Passenger Car Accessories Market is projected to expand

2022-07-30 02:36:25 By : Mr. Jenson Yang

July 28, 2022 09:00 ET | Source: Persistence Market Research Persistence Market Research

New York, New York, UNITED STATES

New York, July 28, 2022 (GLOBE NEWSWIRE) -- Passenger car accessory sales are estimated to reach US$ 487.7 Bn in 2022, with steady long-term projections, according to the latest insights by Persistence Market Research. The report estimates the market to expand by a value CAGR of 5.5% from 2022 to 2032.

Over the coming years, it is projected that changing consumer preferences for the customization of automobile design with cutting-edge features such as entertainment systems and music accessories would drive the growth of the passenger car accessories market.

Manufacturers are developing lightweight materials to use in the production of passenger car accessories to meet the demand for creating lightweight, fuel-efficient vehicles. This is done in response to the rising trend of vehicle customization. For instance, the main raw materials used to manufacture car accessories today are lightweight materials such as high-strength steel and thermoplastic.

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“The market for passenger car accessories is being fueled by rising disposable income and shifting customer preferences toward technologically-advanced appliances. Manufacturers are developing lightweight materials to utilize in the production of passenger car accessories in response to the necessity to develop fuel-efficient and lightweight cars.” says a Persistence Market Research analyst.

Leading manufacturers of passenger car accessories include Robert Bosch GmbH, Classic Soft Trim, Covercraft Industries LLC, Lloyd Mats, Pecca Group Berhad, Lippert, Continental AG, Classic Soft Trim, Lear Corporation, Denso Corporation, Robert Bosch GmbH, Alpine Company, and Kenwood Corporation.

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To gain a competitive advantage in the industry, key manufacturers are developing innovative passenger car products. Market players are also heavily investing in expansion, mergers, acquisitions, and strategic partnerships to expand their global footprint.

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Persistence Market Research, a research and consulting firm, has published a new market research report on the global passenger car accessories market that contains an industry analysis of 2017–2021 and opportunity assessment for 2022–2032.

The report provides an in-depth analysis of the market through different segments, namely, type, vehicle type, sales channel, and region. The report also provides supply and demand trends along with an overview of the parent market.

Business intelligence is the foundation of every business model employed by Persistence Market Research. Multi-dimensional sources are being put to work, which include big data, customer experience analytics, and real-time data collection. Thus, working on “micros” by Persistence Market Research helps companies overcome their “macro” business challenges.

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