South America Interior Car Accessories Market Outlook, 2028

South America Interior Car Accessories Market Outlook, 2028

The history of interior car accessories in South America dates back to the early 20th century when cars became more widely available in the region. At first, car interiors were very basic, with few features or accessories. However, as car ownership increased, so did the demand for more comfortable and stylish interiors. During the 1950s and 1960s, South America experienced a period of economic growth and industrialization, and the automotive industry expanded rapidly. This led to the development of the aftermarket industry for interior car accessories, as consumers looked for ways to upgrade their cars and make them more comfortable and stylish. In the following decades, the market for interior car accessories in South America continued to grow, driven by advances in technology and design. Automakers began offering more advanced features such as air conditioning, power windows, and stereo systems. At the same time, the aftermarket industry continued to expand, with companies offering a wide range of accessories, including seat covers, floor mats, and steering wheel covers. Today, the market for interior car accessories in South America is diverse and vibrant. Consumers have access to a wide range of products, from practical items such as phone mounts and cup holders to more luxurious features such as leather seats and high-end audio systems. As cars continue to become more advanced and connected, the demand for interior car accessories is expected to remain strong in South America and around the world.

According to the recent research report, “South America Interior Car Accessories Market Outlook, 2028” published by Bonafide Research, the market is anticipated to add USD 5.39 Billion market size from 2023 to 2028. The growing middle class in countries such as Brazil and Argentina is driving demand for premium and high-end accessories, such as leather seat covers, advanced sound systems, and infotainment systems. There is also a growing demand for eco-friendly and sustainable interior car accessories in South America, as consumers become more environmentally conscious. This has led to an increase in demand for products made from recycled materials or biodegradable materials. Customization and personalization are also important trends in the South American interior car accessories market, with consumers seeking products that reflect their unique personality and preferences. This has led to an increase in demand for customized seat covers, steering wheel covers, and other accessories. However, factors such as economic instability, political uncertainty, and high import tariffs have contributed to a relatively slower growth rate in the region. Despite the challenges, the interior car accessories market in South America is expected to continue growing in the coming years, as consumers become more interested in enhancing their driving experience with innovative and personalized accessories.

In South America, there is a growing trend towards connected car technology in the South American market. This includes products such as GPS navigation systems, infotainment systems, and advanced audio systems. The COVID-19 pandemic has accelerated the growth of e-commerce in South America, including the interior car accessories market. Consumers are increasingly purchasing car accessories online, driving the growth of e-commerce platforms. Consumers in South America are becoming more concerned about safety and security when it comes to their cars. This has led to an increase in demand for products such as car alarms, GPS trackers, and security cameras. Based on the accessories type, the market is segmented into electronics accessories, consoles and organizers, mats, interior covers, central locking systems, armrests, communication systems, dash kits, sunshades, interior lighting, air fresheners, interior chrome accessories, and others. Among them, electronics accessories segment is leading the market in 2022 owing to emerging technology advancements into various accessories. There are several interior car accessories manufacturers based in South America including AutoPlast, Volcano, Bullitt, Keko, Vhipsa, Nippon power and Pollo.

According to the report, the market is segmented into major three countries including Brazil, Argentina and Colombia. Among them, Brazil is leading with more than half of the market share in 2022. The interior car accessories market in Brazil is growing steadily, driven by factors such as the increasing middle class and rising disposable incomes. Brazil is one of the largest markets for cars in South America, and this has created a significant demand for interior car accessories. One of the key trends in the Brazilian interior car accessories market is the growing demand for high-end and premium accessories. As the middle class in Brazil continues to grow, more consumers are willing to spend money on luxury accessories to enhance their driving experience. Examples of high-end accessories that are gaining popularity in Brazil include premium leather seat covers, advanced sound systems, and high-tech infotainment systems. Another trend in the Brazilian interior car accessories market is the growing popularity of smart and connected accessories. Consumers in Brazil are increasingly interested in integrating their cars with smart home systems and other connected devices. This has led to an increase in demand for smart infotainment systems, GPS systems, and other connected accessories that provide real-time information and enable drivers to control various functions of their car remotely.

