The global interior car accessories industry is poised to increase at a modest but steady rate by the end of next year 2021, boosted by the phenomenal rise in the worldwide sale of pickup trucks and passenger vehicles. The impact of rapidly growing aftermarket electronic e-commerce in developing countries is expected to positively affect the interior car accessories industry size in developed countries such as the US. The growth rate and scope of the global aftermarket auto accessories industry is also set to significantly grow faster in developing Asian countries like China, Malaysia and India. The future prospects for the industry are highly encouraging, with multiple opportunities in the form of new business models, innovative technology, global strategic alliances, more efficient production techniques, and aggressive marketing strategies anticipated for the coming years.
By the end of this forecast period, the forecast for the global interior car accessories industry is looking enviable. The projected annual growth rate is 5% annually. The key factors behind this growth rate include: the growing sophistication and popularity of advanced passenger cars in developing markets; strong demand in emerging but small segments; rising disposable income of automotive customers; increasing use of mobile communication technology in buying decisions; and the liberalization of vehicle financing policies. In the United States, the outlook for the automotive industry is looking enviable. The outlook for the passenger automobiles market remains strong and favorable due to the healthy performance of sales of pickup trucks and SUVs. Moreover, the government's incentives, aggressive marketing campaigns, and increased consumer awareness are propelling the automotive industry into a profitable mode.
The global automotive industry is witnessing a massive expansion in the aftermarket sector. This has been primarily due to the rising demand in SUVs, which is currently the most purchased vehicle type in the world. The increasing popularity of sedans, coupes and hatchbacks is also contributing to an expanded aftermarket. As per statistical data available, there is a dramatic increase in the aftermarket for SUVs, which is expected to cross the 20% level in the coming years. Besides the SUV segment, the forecast for other luxury vehicle types such as the sedan and Coupe is also showing an upward trend.
The aftermarket for passenger vehicles is also witnessing a tremendous expansion with the usage of seat covers and mats in the aftermarket. With the use of such accessories, the overall aesthetic appeal of the interior of a vehicle can be vastly enhanced. There is a drastic improvement in the interior car accessories look and feel when such accessories are used along with smart paint jobs, unique wheel designs, unique door handles, and innovative upholstery.
On a brighter note, the forecast period for the global interior car accessories industry is looking bright for the coming year 2021. The SUV market will continue to experience strong expansion, which is anticipated to reach leveled at the level of the Honda FCX. The forecast period for passenger cars like the Ford Focus and Mazda 3 is also looking positive. Both these vehicles are considered to be the top performers when it comes to utility and comfort. With the integration of high-tech accessories, these vehicles are able to offer customers the ultimate driving experience.
Based on the forecasts, it is estimated that the global interior car accessories industry will witness strong revenues at the level of $ 17 billion. This is more than the revenues generated by the laptop and netbook industries. When compared to the revenues generated by these two segments, it is apparent that the aftermarket for SUVs will be a far bigger amount. This makes it evident that the SUVs are fast-catching up as they continue to capture the attention of car buyers around the world. The global car accessory market for SUVs is predicted to witness strong and continuous revenue in the coming year 2021, and this is mainly due to the ever-increasing demand for SUVs and other luxury vehicles.
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