In-Car Infotainment Market is projected to grow USD
New York, US, Feb. 09, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “In-Car Infotainment Market, By Component, Vehicle Type, Connectivity, Installation— Forecast till 2030, The global in-car infotainment market size is projected to be worth USD 11,940.2 million, with a registered CAGR of 7% from 2022 to 2030.
In-Car Infotainment Market Overview:
The global in-car infotainment market is garnering significant revenue growth. The increasing market penetration and popularity of automotive infotainment systems drive market growth. Besides, advances in communication technologies, such as the internet and Bluetooth, boost the market size. Customers increasingly prefer infotainment and audio solutions equipped with wireless connectivity.
Most modern-day vehicles are equipped with a touch screen infotainment system with Apple CarPlay and Android Auto connectivity features. Market players are striving to redefine aftermarket infotainment with AI and ML. According to Market Research Future (MRFR), the global in-car infotainment market is projected to grow at a notable CAGR during the forecast period (2021-2030).
There is a considerable proportion of existing automotive infotainment systems. Rising competition among industry players regarding price, functions, quality, and design has led to high investments in R&D. Manufacturers are launching innovative and elegant designs to attract consumers. The proliferation of wireless and smart infotainment systems and integration with IoT, ML, and AI are greater enablers for in-car infotainment systems.
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Players leading the global in-car infotainment market include-
- Ford Motor (US)
- Volkswagen Group (Germany)
- General Motors Company (US)
- Denso Corporation (Japan)
- Harman International Industries (US)
- Fujitsu Ten Limited (Japan)
- Visteon Corporation (US)
- BMW (Germany)
- Panasonic Corporation (Japan)
- Delphi Automotive (UK)
- Apple Inc (US)
In-Car Infotainment Market Report Scope:
|Market Size||2030: USD 11,940.2 Million|
|CAGR||7% CAGR (2022-2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Component, Vehicle Cars, and Installation|
|Geographies Covered||North America, Europe, Asia-Pacific, and the Rest of the World (RoW)|
|Key Vendors||Volkswagen Group (Germany), General Motors Company (US), Denso Corporation (Japan), Ford Motor (US), Harman International Industries (US), Visteon Corporation (U.S.), BMW (Germany), Fujitsu Ten Limited (Japan), Panasonic Corporation (Japan), Delphi Automotive (UK), Apple Inc (US).|
|Key Market Opportunities||Government Regulations for Traffic Safety are Increasing|
|Key Market Drivers||An increase in the advancement in technology|
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Increasing demand for infotainment systems and the rising preference for driver assistance systems (DASs) drive the market demand. Due to the proliferation of DAS, automotive players are increasingly getting interested in vehicle automation. They make substantial R&D investments to advance technological innovations. Also, the rising demand for vehicles equipped with DASs fuel the expansion of in-car infotainment systems across the globe.
Additionally, increased support for open-sourced standard platforms for application development and provision for smartphone integration with IVI systems substantiate the market shares. The rising demand for in-car infotainment systems from top-tier automotive companies, alongside the increasing production of vehicles and integration of infotainment with other systems, pushes the growth of the market.
In-Car Infotainment Market Segments
The in-car infotainment market is segmented into components, vehicle types, connectivity, installation, and regions. Of these, the component segment is bifurcated into hardware (display units, audio units, others) and software. Similarly, the vehicle type segment is bifurcated into passenger cars, light commercial vehicles (LCV), and heavy commercial vehicles (HCV).
The connectivity segment is bifurcated into V2V, mobile, and voice control. The installation segment is bifurcated into OEM and aftermarket. Further, the region segment is bifurcated into the Americas, Asia Pacific, MEA, and rest-of-the-world.
In-Car Infotainment Market Regional Analysis
Europe dominates the global in-car infotainment market, with the strong presence of leading in-car infotainment providers and automakers. The region is the largest market for major automotive brands and futuristic luxury vehicles. Besides, the large consumer base in the region creates a vast demand for in-car infotainment systems. The market also benefits from R&D projects undertaken by major automobile manufacturers.
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European Union (EU) has mandated telematics control systems, especially in passenger cars, which is a key driving force behind the market growth. Additionally, the vast popularity of in-car infotainment systems and rising disposable incomes boost the region's market shares. The European in-car infotainment market would maintain its leading position throughout the assessment period.
North America is another lucrative market for in-car infotainment systems in terms of market value as well as demand. The matured economy and growing investments in the automotive industry, which is undergoing a massive transformation, are key driving forces. Additionally, the rising demand for in-car infotainment systems in the passenger car segment drives the growth of the regional market. With its significant investments in advancing technologies and the vast availability of various innovative infotainment products, the US dominates the North American in-car infotainment market.
The Asia Pacific region also accounts for a sizable share of the global in-car infotainment market. The region is undoubtedly a promising market for automotive electronics. Additionally, emerging economies, with their growing GDP and increasing per capita income, create significant scope for in-car infotainment systems. Moreover, the rapidly shifting production bases of several global automotive infotainment developers and technological advances influence the region's market shares.
In-Car Infotainment Market Competitive Analysis
The in-car infotainment market appears highly competitive and fragmented, with many notable players operating with their proprietary technologies. Players collaborate with other players to reduce the cost of development and market risk. In-car infotainment providers are increasingly forming strategic partnerships and collaborations to benefit from each other's marketing platforms.
Autonomous driving, digital connectivity, and sophisticated in-car entertainment are the key areas for market players to explore and stay ahead of the market competition. Leading global luxury car brands tie up with several leading technology companies to make their vehicles more attractive to buyers.
They also collaborate in the fields of big data, IoT, and urban mobility. Currently, various carmakers also plan to assemble battery-powered EV models, pursuing the best infotainment, autonomous driving, and digital connectivity technologies for their upcoming electric vehicles (EVs).
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For instance, on Nov.15, 2022, Tietoevry, a leading technology company with global capabilities and a strong Nordic presence, announced a partnership with HaleyTek, a JV between Volvo Cars and ECARX, a company developing software for android-powered infotainment systems, to provide drivers and passengers with a high-end Android-based in-car infotainment experience Polestar and Volvo Cars.
These companies will focus on developing the software platform that enables a smooth in-car audio experience, introducing openness, customization, and scale of the Android power to automotive infotainment systems. Android Automotive, a version of the Android OS tailored for in-car infotainment systems. The full-stack open-source OS has been gaining tremendous interest from car manufacturers around the world.
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