Global Automotive Accessory Market to Reach 1,732B USD by 2025

Motor Vehicles April 12, 2017
Author: Irina Andreeva
Market Analyst

automotive accessory market

Photo: © twinsterphoto / Bigstockphoto

According to market research conducted by IndexBox, global automotive accessory market grew to 1,211 billion USD in 2015, which was slightly higher than the year before. From 2007 to 2015, average annual growth rate of consumption stood at +6.2% per year. The global vehicle market largely determines the demand for automotive parts. Driven by the global growth in motor vehicle sales, the parts and accessories of motor vehicles market is projected to continue with an upward consumption trend over the next nine years.

The performance of the market is forecast to increase with an anticipated CAGR of +3.6% for the nine-year period from 2015 to 2025, which is expected to lead the market value to 1,732 billion USD by the end of 2025.
In 2015, a record growth rate of motor vehicle consumption was indicated in the U.S., however, the economic crisis resulted in a rather weak market in other countries, especially in the developing countries.

It is expected that the growth rate of car sales in the U.S. will weaken in the coming years due to the saturation of the market and higher interest rates on loans. The slowdown in economic growth in the developing countries, especially in China, was the most significant blow to the car market. New restrictions on the ownership of vehicles in major cities in China will further reduce sales in the coming years. A decline was also noted in Russia and in Brazil.

In European countries, car sales have improved amid a gradual economic recovery, however, automakers are experiencing challenges with low revenues and market fragmentation. The market needs investments in strong product areas and a more efficient way of matching production to market demand.

A modest growth in motor vehicle consumption is expected in the coming years due to a slowdown in the development of the economies of China and other Asian countries and a rise in consumption in the U.S. due to the high sales growth in previous years. Nevertheless, the total fleet of cars will grow, which is expected to lead to an increase in demand for parts and accessories of motor vehicles.

Do you want to know more about the global automotive accessory market? Get the latest trends and insight from our report. It includes a wide range of statistics on automotive accessory market share

  • automotive accessory prices
  • automotive accessory industry
  • automotive accessory sales
  • automotive accessory market forecast
  • automotive accessory price forecast
  • key automotive accessory producers

Source: World - Parts And Accessories Of Motor Vehicles Market. Analysis And Forecast To 2025