Spending on auto products is not a priority for consumers in 2021. The Annual Report of Vehicle Registrations showed that Colombia ended with a cumulative of 188,655 units for the entire financial year of 2020.
In-car entertainment is normally purchased to upgrade used cars, as installing equipment normally invalidates the manufacturer’s warranty on new cars and reduces their value. Therefore, typically, the cars which are upgraded by their owners are in the medium- and low-ranges, with such car owners renovating their vehicles as a hobby.
Colombians are increasingly using smartphones to follow directions, rather than in-car navigation systems which are becoming obsolete. As music is typically played through the stereo which originally comes with the car, new product launches in in-car entertainment are becoming increasingly focused on providing smartphone connectivity and multi-functionality.
The installation of tablets that allow the co-pilot and other passengers in the car to enjoy audio-visual content whilst in transit, is a trend which has been gaining momentum in recent years. This trend is expected to continue over the forecast period, driving new product innovation, and being one of the forms of in-car entertainment which can help stimulate the overall category on a national level.
Whilst sub-categories in in-car entertainment are being negatively impacted by the lower sales of cars, connectivity options with different types of devices are growing as one of the key selling points. Within this, car manufacturers are directly selling their own systems, pointing out the multiple ways to connect different systems and devices.
In-car entertainment categories, unlike other consumer electronics categories, are mostly found outside of retail channels such as supermarkets and specialised technology stores, since their display involves a lot of space and, due to the particularities of the products, they do not generate profits compared to the cost of the space invested in their display. Therefore, we are seeing expansion through online retail channels such as Éxito.
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This report originates from Passport, our In-Car Entertainment research and analysis database.
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