Total sales of new vehicles, as reported by CAVENEZ (the Automotive Chamber of Venezuela) decreased by 27% to reach 889 units in the first quarter of 2018, while sales had already fallen in the previous quarter. Although total production capacity has been estimated at 240,000 vehicles per year, fewer than 1,774 vehicles were produced and sold in Venezuela in 2017.
Traditionally, in-car navigation devices have been a niche for “mudders” or “fun racers”, who are drivers of all-wheel-drive vehicles who go on trips to the jungle or to other isolated areas of the country; however, since 2011, fun racing has been banned by the government because of the environmental damage caused to national parks. More recently, a satellite detection system that is not designed for navigation has become a good substitute for car insurance, allowing car owners to know where their vehicle is at any given time.
The most important retail channel within in-car entertainment is other non-grocery retailers, which includes stores selling car parts. Installation costs are usually included in the price of in-car entertainment devices.
Pioneer and JVC are well-known brands among consumers and are symbols of quality in the country. In addition, the varieties of models they offer support their positions in Venezuela.
The competitive landscape for in-car navigation products is very concentrated, since only Garmin and Ingeomaps – a domestic brand – offer maps for Venezuela. Garmin has more options in terms of map compatibility than Ingeomaps and continued to be the leading brand within in-car navigation in 2018.
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This industry report originates from Passport, our Consumer Electronics market research database.