Car Electronics and Communication Accessories Market 2022
the global car electronics and communication accessories market is anticipated to reach a market revenue of US$ 100.75 Bn by the end of 2024, registering a CAGR of 5.7% over an eight-year forecast period (2016 – 2024).
The car electronics and communication accessories market is growing rapidly as more and more people buy cars that are equipped with advanced technology. This is good news for consumers, who now have a wider range of products to choose from, but it can also be confusing, since there are so many different types of car electronics and communication accessories available on the market. In this article, we will take a look at some of the most popular types of car electronics and communication accessories and discuss their benefits and drawbacks.
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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.
Key Companies-
- Pioneer Corporation
- Garmin Ltd.
- Sony Corporation
- Alpine Electronics, Inc.
- Delphi Automotive
- TomTom International
- JVC Kenwood Corporation
- blue point
- Lighterking Enterprise Co. Ltd.
- Others
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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%.
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Key Questions Answered in This Report –
Which is the largest regional market for Car Electronics And Communication Accessories?
What are the upcoming trends of Car Electronics And Communication Accessories Market in the world?
What are the key driving factors for the growth of the Car Electronics And Communication Accessories Market?
What are the top players operating in the Car Electronics And Communication Accessories Market?
What are the key regions in the global Car Electronics And Communication Accessories market?
Who are the key players/companies in the global Car Electronics And Communication Accessories market?
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