The market for passenger car accessories is poised to expand by 5.5% by 2032 if recent insights are anything to go by. In the coming years, car accessories sales will increase, thanks to changing customer preferences and the development of car accessories with cutting-edge features.
Manufacturers have also adapted to the minimalist trend and currently use lightweight materials to manufacture accessories that meet the rising demand for lightweight and fuel-efficient vehicles. General insights gathered from the market study include the following:
- The demand for interior car accessories is projected to increase by 5.4% by volume between 2022 and 2032.
- Aftermarket car accessories account for almost 60% of the overall sales
- Regionally, Europe will witness significant growth in the car accessories market. The sale of car accessories is also increasing, notably in Italy, Germany, and the UK.
Baby Car Seat Market Insights
The baby car seat market is projected to increase by $1.82 billion by 2026, with a market growth momentum of 7.31%. While poor market conditions slowed down various economic activities during the pandemic, eCommerce adoption became an effective sales strategy. New market developments, especially VAT exemption on baby car seats, have significantly influenced the baby car seat market. With this, car seat manufacturers, such as Diono, can focus on increasing car seat supply and adopt marketing strategies to increase sales.
Damage to Car Seats Raising Concerns
The car seat market is projected to surpass 36,485 units by the closing of 2031. Despite its safety benefits, there are concerns of extensive damage and injury to children, especially if seats are not used properly. Therefore manufacturers should focus on designing user-friendly and less complicated car seats. Manufacturers should also increase awareness of shopping criteria and proper use of car seats as per the recommended safety standards.
Manufacturers Should Use R&D to Design Newborn Car Seats
Manufacturers of baby car seats should adapt mechanisms for designing ergonomically-safe car seats that guarantee safety. Most highly publicized car seats have excellent safety features designed using R&D technology. Manufacturers should deploy additional quality checks before dispatching their seats to retail stores to boost product credibility.
Companies in the car seat market have improved their production capabilities. Modern car seats boast the toughest characteristics that align with recent European guidelines for car seats. Baby seats with lightweight designs and side impact protection are becoming popular. Manufacturers have designed seats with cushioned side wings to give babies and newborns a safe and comfortable ride.
Baby Car Seats Designed for Long Drives
Another significant shift in the car seat market is the introduction of baby car seats designed to provide comfort for long drives. Car seat manufacturers have recently introduced forward-facing car seats that can easily convert to booster seats. Manufacturers have also made flexible car seats widely available. Flexible seats can be used as a rocker and convey bunk.
Adjustable booster seats will also inundate the car seat market. Traditional booster seats were large and inconvenient to carry around. They also couldn't keep children properly secured in the car. However, manufacturers have introduced innovative booster seats with an adjustable high back that eliminates several shortcomings of typical booster seats. The introduction of 36-degree rotatable baby car seats will also revolutionize the market.
Dash Cam Market Insights
The dashboard camera market is projected to grow at a rate of 13.44%, surpassing $8.59 billion in value by 2028. The increase in dash cam sales is primarily attributed to the general increase in demand for vehicles, favorable insurance policies, rise in vehicle theft and accidents, and convenient installation of dash cams.
The availability of several products that can be integrated into the driver-assistance systems and the introduction of innovative technological devices by tech companies will also drive the dash cam market expansion in the coming years. There is also an increase in awareness of the importance of having cameras for safety and protection during road accidents by vehicle owners.
Dashboard cameras have, over time, become a crucial installation in the vehicle aftermarket. It can monitor and capture videos of collisions, rash driving, accidents, speed limits, and sharp accelerations in a vehicle's interior and its environs. Vehicle owners can choose from front-facing, rear-facing, triple-lens, and other camera options.
EV Home Charger Market Insights
The electric vehicle market will register a 26.8% CAGR by 2027, reaching an estimated value of $25.5 billion. EV chargers are the main accessory used to charge electric vehicles. The global EV home charger market is expected to balloon in the coming years due to several factors. Key contributors to EV home charger growth include:
Government Regulations to Reduce Environmental Pollution
Standard gas-powered cars use internal engine combustion mechanisms to generate driving power. Ideally, the combustion system burns fuel, producing carbon dioxide, water, and dangerous greenhouse gasses that pollute the environment. However, electric vehicles have electric motors that use current to generate the driving power. Unlike gas-powered vehicles, electric vehicles do not produce pollutants.
Because of global warming and other challenges, the U.S., France, China, Germany, and other governments have introduced stringent laws and regulations to limit vehicle emissions. This has made it mandatory for vehicle manufacturers to adopt advanced technologies to reduce vehicle emission levels.
That aside, governments have also deployed several policies to conserve the environment. For instance, several governments combined efforts to develop an Electric Vehicle Initiative, which helps accelerate the absorption of electric vehicles globally. Several governments also provide subsidiaries that promote the sale and use of electric vehicles.
Increase in the Market of Electric Vehicles
Conventional vehicles rely on gasoline, which isn't a renewable energy source. Since gasoline and other fossil fuel levels continually deplete, it is crucial for vehicle manufacturers and government agencies to develop alternative fuel sources. The adoption of electric vehicles that don't use gas is a perfect option.
Electric vehicles convert more than 50% of electrical energy into driving power, while gas-powered vehicles only convert 17% to 20% of the energy found in gasoline. There has been an increase in demand for fuel-efficient cars coupled with increasing prices of diesel and petrol, primarily due to depleting fossil fuel reserves. These factors provide the necessary force that increases the demand for electric vehicles.
More than half of vehicle owners love accessorizing their vehicles. However, the car accessories market remains largely untapped by vehicle manufacturers and dealers. As the market opens up, automakers will likely provide various car accessories to attract more customers and establish a competitive edge.