The Global Car Electronics and Communication Accessories Market is estimateed to reach at a high CAGR of 7.8% during the forecast period (2022-2029).
Car electronics and communication systems are kinds of accessories in cars that increase the overall driving experience of vehicle owners in terms of connectivity and entertainment. A diverse range of car electronics accessories and communication systems are available in the market each serving different purposes such as car speakers, GPS systems, car LCDs, car stereos, and Bluetooth kits among others.
The global car electronics & communication is expected to witness robust growth during the forecast period. This growth is attributed to socio-economic factors such as rapid urbanization, an increasingly affluent population, economic growth, and improving living standards. Furthermore, growing sales of passenger cars and luxury vehicles are expected to augment the market growth during the forecast period.
Increasing consumer spending on car accessories
Increasing consumer spending on car accessories and growing demand for advanced car accessories and communication systems is contributing factor to the growth of the global car electronics and communication accessories market. Growing car requirements and the increasing tendency for vehicle customizations are some of the main reasons predicted to augment the growth market. The automotive sector constantly introduces new technologies such as new lighting systems, biometric entry to cars, and dynamic window displays among others. These advancements are expected to surface tremendous opportunities shortly.
Rising consumer inclination towards an entertaining driving experience
Rising consumer readiness towards an entertaining driving experience, technically advanced car electronic accessories, and communication systems are expected to significantly drive the market growth during the forecast period. Advanced automotive accessories also give a sleek look and comfort to the vehicle. The interior gadgets including MP3 players, LCDs, microphones, and stereo systems offer fun during long journeys. Seat coverings are the most common accessories for automobiles. Hence, these are the key factors in the automotive sector that are likely to boost the growth of the global car electronics and communication accessories market over the forecast period.
COVID-19 Impact Analysis
COVID-19 affected the global economy in many forms, such as directly affecting demand and production, supply chain distraction, and financial impact. COVID-19 pandemic has highly affected the global car electronics & communication accessories market and production of vehicles due to the shutting down of factories and supply chain disruptions. Hence, the market is estimated to regain its shape with the revival of activities in the automobile sector
Based on the Type, the global car electronics & communication accessories market has been classified as LCDs, mobile chargers, GPS systems, speakers, and others.
LCDs Segment To Dominate The Market Owing To Wide Application
The LCDs are installed in the dashboard of the car which is usually used for navigation and video purposes. Most of the LCDs are touch screens and have a typical amount of video storage. Furthermore, the LCDs product type segment is anticipated to register the highest growth in terms of CAGR during the forecasting period.
Based on the Application, the global car electronics & communication accessories market has been classified as passenger car and commercial vehicles.
The passenger car segment is expected to dominate the market through the forecast period
Passenger cars are used for transportation purposes of passengers whereas commercial Vehicles/vehicles are used to transport passengers as well as goods. Furthermore, the passenger car vehicle type segment is expected to dominate the global car electronics and communication accessories market in terms of value share during the forecast period. Growing demand for passenger cars in developing countries such as India, China, ASEAN, Brazil, and South Africa among others is expected to drive the demand for car electronics & communication accessories in the passenger cars segment.
Based on geography, the study analyzes the Global car electronics & communication accessories market in the global market, including Europe, Asia Pacific, North America, South America, and the Middle East & Africa.
The Asia Pacific to lead the global car electronics & communication accessories market throughout the forecast period
The Asia Pacific region accounted for a comparatively high volume share of the global car electronics and communication accessories in 2019. The market is expected to register high growth during the forecast period due to the easy & cheap availability of raw materials and components due to the presence of several suppliers in this market as compared to other regions. 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 global car electronics & communication accessories market is highly fragmented and competitive. The key players in the global car electronics & communication accessories market which are contributing to the growth of the global market include Pioneer Corporation (Japan), Garmin Limited (US), TomTom International (Netherlands), Alpine Electronics, Inc. (Japan), Delphi Automotive (UK), Clarion Co. Ltd. (Japan), Blaupunkt (Germany), JVC Kenwood Corporation (Japan), Lighterking Enterprise Co. Ltd. and Fuxin Dare Automotive Parts Co., Ltd.
Overview: Pioneer Corporation is a Japanese manufacturer that specializes in digital entertainment products. The company was founded by Nozomu Matsumoto in 1938 in Tokyo as a radio and speaker repair shop. The company manufactures and sells audio and video equipment for industrial, household, and automobile applications. Pioneer also licenses its patented technologies for an optical disk to other businesses.
Product Portfolio: Pioneer Corporation offers various products to this market such as car audio and automotive navigation systems, LCDs, DVD drives including DVD recorders, and others.
Why Purchase the Report?
The Global car electronics & communication accessories market report would provide access to an approx. 48 market data table, 44 figures, and 180 pages.
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