Car Electronics and Communication Market 2022
the global Car Electronics and Communication 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 report published on Car Electronics and Communication Market is a comprehensive analysis that includes the key parameters and indicators critical in understanding the market. The data from the years 2022 to 2030 has been used to present the market status and size. The study also covers the overall market valuation along with the CAGR for the forecast period. The introductory chapter presents an overview of Car Electronics and Communication Market along with the product definition and market scope. The report also analyzes consumer trends regarding the products along with the industry development trends.
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Key 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
- Pioneer Corporation
- Garmin Ltd.
- Sony Corporation
- Alpine Electronics, Inc.
- Delphi Automotive
- TomTom International
- JVC Kenwood Corporation
- blue point
- Lighterking Enterprise Co. Ltd.
- Others
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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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%.
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Car Electronics and Communication Market – Report Highlights
- A detailed overview of parent market of Car Electronics and Communication Market
- Changing Car Electronics and Communication Market dynamics in the industry
- In-depth segmentation of Car Electronics and Communication Market
- Historical, current, and projected Car Electronics and Communication Market size regarding volume and value
- Recent industry trends and developments in Car Electronics and Communication Market
- Competitive landscape of Car Electronics and Communication Market
- Strategies for key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on Car Electronics and Communication Market performance
- Must-have information for Car Electronics and Communication Market players to sustain and enhance their market footprint
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