There are many government regulations for interior car accessories in South America which varies by country such as, the REACH (Registration, Evaluation, Authorization and Restriction of Chemicals) regulation applies to the use of chemicals in the production of interior car accessories. Manufacturers must ensure that any chemicals used in their products comply with REACH requirements, which include restrictions on the use of certain chemicals that are harmful to human health or the environment. The RoHS (Restriction of Hazardous Substances) directive restricts the use of certain hazardous substances in the production of electronic and electrical equipment, including some interior car accessories such as electronic air fresheners or sound systems. ISO 9001 is a quality management system standard that many interior car accessories manufacturers in South America comply with to ensure the quality of their products. In addition to the above regulations, individual countries in South America have specific regulations in place that govern the production and sale of interior car accessories. For example, some countries have specific requirements for the fire resistance of materials used in car interiors, which could also apply to car accessories.

Based on the report, the market is segmented into various car types including small-sized cars, mid-sized cars, SUVs, MPVS, luxury cars, and pickup trucks such as the Toyota Tacoma, Ford Ranger, Jeep Gladiator, Chevrolet Colorado, GMC Canyon, and Hyundai Santa Cruz. Among them, SUVs are projected to lead the market by the end of the forecast period. Further, the market is categorized into two distribution channels including OEM and Aftermarket. Among them, aftermarket is leading in 2022. Many automotive retailers in South America offer a wide variety of interior car accessories for sale, either in-store or through their online platforms. These stores often carry popular brands and can offer expert advice on the products they sell. Some auto parts stores in South America also offer interior car accessories for sale, especially those that specialize in selling aftermarket car parts and accessories. Car dealerships in South America may also offer a selection of interior car accessories for sale, often focusing on accessories that are specific to the makes and models they sell. In addition to that, there are also specialty stores in South America that cater to specific interior car accessories such as seat covers, floor mats, and steering wheel covers. Also, street markets are a popular place to purchase interior car accessories in South America, especially in smaller towns and cities. These markets often offer unique and handmade items at affordable prices. E-commerce platforms such as Mercado Libre, OLX, and Amazon have a significant presence in South America and offer a wide range of interior car accessories for sale. The growth of e-commerce and online marketplaces is also expected to drive the growth of the market, as consumers in the region increasingly shop online for car accessories.

Key Developments:
• Groupe PSA, a French multinational automotive manufacturer, announced the opening of a new factory in Argentina to produce gearboxes for its vehicles. The factory is expected to create over 400 jobs and increase the company's production capacity in South America.
• Pirelli, an Italian tire manufacturer, announced the expansion of its production facilities in Brazil to meet growing demand for its products in South America. The company plans to invest over $200 million in the expansion, which will create new jobs and increase production capacity.
• Bosch, a German engineering and technology company, announced the development of a new automotive battery that can withstand extreme temperatures and provide reliable power for electric and hybrid vehicles in South America's harsh climate.
• Valeo, a French automotive supplier, announced the development of a new lighting system for cars that uses micro-LED technology to provide brighter, more efficient lighting while reducing energy consumption.
• Sogefi, an Italian automotive components manufacturer, announced the opening of a new factory in Brazil to produce filters for cars and trucks. The factory is expected to create over 200 jobs and increase the company's production capacity in South America.

Major Companies present in the market:
Grupo Antolin, HYUNDAI MOBIS, Truck Hero, Inc., Ficosa International SA., Pioneer, H.I MOTORS, Momo Srl., Harman International., WeatherTech

Considered in this report
• Geography: South America
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report
• South America Interior Car Accessories market with its value and forecast along with its segments
• Country-wise Interior Car Accessories market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Countries covered in the report:
• Brazil
• Argentina
• Colombia

By Accessories Type:
• Electronics Accessories (Car Audio, Car Video, Car Chargers, Mobile Holders, Car Vacuum Cleaners, Inflator and compressor, Car Bluetooth Accessories, Car GPS Tracker & Navigation, Reverse Parking System, etc.)
• consoles and organizers
• Mats
• Interior Covers
• Central Locking Systems
• Armrest
• Communication System
• Dash Kits
• Sunshades
• Interior Lighting
• Air Freshener
• Interior Chrome Accessories
• Others (Seat Neck Cushion, Gear Knobs, etc.)

By Distribution Channel:
• OEM
• Aftermarket

By Vehicle Type
• Small-sized Cars
• Mid-sized Cars
• SUVs
• MPVs
• Luxury
• Pickup Trucks (Toyota Tacoma, Ford Ranger, Jeep Gladiator, Chevrolet Colorado, GMC Canyon, Hyundai Santa Cruz)

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, and annual reports of companies, analyzing the government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the Interior Car Accessories industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.