PUBLISHER: TechSci Research | PRODUCT CODE: 1770857
PUBLISHER: TechSci Research | PRODUCT CODE: 1770857
We offer 8 hour analyst time for an additional research. Please contact us for the details.
India's Automotive Accessories & Parts Market reached a valuation of USD 3.39 billion in 2024 and is projected to grow at a CAGR of 5.80%, reaching USD 4.75 billion by 2030. This growth is driven by increasing consumer demand for vehicle personalization and a rising number of vehicle owners across the country. As disposable incomes rise, buyers are investing in both functional and aesthetic vehicle enhancements, including infotainment systems, ambient lighting, and performance upgrades. The expanding automotive aftermarket, supported by a growing population of aging vehicles, is also bolstering demand for replacement parts. OEMs and aftermarket suppliers are actively diversifying their product portfolios to address the needs of various vehicle categories such as two-wheelers, passenger vehicles, and commercial fleets, thereby contributing to sustained market expansion.
Market Overview | |
---|---|
Forecast Period | 2026-2030 |
Market Size 2024 | USD 3.39 Billion |
Market Size 2030 | USD 4.75 Billion |
CAGR 2025-2030 | 5.80% |
Fastest Growing Segment | Infotainment System |
Largest Market | North India |
Key Market Drivers
Surge in Vehicle Ownership Across Segments
India is experiencing a steady rise in vehicle ownership, spanning two-wheelers, passenger cars, and commercial vehicles, which in turn is boosting demand for accessories and replacement parts. Consumers are customizing their vehicles with products that enhance convenience, style, and performance-ranging from alloy wheels and infotainment systems to security features. The aftermarket is thriving as fleet operators and cab aggregators seek to improve user experience and minimize maintenance expenses. A consistently growing base of vehicle owners contributes to shortened replacement and upgrade cycles. For example, in FY 2022-23, total vehicle production in India rose to 25.93 million units from 23.04 million the previous year. Passenger vehicle sales increased by 27%, while utility vehicles saw a 34% surge. The commercial vehicle segment also expanded by 34%, largely driven by a 49% increase in medium and heavy commercial vehicles.
Key Market Challenges
Dominance of Unorganized Market Players
The widespread presence of informal vendors and unauthorized sellers hampers quality assurance and pricing consistency in the automotive accessories market. These unregulated players often provide low-cost alternatives that lack standard quality checks, posing safety and reliability issues. Their affordability appeals to budget-conscious customers, making it harder for established, organized companies to gain market share in cost-sensitive segments. The absence of regulatory oversight also facilitates the entry of counterfeit products into the supply chain, diminishing consumer confidence and impacting brand reputations.
Key Market Trends
Growth in Tech-Integrated and Smart Accessories
The increasing incorporation of smart technology into consumer lifestyles is extending into automotive accessories. Buyers now prioritize features that elevate safety, convenience, and connectivity in their vehicles. Products like IoT-enabled trackers, AI-based driver assistance devices, Bluetooth-enabled infotainment systems, and app-connected dashcams are becoming standard upgrades. As younger, tech-savvy consumers dominate the market, their expectations align with the seamless, interconnected experiences offered by smartphones and smart homes. In response, accessory manufacturers are focusing on smart, integrated solutions that support mobile apps, voice controls, and cloud-based systems.
In this report, the India Automotive Accessories & Parts Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
Company Profiles: Detailed analysis of the major companies presents in the India Automotive Accessories & Parts Market.
India Automotive Accessories & Parts Market report with the given market data, TechSci Research offers customizations according to the company's specific needs. The following customization options are available for the report: