the remaining around 55%. Collectively, the two businesses are a vital part of the global automotive industry as they provide significant revenue of approximately USD 760 billion globally (2015) or about 20% of total automotive revenues and also provides much higher profitability than most of the industry’s other subsectors.
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“Global Passenger Car Accessories Market Outlook, 2016-2024” covers the present ground scenario and future opportunity prospects for the market players to analyze the target markets across the globe. Moreover, the competitive analysis includes the in-depth analysis of the major players and leaders in passenger car accessories industry. The market study conducted on the basis of primary as well as secondary research where the analysts fragment the data from various databases such as Bloomberg, Factiva, Owler and others. Our primary research team conducted various interviews, surveys and group discussions of industry professionals, electric vehicle manufacturers, aftermarket vendors and component suppliers to analyze the future prospects of the overall passenger car accessories industry.
Global Passenger Car Accessories Market Segmentation can be classified on the basis of:-
By Product Type
• Interior Accessories
• Seat Covers & cushions
• Floor Mats & Components
• Air Fresheners
• Seat Belts
• Steering wheel & Gear Knob covers
• Exterior Accessories
• Decal & Stickers
• Body Kits
• Racks & Carriers
• Wheels & Rims
• Exhaust & mufflers
• Mirrors and Glasses
• Mud & Splash Guards
• Electronic Accessories
• Car Audio & Video
• GPS And Navigation Devices
• Sensors
• Dash Cameras
• Cables and Chargers
• Lightings
By End Users
• OEMs (Original Equipment Manufacturers)
• Aftermarket (Distributors)
By Geography
• North America Passenger Car Accessories (US, Canada) {Market Share (%), Market Size (USD Billion)}
• Europe Passenger Car Accessories (UK, France, Italy, Germany, Spain, Hungary, Sweden, Russia, Poland and Rest of Europe) {Market Share (%), Market Size (USD Billion)}
• Middle East and Africa Passenger Car Accessories (GCC Countries, North Africa, South Africa and Rest of Middle East & Africa) {Market Share (%), Market Size (USD Billion)}
• Latin America Passenger Car Accessories (Brazil, Mexico and Rest of Latin America) {Market Share (%), Market Size (USD Billion)}
• Asia Pacific Passenger Car Accessories (China, Japan, India, Singapore, South Korea, Australia, New Zealand and Rest of Asia-Pacific) {Market Share (%), Market Size (USD Billion)}
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Market Trends, Drivers and Challenges
In the past few years, the overall global automotive aftermarket has witnessed healthy growth and profitability. We anticipate this trend to endure and that the aftermarket of passenger car accessories will increase to approximately USD 283.4 billion by 2024 with a fundamental global growth rate of roughly 3.5% p.a. This means a minor reduction of almost 1% point from past growth rates. Remarkably, we believe sources of growth will shift, particularly in terms of region, business model, and product and services groups. Moreover, developing countries such as China, India, Mexico and Brazil among others are showcasing massive growth opportunity for the passenger car accessories market owing to rapidly growing passenger car sales in these countries. For instance, India has registered growth of 21% in its sales of passenger vehicle segment and 13% in its overall domestic vehicle sales. Huge investments of car manufacturers in these regions are also expected to strengthen the growth passenger car accessories market in these countries
“Global Passenger Car Accessories Market Report” has been prepared based on an in-depth market analysis from industry experts. The report covers the competitive landscape and current position of major players in the market space. The report also includes Porter's five force model, SWOT analysis, company profiling, business strategies of market players and their business models. Global passenger car accessories market report also recognizes value chain analysis to understand the cost differentiation to provide competitive advantage to the existing and new entry players.
About Goldstein Research
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Our analysts working on automotive industry market research report to help various tech-giants, tech start-ups and entry players to assess the current and upcoming business scenario. We believe in the rigorous examination of the current industry scenario and build around creative ideas and approaches that are most suitable to our clients’ needs and business agenda.
Browse Similar Report: Automotive Interior Materials Market
Goldstein Research
Steve Blade
+1-646-568-7747
steve.blade@goldsteinresearch.com
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