Germany Car Accessories Market Size, By Sales Channel,

Synopsis
The above chart is Germany Car Accessories Market Size, By Sales Channel, 2018-2027 (USD Million)

Market Dynamics

the german car accessories market size has witnessed significant growth in recent years due to the increasing demand for vehicle customization, convenience, and safety. according to a report by grand view research, the market size was valued at usd 10.19 billion in 2018 and is expected to reach usd 16.85 billion by 2027, growing at a cagr of 5.7% from 2019 to 2027. this growth can be attributed to the rising number of vehicle sales in the country, along with the growing trend of personalization among car owners. one of the major factors driving the demand for car accessories in germany is the increasing number of vehicle sales. the country is one of the largest automotive markets in europe, with a high demand for both luxury and non-luxury vehicles. this has led to a higher need for car accessories such as electrical and electronic systems, interior upgrades, and exterior enhancements. in addition, the growing trend of personalization and customization among car owners has also contributed to the market growth. with advancements in technology, car accessories are now available in various designs, functionalities, and price ranges, allowing car owners to personalize their vehicles according to their preferences and lifestyle. this trend is particularly popular among younger generations, who are more inclined towards unique and personalized products. the german car accessories market is segmented based on sales channel into oem, aftermarket, and e-commerce. the oem segment dominated the market in 2018 and is expected to maintain its dominance throughout the forecast period. this can be attributed to the increasing incorporation of advanced technologies and features in new vehicles, leading to a higher demand for original parts and accessories. the aftermarket segment is also expected to witness significant growth in the coming years, driven by the availability of a wide range of high-quality and cost-effective car accessories in various specialty stores and auto repair shops. the e-commerce segment is also expected to experience rapid growth due to the growing popularity of online shopping and the increasing number of e-commerce platforms offering a vast range of car accessories. overall, the german car accessories market is expected to continue its steady growth in the coming years, driven by the increasing demand for vehicle customization, convenience, and safety. with the growing advancements in technology and rising consumer demand, the market is likely to present promising opportunities for both established and new players in the industry.