The mobile electronics segment of the specialty-equipment industry continues to maintain its upward trajectory, both in the number of new products it introduces each year and the total market share it consumes.
Over the last three years for example, the number of mobile electronic products entered into the “Best New Mobile Electronics Product” category of the SEMA Show New Products Showcase grew, on average, 35% per year.
In 2005, there were only 46 entries, compared to 69 the following year and 83 in 2007. Product categories experiencing the highest growth from 2006 to 2007 included multimedia receivers w/ GPS navigation (250%), stereo speakers (133%), GPS navigation (83%), backup camera/parking assistance and hands-free cellphone (50% each).
This surge in product entries has given rise to the growth of the overall mobile electronic market within the specialty-equipment industry. In 2005, total mobile electronics sales reached $5.5 billion—15% of the market—and jumped 11% to $6.1 billion in 2006, or 16.5% of the market at the retail level.
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Source: SEMA Research & Information Center