According to Euromonitor International's Voice of the Consumer: Mobility survey, car ownership levels in the US during the post-pandemic have remained considerably below pre-pandemic levels. The survey highlights that in 2023, only 71% of respondents reported owning an automobile, a substantial decline from the 76% reported in 2020.
According to the latest data from Euromonitor International's Voice of the Consumer: Mobility survey, recent years have seen significant shifts in driver's license ownership across different generations of adults in the US. On the one hand, those from the baby boom generation have emerged as the only generation to experience an increase in driver's license ownership, with figures rising from 92% in 2022 to 94% in 2023.
As mentioned above, improvements in the factory-fitted in-car entertainment systems in recent years have meant diminishing demand for aftermarket in-car entertainment as consumers are much more likely to be satisfied with the quality and functions of the in-car entertainment systems that their cars come equipped with when new. Moreover, the increasing complexity of electronics in new vehicles and the reduced opportunities to integrate aftermarket equipment have placed huge limits on aftermarket upgrades for in-car entertainment systems.
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In-car Entertainment consists of In-Dash Media Players, In-Car Navigation, and In-Car Speakers.See All of Our Definitions
This report originates from Passport, our In-Car Entertainment research and analysis database.
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