The interior and exterior passenger car part market is anticipated to grow at a CAGR of 7.2 % during the forecast period (2022-2028). The introduction of new technologies has resulted in a rise in demand for high-quality, long-lasting parts, which will propel market growth during the forecast period. Furthermore, as environmental concerns have grown, a greater emphasis has been placed on lowering emissions from internal combustion engines.
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A component of an electric motor that aids in the conversion of electrical energy into mechanical energy is known as electric motor components and accessories. This is a sort of vehicle accessory that is used to maintain, repair or replace original equipment. In passenger cars, electric motors are widely employed in applications such as power steering, air conditioning compressors, and engine cooling fans, among others. Parts and accessories for electric motors are a huge portion of the passenger automobile market which aids in the market growth of interior and exterior passenger car part over the forecast period.
The increasing demand for electric cars (EVs) across the globe is driving this market’s rise. In electric vehicles, electric motors are employed to provide power. As a result, in the forecasted period, demand for electric motor parts and accessories is likely to rise. According to the International Energy Agency (IEA), in 2019, 2.2 million electric automobiles were sold globally, while in 2020, sales of electric cars increased to 3 million, accounting for 4.1 % of the global market.
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The increasing demand for commercial vehicles from various end-user industries such as logistics, transportation, and others can be contributed to propelling the growth of the market. The growth of this industry is also aided by increasing urbanization and the development of smart cities. Due to benefits such as durability, low noise levels, fuel efficiency, and longer life spans, the use of interior and exterior passenger car parts in commercial vehicles is rapidly increasing which will further supporting to the market growth.
The Increasing consumer spending on vehicle components and accessories is also contributing to the market’s expansion. Furthermore, government measures are boosting demand for electric motor parts and accessories in a variety of countries across the globe. For instance, the National Highway Traffic Safety Administration (NHTSA) in 2022, has issued a new regulatory standard requiring automotive parts such as tires, rims, seat belts, and other items to be created originally and updated according to the product’s life duration. As a result of these rules, the aftermarket for passenger car accessories will see an increase in sales.
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As theft and accidents become more widespread, consumers are becoming more conscious of security system accessories like gear locks, power locks, GPS security, and others. In the event of car theft, the security system accessories notify the owner, which is gaining popularity to reduce thefts. in addition, exterior automobile accessories such as body coverings, bumpers, and other similar items protect the car’s motor and internal components from damage, which is boosting the market growth.
Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By Application
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- BorgWarner Inc., Robert Bosch GmbH., Visteon Corp., DENSO CORP., Lear, among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Interior and Exterior Passenger Car Part Market Report by Segment
By Type
- Electric Motor Parts and Accessories
- Electronic Parts and Accessories
- Mechanical Parts and Accessories
By Application
- Military
- Commercial
- Others
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