Zion Market Research Car Accessories Market, 2016 – 2022 | Page 3

Car Accessories Market
The car accessories market is expected to witness substantial growth within the forecast period.
The market is mainly driven by increasing demand for cars, increasing inclination towards
vehicle customizations, especially among the younger generation, and growing sales of pickup
trucks in developed markets are the main factors likely to boost the global market for car
accessories over the forecast period. As large numbers of car accessories are available in the
market many of these are inconsistent in quality. The products are made from poor quality
materials. Thus, the inconsistency of quality of car accessories and availability of cheap low-
quality car accessories may curb the growth of car accessories market. The auto industry is
constantly bringing new technology like new lighting technology, biometric vehicle access, active
window displays etc. This advancement in technology is anticipated to set new growth
opportunities in coming future.
On the basis of product, the car accessories market is segmented into; working lights, torches,
appearance accessories, warning lights, driving lights, interior lights, e-sets, interior accessories,
lifestyle
gadget,
instruments
and
gauges,
safety,
light
module
tuning,
performance/stylish/luminaire tuning, vision products, appearance chemicals, gas & oil
additives, solar powered HVAC systems, retrofit air conditioner sets, and others. Among all the
product types, torches, and vision products are in the highest demand. In terms of revenue,
torches accounted for 20.4% of market share in 2016.