Car accessories are devices that a customer can install in his vehicle to improve comfort, security, convenience, and safety. Most people are interested in automotive accessories because they are frequently updated and offer unique functionality. Modern car accessories enhance the comfort and appearance of the vehicle. Interior electronics such as sound systems, LCDs, MP3 players, and microphones make long-distance travel more enjoyable. Seat covers are the most common type of car accessory. This complements the car's outfit, which is available in a variety of designs and colours.
UAE Car Accessories Market Driving Factors and Challenges
Drivers: There are many factors like increased lifestyles, fast urbanization, and high per capita income, consumers invest in the purchase of passenger cars. It is predicted that the increasing trend of private vehicle ownership will affect sales of passenger cars. Customers enhance their vehicles' comfort, security, mobility, and protection by adding car accessories as an optional extra. Accessories increase a car's visual appeal and provide drivers with the confidence to drive more skillfully. The demand for auto accessories is rising due to the robust sales of passenger cars. The growing automotive industry is expected to provide profitable growth prospects for the UAE car accessory market over the next five years.
Challenges: The development and growth of the car accessory market are impacted by a number of challenges. The unstable state of the economy and shifts in consumer spending habits present a big obstacle. Economic downturns can result in lower spending on discretionary goods, which can impact the market for non-essential products like auto accessories. Furthermore, the industry faces a wide range of rules and safety requirements, so it's critical for manufacturers to understand the complexities of compliance. The swift progress of technology presents a chance as well as a problem, since it takes constant innovation to keep up with the newest styles and incorporate new features into accessories. There is fierce competition among the many players fighting for market share, which includes both big manufacturers and smaller, niche companies.
Impact of COVID-19 on UAE Car Accessories Market
The market was hampered in 2020 by the coronavirus pandemic, which resulted in a more than 20% decrease in vehicle production in 2020 compared to 2019. Nonetheless, during the projected period, there will likely be an increase in demand for pickup trucks and passenger cars. Moreover, the COVID-19 pandemic's increased preference for e-commerce is anticipated to stimulate the automotive aftermarket and propel the car accessories market during the forecast period.
UAE Car Accessories Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players are; Al Mushrif Auto Accessories, Al Taif Car Accessories, Bab AI Satwa Car Accessories, Car Care Auto Accessories, Car Mart Delta Plus, Directed Auto, Fawaz Al-Khateeb, Galadari Automobiles Co Ltd LLC, Top Star Trading LLC, Others.
UAE Car Accessories Market Segmentation:
By Location: Based on the Location, UAE Car Accessories Market is segmented as; Two-Wheeler, Passenger Car, LCV, M&HCV, OTR.
By Vehicle Type: Based on the Vehicle Type, UAE Car Accessories Market is segmented as; Hatchback, Sedan, SUV/MPV.
By Demand Category: Based on the Demand Category, UAE Car Accessories Market is segmented as; OEM, Replacement.
By Sales Channel: Based on the Sales Channel, UAE Car Accessories Market is segmented as; Online, Offline.
By Region: This research also includes data for Dubai, Abu Dhabi, Sharjah, Others.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.