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Car Accessories Website for Sale

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Zion Market Research’s recent report, “Car Accessories Market by Products,” breaks down the global car accessories market. According to the report, the market was valued at $360 billion in 2016 and, by 2022, is anticipated to reach $519 billion, registering a CAGR of 6.4% during the forecast period of 2017-2022.

In 2016 the Asia-Pacific region accounted for 16.9% of the market share and is “anticipated to expand at a rapid pace during the forecast period,” according to Global Newswire.This is due to an increase in population in emerging economies as well as changing lifestyles that are encouraging vehicle purchases.

Car accessories are products that are used to improve the use of an automobile and will vary from one car owner to another based on need and preference.

These products include working lights, torches, appearance accessories, warning lights, driving lights, gas and oil additives, interior accessories and others.

Grand View Research points out that of the various products in the car accessories market, the tire segment was the largest and is expected to continue to dominate the market (based on size) in 2025 as well. This market dominance is due in part to the need for frequent replacement of tires compared to other accessories in the market.

So how and why is the global car accessories market anticipated to perform so well in upcoming years?

Here are a few factors influencing market growth:

  • Improved Economic Conditions – An improvement in economic conditions across the globe has contributed to the overall growth of the car accessories market. Middle class individuals in emerging economies are looking to purchase their own cars.
  • Advanced Technology – Advances in technology (including 3-D printing) has allowed the market to surge as car accessories are more innovative than ever before.
  • Vehicle Customization – In recent years there has been an increased demand for car customization, particularly among younger generations, prompting a significant growth in the market.

Many consumers are opting for internet purchases to obtain car accessories with parts and services being sold online more frequently.