Despite the limitations on outdoor activities and entertainment due to COVID-19, the in-car entertainment industry is accelerating among consumers in South Korea. This is because consumers are using karaoke services and watching films in their car rather than doing so at karaoke venues and movie theatres to avoid unnecessary exposure to the virus.
Sony Electronics of Korea Corps will retain the leading position in 2021 despite a decline in actual volume sales. In-car speakers, the key focus for the player, will continue to see declining sales as major automotive manufacturers, such as Hyundai and Kia, are increasingly enhancing their cars with these products before-sale.
Other non-grocery specialists will remain the largest distribution channel for in-car entertainment in 2021, with the channel continuing to be supported by major manufacturers. However, the category is set to see a reduced channel share for the second year running.
Over the forecast period, in-car entertainment is set to decline at a faster rate than it did in the review period. This will be especially true for in-car navigation because of the increases in before-sales and the advances in navigation applications for smartphones.
Over the forecast period, leading local players like Thinkware and Finedigital will continue to look for new consumer bases to stimulate growth and mitigate the declining aftersales expected for in-car entertainment. The increasing importance of electric cars will particularly foster the need for change.
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This report originates from Passport, our In-Car Entertainment research and analysis database.
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