by The In-Vehicle Infotainment Market is estimated to be valued at US$ 24.85 Bn in 2023 and is expected to exhibit a CAGR of 10.8%.8%8%%over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
In-Vehicle Infotainment systems refer to hardware and software solutions installed in vehicles to provide audio or video entertainment to occupants.These systems offer audio entertainment via AM/FM radio and audio players, rearview camera display, voice command control, Bluetooth connectivity for calls and audio streaming, navigation assist, and smartphone app integration among other features. They provide convenience, safety and enriched in-cabin experience to drivers and passengers.
Market Dynamics:
Adoption of advanced connected solutions with capabilities such as over-the-air updates and integrated AI is one of the major drivers propelling demand for In-Vehicle Infotainment systems. Manufacturers are focused on developing products leveraging latest technologies like 5G connectivity, artificial intelligence, and augmented reality which is anticipated to boost adoption. Growing consumer demand for immersive entertainment and convenience features during travel is another key factor augmenting the market growth. Furthermore, government mandates in countries for driver assistance and safety features are prompting auto makers to equip advanced In-Vehicle Infotainment hardware, thus favoring market expansion. However, high installation and maintenance costs pose challenges to widespread adoption of these solutions.
Segment Analysis
The in-vehicle infotainment market can be segmented into hardware and software. The hardware segment dominates the market as it provides navigation, connectivity and entertainment features in vehicles. This segment includes screens, infotainment controllers, control panels and speakers, all of which experience high volumes of sales.
PEST Analysis
Political: No major regulations exist regarding vehicular infotainment systems. Some countries offer tax credits for new vehicles equipped with advanced safety and connectivity features.
Economic: The rise of on-demand mobility services and ride-hailing has boosted demand for connected vehicles with advanced infotainment and localization features. Most automakers are investing in connectivity and personalization.
Social: Modern consumers demand advanced in-cabin technologies for entertainment, productivity and safety. Social connectivity features also enhance the driving experience.
Technological: Developments in areas like connectivity, AI, cloud computing and 5G networks are fueling innovations in intelligent assistants, location-based services, over-the-air updates etc. Integration of infotainment with advanced driver assistance systems aids driver convenience.
Key Takeaways
The Global In-Vehicle Infotainment Market Size is expected to witness high growth, exhibiting a CAGR of 10.8 %over the forecast period, due to increasing integration of advanced connectivity and safety features in modern vehicles. Asia Pacific is projected to emerge as the fastest growing as well as the largest market for in-vehicle infotainment during the forecast period, with China and India being the major countries.
Regional analysis: Asia Pacific is projected to emerge as the fastest growing as well as the largest market for in-vehicle infotainment during the forecast period. This can be attributed to rising vehicle production and sales led by countries such as China and India. Additionally, changing mobility patterns and rapid adoption of new-age technologies are fueling demand.
Key players: Key players operating in the in-vehicle infotainment market are Panasonic Corp Denso, Harman International, Tom-Tom, Continental AG, Bosch, Blaupunkt Inc., Magneti Marelli, Alpine Electronics Inc., Kenwood, Delphi, Visteon, Clarion Corp., Bose, Pioneer, and Aisin. Major players are focused on integrating advanced technologies to gain market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
