Published on : Apr 19, 2017
Albany, New York, April 19, 2017: According to a recent study which has been added to the expanding catalog of Market Research Hub’s research studies, passenger car accessories market is one of the fastest growing markets across the globe. Also, the demand for the car accessories is increasing due to changing lifestyle of people. With a prime focus on the European market, the research states that Europe is expected to contribute significantly in car accessories market due to high awareness and advance lifestyle. The title of the study is “The European Accessories Market 2012-2020: Market size, Market Forecast and Recommendations” which provides an executive-level overview of the European vehicle accessories market, and analyzes that the market will continue to evolve over the next four years.
Initially, the report starts by defining the vehicle accessories. In the automotive sector, continuous up gradation of models along with advanced features in car accessories enables fascinated most of the people towards car accessories. The growth of global automotive industry and a successive rise in the sales of passenger cars is likely to lift the global market for interior car accessories. Apart from that, the report analyzes that, as vehicles and parts become more reliable, demand for replacement parts is diminishing and thus, Original Equipment Manufacturers (OEMs) are facing a long-term decline in aftersales revenues. This has encouraged a renewed focus on accessories which remains a largely under-exploited opportunity for most OEMs, and one which offers the scope for major profits to be made.
In Europe, passenger car accessories market is expected to have a significant CAGR as well as annual growth over the forecast period. The European passenger car and vehicle accessories market will continue to evolve over the next four-year, shaped by a number of core trends.
In the next section, the market has been segregated based on types into:
- In Car Entertainment
- Roof Boxes
- Floor Mats
- Satellite Navigation
- Tow Bars
- Roof Bars
- Alloy Wheels
For each of the segment, the report evaluates the market size, recommendations, channel shares, sector trends and market forecast for the period 2012-2020. According to the key findings, the markets for alloy wheels and floor mats are also resilient and are expected to remain so.
- Sales of floor mats are benefiting from a growing use of the online channel.
- Sales of alloy wheels are also anticipated to grow, affected by owners of premium vehicles, in particular, starting to purchase a secondary set of tires for their vehicles for winter use.
- Sales of roof boxes, roof bars and tow bars are all expected to rise considerably in the coming few years. It is mainly influenced by the continued popularity of lifestyle sports, including camping and cycling.
- Sales of in-car entertainment systems will increase, however.
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