Car Electronics And Communication Accessories Market
Global Market Study on Car Electronics & Communication Accessories: Passenger Cars Vehicle Type Segment Expected to Dominate the Market
A steady growth rate is projected for the global car electronics and communication accessories market in the next five years. The rise in preference for entertaining driving experience is primarily contributing to market expansion. An increment in the demand for LCD products is expected in the forecast period. Mobile chargers are the other products projected to generate significant revenue in the global market. The growing proliferation of online configuration tools for car accessories is augmenting the market growth.
The COVID-19 pandemic has dramatically stopped the sale of vehicles, negatively influencing the sale of car electronics and communication accessories. The market is estimated to regain its shape with the revival of activities in the automobile sector.APAC is projected to attain a prominent position by the end of the forecast period. Europe is projected to exhibit rapid market growth in the coming years on the back of increasing demand.Market players are collaborating with car manufacturers to expand their market.
They are focused on strengthening their presence in the e-commerce segment to enhance their market penetration.Established players profiled in the global market include Delphi Automotive, Pioneer Corporation, TomTom International, Garmin Ltd., Alpine Electronics, Inc., Lighterking Enterprise Co. Ltd., and Sony Corporation.
Car electronics and communication systems are accessories in cars that enhance the overall driving experience of vehicle owners in terms of entertainment and connectivity. A wide range of car electronics accessories and communication systems are available in the market each serving different purposes such as car LCDs, car stereos, speakers, GPS systems, and Bluetooth kits among others. The global car electronics and communication accessories market is projected to exhibit a CAGR of 5.7% in terms of value and 3.6% in terms of volume during the forecast period (2016–2024).
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- Pioneer Corporation
- Garmin Ltd.
- Sony Corporation
- Alpine Electronics, Inc.
- Delphi Automotive
- TomTom Internationa
- JVC Kenwood Corporation
- Lighterking Enterprise Co. Ltd.
Key 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 of the 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 during the period 2016 – 2024.
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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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; and by Distribution Channel into OEM and Aftermarket.
The LCDs product type segment is anticipated to register a CAGR of 5.6% over the forecast period while the Mobile Chargers segment is expected to witness a CAGR of 5.1% between 2016 and 2024. The Passenger Cars vehicle type segment is expected to dominate the global car electronics and communication accessories market during the forecast period and is anticipated to account for 93.0% value share by 2016 end.
By distribution channel, the Aftermarket segment is expected to dominate the global car electronics and communication accessories market over the forecast period. While in terms of value and volume, the OEM segment is anticipated to expand at a higher CAGR as compared to the Aftermarket segment during the forecast period.
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The global car electronics and communication accessories market has been segmented on the basis of region into North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa. The APAC region is estimated to account for a comparatively high volume share of the global car electronics and communication accessories market by 2016, while in terms of value, Europe is expected to maintain its dominance in the global car electronics and communication accessories market during the forecast period.
The APAC market is estimated to hold 33.4% revenue share in 2016 while Europe is anticipated to account for 31.7% market revenue share by 2016.
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Key market players
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. are some of the leading companies operating in the global car electronics and communication accessories market.