Interior Car Accessories Market Witness High Growth Owing To Increasing Consumer Spending on Vehicle Customization

The Interior Car Accessories Market is estimated to be valued at US$ 304.31 Bn in 2024 and is expected to exhibit a CAGR of 5.6% over the forecast period 2024- 2031, as highlighted in a new report published by Coherent Market Insights The growth of the interior car accessories market is majorly driven by increasing consumer spending on vehicle customization and rising demand for luxury and comfort in vehicles.

Consumers are increasingly spending on accessories that enhance the appearance, functionality, and driving experience of their vehicles. Furthermore, rising disposable income levels have enabled customers to invest more in customizing the interiors of their cars according to their tastes and preferences.

Key Market Trends: Growing Demand for Smartphone Connectivity Features: There is a growing demand for automotive interior accessories that offer smartphone connectivity features among consumers. Accessories such as wooden chargers, USB ports and Bluetooth connectivity modules that allow smartphones to be paired with in-car infotainment systems are becoming increasingly popular.

Growing Popularity of Eco-Friendly Accessories: Consumers are also shifting their preference for eco-friendly and recyclable plastic car accessories. The desire to reduce a vehicle’s environmental impact has created a demand for durable accessories.

Interior Car Accessories Market Opportunities: Strong Demand for Customized and Branded Accessories : The global seat covers market is anticipated to witness significant growth over the forecast period owing to the rising demand for customized and branded accessories among consumers. Seat covers help protect the original upholstery of vehicles from damage, stains, and wear and tear. Moreover, consumers are increasingly opting for seat covers to add style and personality to their vehicles’ interior.

By 2031, the global seat covers market size is projected to reach USD 127.31 Bn, growing at a CAGR of 6.2% during the forecast period. Consumers’ preference for trendy, stylish, and protective seat covers in a bid to complement their vehicle’s interior aesthetics is a key factor fueling market growth. Major automakers and aftermarket brands offer a wide variety of materials, designs, and customization options for seat covers catering to different consumer segments.

Key Market Takeaways: The global interior car accessories market is anticipated to witness a CAGR of 5.6% during the forecast period 2024-2031, owing to rising consumer spending on personalizing and customizing vehicle interiors.

On the basis of product type, the car covers & mats segment is expected to hold a dominant position, accounting for over 25% of revenue share by 2031 due to the availability of a wide range ranging from basic to designer mats and covers.

By vehicle type, the passenger vehicles segment will remain highly lucrative over the forecast period, growing at a CAGR of 6.1% on the back of rising sales of SUVs, luxury, and electric vehicles globally.

Regionally, North America is dominating the interior car accessories market and is expected to account for over 30% of the revenue share by 2031. This can be attributed to the high consumer spending capability and presence of major aftermarket players in the region.

Competitor Insights: Some of the leading players operating in the interior car accessories market include Faurecia, Garmin Ltd., Pecca Group AB, CAR MATE MFG, CO., LTD., Covercraft Industries, LLC, and Lloyd Mats. Major companies are investing in R&D to develop advanced and customized accessories.

Recent Developments: In June, auto manufacturer Tesla announced a major upgrade to the infotainment systems in their Model 3, Model Y, Model S and Model X vehicles. The upgrade includes Intel’s newest processor which will provide over 50% more computing power and a completely redesigned user interface. The new system promises significantly enhanced functionality for navigation, music/media, climate controls and more. It allows streaming of YouTube, Netflix and other services directly from the display. Tesla plans to roll out the upgrade via over-the-air software updates starting late 2023. More information in full report.