NEW YORK, October 5, 2016 /PRNewswire/ --
Global Car Electronics and Communication Accessories Market Estimated to be Valued at US$ 64.65 Bn by 2016 End; LCD Segment Likely to Register a High CAGR by 2024
According to a recent report published by Persistence Market Research titled "Car Electronics & Communication Accessories Market: Global Industry Analysis and Forecast 2016-2024", the global car electronics and communication accessories market is registering a CAGR of 5.7% over an eight-year forecast period (2016 - 2024).
"Leading market players featured in the report are Sony Corporation, Pioneer Corporation, Garmin Ltd., TomTom International, Alpine Electronics, Inc., Delphi Automotive, Clarion Co. Ltd., Blaupunkt, JVC Kenwood Corporation, and Lighterking Enterprise Co. Ltd".
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.
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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 segmented into:
- By Product Type - LCDs, Mobile Chargers, Cigarette Lighters, Music System, and Communication
- By Vehicle Type - Passenger Cars and Pickup Trucks
- By Distribution Channel - OEM and Aftermarket
- By Region - North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa
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"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%".
View Report Table of Contents, Figures, and Tables: http://www.persistencemarketresearch.com/market-research/car-electronics-and-communication-accessories-market/toc
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SOURCE Persistence Market Research Pvt. Ltd.