According to a recent report published by Persistence Market Research titled “Car Electronics & Communication Accessories Market: Global Industry Analysis and Forecast 2016-2024”, 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). 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.
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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.
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