Best Buy’s car audio and electronics sales fell by double digits in 2013 compared to the year earlier, according to a TWICE magazine report.
The chain’s sales dropped close to 15 percent, in a decline of $136 million.
Best Buy’s total business in car audio (excluding installation) is pegged at $793 million, down from $929 million in 2012, according to the TWICE Top 25 Car Electronics Retailers report, based on research by The Stevenson Company.
Best Buy car audio sales were closer to $1.5 billion in 2008, so sales have fallen by half since that time, according to past TWICE reports.
Best Buy would not confirm the findings. A spokeswoman for the chain of approximately 1,461 stores, said the company does not reveal sales in specific product categories.
Of course, Best Buy is not alone, as the car audio has shrunk steadily in recent years and fell by about 6 percent in 2013, according to the Consumer Electronics Association.
Specialists, however, are winning a larger portion of the remaining pie.
Where car audio specialists held a 5.7 percent share of the market in 2012, they took a 6.6 percent share of the market in 2013, said the report.
If you haven’t already read the TWICE report, we encourage you to click here and take a look.
Source: TWICE
