Car Electronics and Communication Accessories Market Will Amass US$ 100.75B by 2024

(Newswire.net — June 20, 2017) New York City, New York — PMR’s report projects the global car electronics & communication accessories market to register a moderate growth during the forecast period 2016 to 2024. Leading market players are focusing on vertical integration of supply chain and collaborating with automotive manufacturers for escalating their value chain, gaining a firm foothold in the market.

APAC to be the Largest Market for Car Electronics & Communication Accessories by 2024

On the basis of regions, Asia Pacific (APAC) is expected to be the largest market for car electronics & communication accessories, expanding at 5.6% CAGR through 2024. In 2016, sales of car electronics & communication accessories in APAC reached US$ 21.61 billion in revenues. In addition, market in Europe was evaluated at US$ 20.50 billion in 2016. This region is projected to be the second largest market for car electronics & communication accessories by 2024-end.

Based on product type, the market is categorised into LCDs, cigarette lighters, communication, music systems, and mobile chargers. LCDs are estimated to register a relatively high CAGR than other product segments during the forecast period. Revenue amassed from sales of LCDs was worth US$ 15.45 billion in 2016; by 2024 this number is expected to surpass US$ 20 billion. By vehicle type, the market is bifurcated into pickup trucks and passenger cars. Passenger cars are expected to remain dominant in the market during the forecast period. Revenues generated by sales of car electronics & communication accessories for passenger cars is expected to exceed US$ 90 billion, expanding at 5.7% CAGR through 2024.

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Factors Influencing Growth of the Global Car Electronics & Communication Accessories Market Include

• Suring adoption of car accessories & communication systems

• Overall expansion of automotive industry

• Availability of technically advanced car electronic accessories

• Increasing consume shifts toward entertaining driving experiences

• Growth in spending by consumers on car accessories

Availability of interior quality and counterfeit car electronics & communication accessories, coupled with their inherent design complexity are some factors estimated to impede growth of the market. Highly fragmented nature of global car electronics & communication accessories market is further estimated to restrain its growth during the forecast period.

View Report Table of Contents, Figures, and Tables @ http://www.persistencemarketresearch.com/market-research/car-electronics-and-communication-accessories-market/toc

PMR’s Report Enlists Key Trends in the Global Car Electronics & Communication Accessories Market, which Include

• Growing demand for online configuration tools

• Surge in e-retailing in automotive aftermarket across merging economies

• Consolidation of market distribution channels

• Soaring number of joint ventures by manufacturers of car electronics & communication accessories

Key market players profiled in PMR’s report include Sony Corporation, Garmin Ltd., Alpine Electronics, Inc., Clarion Co. Ltd., JVC Kenwood Corporation, Pioneer Corporation, TomTom International, Delphi Automotive, Blaupunkt, and Lighterking Enterprise Co. Ltd.