Based on product type, the market is categorized into mobile chargers, music systems, LCDs and cigarette lighters.
New York City, NY -- (SBWIRE) -- 02/27/2017 -- Car electronics and communication systems fall under car accessories used for enhancing the driving experience in terms of connectivity and entertainment. Consolidation of several market distribution channels, increasing joint ventures between manufacturers of communication accessories and car electronics, expansion of e-retailing in automotive aftermarket among emerging markets and online configuration tools adoption for car accessories are some of the trends observed in the global car electronics and communication accessories market. This market is estimated to witness 5.7% CAGR in terms of value and 3.6% CAGR in terms of volume over the forecast period, 2016 to 2024, according to the report by Persistence Market Research (PMR).
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Key market players operating in the global car electronics and communication accessories market include Sony Corporation, Garmin Ltd., Alpine Electronics Inc., JVC Kenwood Corporation, Pioneer Corporation, TomTom International, Delphi Automotive, Blaupunkt, Clarion Co. Ltd. and Lighterking Enterprise Co. Ltd.
LCDS and Mobile Chargers to Remain Lucrative During 2016 to 2024
Based on product type, the market is categorized into mobile chargers, music systems, LCDs and cigarette lighters. LCDs and mobile chargers product type segments are estimated to witness 5.6% CAGR and 5.1% CAGR respectively during the forecast period, 2016 to 2024, as per PMR's report.
Passenger Cars to Hold Dominance over the Global Car Electronics and Communication Accessories Market
Based on vehicle type, the market is bifurcated into pickup trucks and passenger cars. Passenger cars segment held 93% share of market value in 2016 and it is estimated to remain dominant in the global market for car electronics and communication accessories during the forecast period.
OEM Estimated to Reflect Higher CAGR than Aftermarket During 2016 to 2024
Based on distribution channel, the market is bifurcated into aftermarket and OEM. Aftermarket is expected to remain a dominant distribution channel segment in the global market for car electronics and communication accessories during the forecast period. Whereas, in terms of volume and value, OEM is estimated to register a higher CAGR than aftermarket during the forecast period.
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Availability of technically advanced communication systems and car electronics accessories, increasing consumer attraction of an entertaining driving experience, overall automotive industry growth, increasing consumer investments in car accessories and demand growth of car accessories and communication systems are factors fuelling the growth of global market for car electronics and communication accessories. Inherent design complexity, significant fragmentation and, inferior quality and counterfeit car electronics and communication accessories are factors hindering the growth of global market for car electronics and communication accessories during the forecast period.
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Europe to Remain Dominant in the Global Car Electronics and Communication Accessories Market During 2016 to 2024
Region-wise, the market is categorized into North America, Europe, Middle East & Africa (MEA), Latin America and Asia Pacific (APAC). In terms of volume, Asia Pacific held comparatively higher volume share of the overall market in 2016. Europe is estimated to remain dominant in the global market for car electronics and communication accessories in terms of market value during the forecast period.
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