The global car electronics and communication accessories market is
anticipated to reach a market valuation of US$ 100.75 Bn by the end of
2024, registering a CAGR of 5.7% over an eight-year forecast period
(2016 – 2024).
According to a recent report published by Persistence Market Research titled “Car Electronics & Communication Accessories Market: Global Industry Analysis and Forecast 2016-2024”, In the report, Persistence Market Research analyzes the key factors and
trends impacting overall market performance of the global car
electronics and communication accessories market.
Market dynamics
Rising consumer inclination towards an entertaining driving experience,
technically advanced car electronic accessories and communication
systems available today, and an overall growth in the automotive
industry are key factors likely to boost the growth of the global car
electronics and communication accessories market over the forecast
period. Increased consumer spending on car accessories and a rising
demand for advanced car accessories and communication systems is also
fueling growth of the global car electronics and communication
accessories market.
However, availability of counterfeit and inferior quality car electronics and
communication accessories along with the inherent design complexity
attached to car electronics and communication accessories are some
factors expected to hinder sustained growth of the global car
electronics and communication accessories market in the next eight
years. A huge fragmentation of the global car electronics and
communication accessories market is also likely to adversely impact
market growth over the forecast period.
The global car electronics and communication accessories market is likely
to witness certain key trends between 2016 and 2024. Some of the
observed trends include – adoption of online configuration tools for car
accessories, growth of e-retailing in the automotive aftermarket in
emerging markets, consolidation of different market distribution
channels, and increasing number of joint ventures by car electronics and
communication accessories manufacturers.
Market insights
The global car electronics and communication accessories market is
segmented by Product Type into LCDs, Mobile Chargers, Cigarette
Lighters, Music System, and Communication; by Vehicle Type into
Passenger Cars and Pickup Trucks; by Distribution Channel into OEM and
Aftermarket; and by Region into North America, Latin America, Europe,
Asia-Pacific, and the Middle East & Africa. The LCD product type
segment is expected to register a comparatively high CAGR over the
forecast period.
This segment is estimated to be valued at US$ 15.45 Bn in 2016 and is
expected to reach US$ 23.96 Bn by 2024. In the vehicle type category,
the Passenger Cars segment is likely to emerge as the dominant segment,
estimated to be valued at US$ 60.14 Bn in 2016 and expected to reach US$
93.39 Bn by 2024, with a CAGR of 5.7% over the forecast period.
Among regions, the Asia-Pacific market is estimated to be valued at US$ 21.61
Bn by 2016 end and is expected to register a CAGR of 5.6% over the
forecast period. Europe is likely to be the second largest market by
value and is estimated to be valued at US$ 20.50 Bn by 2016 end with a
CAGR of 5.9%.
Vendor highlights
The report profiles some of the leading companies operating in the global
car electronics and communication accessories market. Leading market
players featured in the report are Sony Corporation, Pioneer
Corporation, Garmin Ltd., TomTom International, Alpine Electronics,
Inc., Delphi Automotive, Clarion Co. Ltd., Blaupunkt, JVC Kenwood
Corporation, and Lighterking Enterprise Co. Ltd. Market leaders are
focusing on a vertical integration of their supply chain and are
entering into strategic collaborations with automotive manufacturers to
move up the value chain and cement their foothold in the global car
electronics and communication accessories market.
