The automobile accessories market is expected to grow at a significant CAGR of around 6% during the forecast period.
The automobile accessories market is expected to grow at a significant CAGR of around 6% during the forecast period.
Major factors are at play in the automobile industry during current times such as improvements in consumer sentiments, continued preference for personal mobility, an uptick in economic activity, and an overall increase in infrastructure spending is increasing the number of vehicles on the road. Additionally, prolonged usage of the vehicle and increasing demand for second-hand vehicles is directly benefitting the auto accessory market. Furthermore, due to the prolonged use of vehicles demand for the auto accessories of models that are discontinued by car manufacturers is also on the rise. For instance, on August 2021, OLX group announced that OLX Autos, a platform for second-hand car trade in 10 countries across Asia and the Americas, has surpassed USD 1 billion in sales since its formation in January 2020. Every month, around half a million cars are listed for sale by consumers and dealers on OLX Autos classifieds platforms in India, Indonesia, and Latin America.
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