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In-Car Infotainment Market Expected to Reach $37.53 Billion by 2028-Allied Market Research

 
2022
In-Car Infotainment Market

Report Code : A00580

quote By installation type, the aftermarket segment is estimated to dominate the market, in terms of revenue. Whereas, the OEM segment is projected to grow relatively faster than that of aftermarket segment during the forecast period. In addition, the hardware segment dominated the global In-Car Infotainment market in 2020. Region-wise, Asia-Pacific is estimated to be the highest revenue contributor and is anticipated to maintain its dominance during the forecast period. quote

Prateek Yadav
Lead Analyst, Automotive and Transportation at Allied Market Research

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According to a recent report published by Allied Market Research, titled, “In-Car Infotainment Market by Installation Type and Component: Global Opportunity Analysis and Industry Forecast, 2021–2028”, The global in car infotainment market was valued at $21.41 billion in 2020, and is projected to reach $37.53 billion by 2028, registering a CAGR of 7.5%.

Asia-Pacific dominates the market at present, followed by Europe and North America. In the Asia-Pacific region, China dominated the global in-car infotainment market in 2020, and is expected to maintain its dominance during the forecast period. Whereas India is expected to grow at a significant rate in Asia-Pacific, owing to the increasing purchasing power and rising passenger vehicle demand in the region.

The factors such as rise in demand for smartphone integration in in-car infotainment systems is also reinforcing the adoption of in-car infotainment systems. Hence, companies have introduced advanced in-car infotainment systems compatible with all smartphones. Android auto and apple car play allows the user to connect smart phones to the in-car infotainment systems. Furthermore, growing trend of connected cars and increasing adoption of cloud technology is also foreseen to boost the in-car infotainment demand during the forecast period.

However, lack of seamless connectivity restrains the market growth. Lack of proper internet connectivity end users cannot access or use live media streaming feature. Poor connectivity in network is observed in some areas where continuous atmosphere changes due to heavy rain, thick snowfall, and atmospheric smog directly leads to interruption in the constant network. Thus, lack of uninterrupted, seamless connectivity is still one the hurdles for the in-car infotainment system market growth

The growth in demand for safety, comfort, and aesthetic features have led to several technological advancements in vehicles such as use of cloud supported infotainment system which subsequently increases the comfort level of the passengers inside. With rapid development in cloud technology and its application, end users demand live streaming facility for music, internet radio, and smartphone integration.

Aggrandized cloud technology has enabled the live media-streaming feature and enhanced convenience of the end users, while using infotainment system. Cloud adoption allows on-demand entertainment from cloud-based sources to in-car infotainment systems instead of local media databases including CD/DVD players and Bluetooth. In addition, in-car infotainment systems allow storage and sharing of media files such as music, video, and photos over the cloud network and saves local storage space. Therefore, it provides huge impetus to the global in-car infotainment market growth

The rise in demand for smartphones boosts the growth in demand for smartphone integration in in-car infotainment systems. Hence, companies have introduced advanced in-car infotainment systems compatible with all smartphones. Android Auto connects smartphone to car's touchscreen infotainment system so the two can work together with the use of smartphone/Wi-Fi, digital dashboard that helps driver to navigate, make calls, play music, and perform other tasks hands-free. For instance, Volkswagen Passat started offering internet connectivity-based infotainment system in some region. In addition, multiple companies are planning to launch smart infotainment system in untapped countries with the help of smartphone integration. Thus, rise in smartphone adoption creates immense opportunities for the global in-car infotainment market.

Where once rear seat entertainment was only for high-end, premium passenger vehicles, they are on the verge of becoming mainstream in lower end passenger vehicle categories, as the requirement for vehicle integrated hardware is reduced. On the other hand, potential for new media & entertainment services is a huge and untapped opportunity for the passenger vehicles and the ongoing pandemic has played its part in bolstering the evolution of media consumption habits which is further foreseen reinforce the demand for in-car infotainment in upcoming years.

COVID-19 impact analysis:

  • Due to COVID-19 pandemic, the passenger car market has witnessed low sales volume demand which resulted in drop in revenues for in-car infotainment systems.
  • Amid lockdown, shutdown of various manufacturing facilities and shipping delays has made getting a new and replacements parts a challenge. Furthermore, low inventory, considerable demand and higher prices for parts has resulted in the price of in-car infotainment systems to rise significantly

Key Findings Of The Study

  • In 2020, by installation type, the aftermarket segment generated the highest revenue.
  • In 2020, by component, the hardware segment was the highest revenue contributor.
  • In 2020, region-wise, Asia-Pacific contributed the highest revenue, followed by Europe, North America, and LAMEA.

Key players operating in the global in-car infotainment market are Alps Alpine Co., Ltd., Samsung Electronics Co., Ltd., Panasonic Corporation, Pioneer Corporation, Audi AG, BMW Group, Continental AG, Ford Motor Company, Visteon Corporation and Volkswagen AG.

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quote In-Car Infotainment Market by Installation Type (OEM and Aftermarket) and Component (Hardware and Software): Global Opportunity Analysis and Industry Forecast, 2021–2028 quote

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