In-car entertainment sales have been following a declining trend for the past decade and this has been further accelerated by the event of COVID-19. The ongoing decline has been caused by inflation in the TRY, high interest rates, and other economic factors which have combined to drive vehicle sales down.
In 2021, in-car navigation volume sales continued to be adversely affected by the presence and popularity of navigation apps in smartphones. Smartphone ownership in Turkey is very high, and those people who can afford to purchase a car certainly also own a smartphone.
Digicom AS is maintaining its unchallenged lead in the otherwise fragmented category of in-car entertainment in 2021, which has been supported by consumer demand shifting towards strong and established brands. For example, as seen with leading brands Pioneer and Roadstar (both from top player Digicom) gaining shares due to their reputations of durability and quality.
In 2022 and beyond, the effects of COVID-19 are expected to start diminishing and mobility restrictions will lift, meaning that people will start commuting by cars again. Whilst this will not spring in-car entertainment sales back into positive figures, the declines seen will become smaller across the forecast period.
E-commerce has seen a boost during the time of COVID-19, as a result of the closure of non-essential brick-and-mortar stores. This trend is set to continue over the forecast period, as consumers have become accustomed to the convenience online shopping offers.
The majority of finished in-car entertainment products and raw materials are imported into the country, meaning that the prices of these products are affected by the fluctuations in the exchange rates between the TRY, USD and EUR. As such, the devaluation of the TRY over the recent review period has resulted in double-digit growth in average unit prices and this looks set to continue, to a degree, over the forecast period – albeit at lower rates.
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This report originates from Passport, our In-Car Entertainment research and analysis database.
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