Car Electronics Accessories And Communication MarketSize and Trends

The global car electronics accessories & communication market is estimated to be valued at US$ 85,289.9 million in 2021 and is expected to exhibit a CAGR of 5.8 % over the forecast period (2021-2028).

Figure 1. Global Car Electronics Accessories & Communication Market Value (US$ Mn), by Region, 2020

Asia Pacific held dominant position in the global car electronics accessories & communication market in 2020, accounting for 33.2% share in terms of volume, followed by Europe and North America, respectively. Rapid adoption of the car is driving the global car electronics accessories & communication market.

Figure 2. Global Car Electronics Accessories & Communication Market Share, By Vehicle Type, 2020

Key Takeaways of the Graph:

Among Vehicle Type, the Passenger Cars held dominant position in the market and accounted for 92.7% share in the global car electronics accessories & communication market in 2020. The segment is expected to reach US$ 116,933.90 million in 2028. This owing rapid adoption of automotive vehicles in the Asia Pacific region.
Among Distribution Channel, the Aftermarket held dominant position in the market and accounted for 73.0% share in the global car electronics accessories & communication market in 2020. The segment is expected to reach US$ 91,982.73 million in 2028. This is owing to growing consumer preference for in-car entertainment and communication accessories

Market Trends

Distribution Channel Consolidation

The most recent trends adopted in the car interior accessories in developed markets such as North America is the distribution channel consolidation. The aftermarket and retailers hold a major chunk in the North America car accessories market. The manufacturers and suppliers are increasing consolidation in their distribution networks with the large distributors and retailers in the aftermarket. The distributors require large suppliers with product expertise, supply chain services and global footprint. The suppliers provide opportunities to the distributors to streamline their supply base of vendors in the supplier’s products by virtue of supplier or manufacturers’ product expertise and broad offering for mutual benefits.

Constantly evolving Russian automotive aftermarket

The Eastern European automotive aftermarket, specifically the Russia automotive aftermarket is expected to grow at an annual rate of 5 %- 15 %. The competitive intensity of the Eastern European market is moderate with lot of potential. The Eastern European market will be the sweet spot for car accessories manufacturers, with better distribution networks and sales. The Russian automotive market has seen declining trend in car sales in the past two years 2014 and 2015 due to the deteriorating macroeconomic situation. However, the car sales is anticipated to regain its pace by the end of 2017 and flourish by 2021, which in turn will witness demand for car accessories in the region.