According to the International Energy Agency, more than 3 million electric cars were under utility by consumers in 2017, a value that exceeded by 50% in comparison with the preceding year.This summarize the intense infusion of electric and electronics into automotive and its acceptance among consumers. Similarly, connectivity in transit provide real-time information, navigation control, internet access and security services supporting entertainment features and diver assistance has uplifted the demand of in-car infotainment market globally. As per a recent business intelligence report by IndustryARC, global market size progressing at a CAGR of 10.68% is anticipated to reach $30.01 billion by 2023. As quoted by the analyst of the report, “Increasing smartphone industry and magnified use of cloud technology has enabled higher adoption of in-car infotainment systems. With connectivity options such as Bluetooth and Wi-Fi, these systems adequately deliver updates and information on traffic conditions and weather forecast.”
The report is titled, “In-Car Infotainment Market: By Type (Navigation Systems, Terrestrial Digital Audio Broadcasting (T-DAB) Digital Radio); By Vehicle Type (Passenger Car, Light Commercial Vehicle and Heavy Commercial Vehicle); By Market (OEMs and Aftermarket); By Geography – Forecast (2018-2023).” The study incorporates all the commercial aspects of the market ranging from its end-users verticals, applications insights and regional revenue pockets to an imperative competitive landscape and pricing conditions. An unbiased topography is maintained throughout the report by the analyst via inclusion of challenging aspects pertaining to each segment assisted by effective solutions.
In-Car Infotainment Market – Leading Segments
After regional analysis of the market, Europe was estimated as the most lucrative region for in-car infotainment market. Further, European market is expected to progress at a CAGR of 9.06% with a market size of $7.2 billion by 2023. Regional growth is attributable to increase in disposable income aiding consumers with purchasing power for premium cars equipped with in-car infotainment systems. Moreover, Europe is an existing dominant market for electric vehicles. Strict regulations and mandates related to telematics, pollution control, driving assistance and stolen vehicle tracking combined with support of advanced telecom and road infrastructure support the regional market growth.
By type of vehicle, in-car infotainment market is bifurcated into light commercial vehicles, passenger cars, and heavy commercial vehicles. As per the OICA (International Organization of Motor Vehicle Manufacturers), total number of passenger cars produced in 2018 was 70,567,581. Factors such as safety, security, comfort, convenience and entertainment are the major features demanded in passenger car segment. Hence, passenger car is the fastest growing segment progressing with an application CAGR of 11.83% going through 2023 with a revenue share of $23.2 billion by 2023. With advent of automotive rental and sharing services such as Uber and Lyft, navigation systems such as GPS has wide scope of application for tracking real-time location data and information.
In-Car Infotainment Market Growth Drivers and Trends:
· Integration of smart phone has been the most dominant factor responsible for rapid adoption of in-car infotainment systems as it act as a connection between in-car infotainment systems and vehicle occupants. This integration have decreased product cost by making use of prevailing connectivity and processing power of mobiles, as OEMs are collaborating with technology solutions provider. For example, CarPlay application by Apple, takes the user interface of iPhone and lays it onto the infotainment screen of the car’s dashboard. Smartphone integration has uplifted the efficiency and performance of in-car infotainment technology, aiding to its market growth via rampant implementation by drivers.
· Heavy commercial vehicle (HCV) manufacturing has witnessed an upsurge owing to global expansion of e-commerce. With increasing volume of logistics operations and travel-time, cabin comfort, connectivity, and security are some prime concerns to increase efficiency of transportation industry. Hence, with rampant growth in e-commerce sector, logistic operations by HCV are the prime area of employment of navigation systems for real-time updates. Hence, apart from passenger cars, in-car infotainment system market is leveraging the industrial operations dependent on heavy automotive.
In-Car Infotainment Market – Key Companies:
Some of the key players operating in the in-car infotainment market are Harman International (U.S.), Panasonic Corporation (Japan), Denso Corporation (Japan), Robert Bosch GmbH (Germany), Pioneer Corporation, and Continental AG (Germany).
Talk to one of our sales representative about the full report by providing your details in the link below:
A. In-Vehicle Infotainment Market
B. Automotive Infotainment Systems Market
C. Automotive Infotainment SoCs Market
D. Next Generation In-Vehicle Networking (IVN) Market
Any other custom requirements can be discussed with our team, drop an e-mail to [email protected] to discuss more about our consulting services.
To request for a quote, provide your details in the below link:
Mr. Venkat Reddy
Email: [email protected]
Contact Sales: +1-614-588-8538 (Ext-101)
About IndustryARC: IndustryARC is a research and consulting firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.