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, 2019–2026." The global in-car infotainment market was valued at $11.14 billion in 2018, and is projected to reach $21.53 billion by 2026, registering a CAGR of 8.3% from 2019 to 2026. By installation type, the aftermarket segment was the highest contributor to the market in 2018, accounting for $6.30 billion and is estimated to reach $11.0 billion by 2026, registering a CAGR of 6.9% during the forecast period. In 2018, the in-car infotainment market share accounted highest for the Asia-Pacific region.
The Asia-Pacific e region is expected to dominate the market, followed by Europe, North America, and LAMEA. In Asia-Pacific, Japan dominated the in-car infotainment market in 2018, whereas rest of Asia-Pacific is expected to grow at a significant rate during the forecast period.
The automotive industry is changing at a rapid pace due to globalization. Therefore, increase in connected vehicle, development of autonomous vehicle, and advance facilities in car are some of the factors that drive the growth of the in-car infotainment market.
The company named Panasonic Automotive announces the next generation Android™ 9.0-Powered In-Vehicle Infotainment Experience (IVX). These advanced integration features include faster integration HMI response times, more vehicle system integration, a digital cluster supportive of Google Automotive Services (GAS), continued integrative support for the “Hey Google voice assistant” and Google Maps which all run natively on Android powered Skip Generation (Skip Gen) IVI. Such innovative steps from multiple companies helping boost the in-car infotainment market share.
Developing countries such as China and Brazil are the most promising countries for the automotive sector, owing to increase in development and adoption of latest technologies used for vehicles. In the recent years, consumers have shifted their interest toward technologically advanced, safe, and secured transportation service-based vehicles for various applications in the automotive industry. The report study presents analytical depiction of the in-car infotainment market analysis along with the current trends and future estimations to depict the imminent investment pockets.
The boom in smartphone industry and aggrandized use of cloud technology significantly boost the growth of the global in-car infotainment market. It has improved system response times when interacting with infotainment systems.
However, lack of seamless connectivity and complexity of in-car infotainment devices limit the growth of the market. Integration of cloud services in in-car infotainment systems facilitates the streaming of media, online system software update, and information access. Such restraining factors impede the growth rate of the market.
Furthermore, rise in consumer demand for luxurious features and increase in demand for passenger car, facility of personalized infotainment system, and trend of using connect car devices are some parameters that ensure emerging growth opportunities for this market globally.
Many companies are conducting R&D activities to provide advance features inside the vehicle. For instance, Visteon Corporation a leading cockpit electronics supplier, is supplying its latest infotainment system and hybrid instrument cluster technology on the new Mahindra Marazzo, launched in September 2018. Visteon’s infotainment system features include a 7-inch capacitive touchscreen with haptics, CarPlay, Android Auto, voice-activated controls, native navigation, EcoSense to rank driving patterns, audio with emergency calling, Bluetooth® and a host of other features to provide a best-in-class user experience.
Key Findings of the Study:
- In 2018, by installation type, the aftermarket type segment generated the highest revenue.
- In 2018, by component type, the hardware segment was the highest revenue contributor.
- In 2018, by hardware component type, the video segment was the highest revenue contributor.
- In 2018, region-wise, Asia-Pacific contributed the highest revenue, followed by Europe, North America, and LAMEA.
The key players analyzed in the report include Panasonic Corporation, Visteon Corporation., Ford Motor Company, Harman International Industries, Audi AG, Continental AG, Bayerische Motoren Werke AG (BMW), Volkswagen Group., Alpine Electronics, Inc., and Pioneer Corporation.