USD 7.42 billion
Report ID:
SQMIG25A2137 |
Region:
Global |
Published Date: April, 2024
Pages:
223
|
Tables:
90 |
Figures:
76
Global Automotive Infotainment Market size was valued at around USD 7.42 billion in 2022 and is expected to rise from USD 8.14 billion in 2023 to reach a value of USD 17.07 billion by 2031, at a CAGR of 9.7% over the forecast period (2024–2031).
The rise in disposable incomes of consumers coupled with the advent of simple financing alternatives in emerging nations have made it possible for people to purchase passenger automobiles. This in turn has increased the demand for technologically advanced vehicles installed with practical entertainment systems. In order to improve the functionality of existing infotainment systems, significant vehicle manufacturers are concentrating on collaborative sophisticated technologies such as driver assistance, augmented reality real-time data collection, and this has all been possible with thh advent of the Internet of Things (IoT). The improvement of drivers' safety and experience brought about by the incorporation of the aforementioned technologies into automobiles is projected to augment demand for automotive infotainment systems, thereby boosting market growth.
The recent pandemic proved to be a barrier, despite the fact that a number of favorable aspects are anticipated to fuel market expansion. Due to a disturbance in the supply of equipment and raw materials brought on by the pandemic, the automotive sector was forced to completely cease manufacturing. The automobile industry had increased demand after the lockdown was lifted, which was met by a shortage of vehicles due to halted manufacturing. The demand for crucial semiconductor parts, such as the chipset, caused the manufacture of automobiles to further stop.
The entire automotive industry needs a chipset because it makes it possible for cars to navigate, communicate, and control. Due to their use in automobiles, chipset shortages have become a significant constraint. However, in order to control output during the chipset scarcity that occurred, the automakers started making replacement models with fewer features. For instance, BMW started delivering its vehicles to consumers without CarPlay and Android Auto capabilities in their infotainment systems and built-in Wi-Fi in a number of nations, including the United States, the United Kingdom, Spain, Italy, and France, in May 2022.
Technology has progressed as a result of a growing focus on driver safety, as automakers have begun incorporating advanced driver assistance systems (ADAS) and digital monitoring systems (DMS) into vehicles. Drivers can avail an added advantage of using regulation and monitoring services in a vehicle with the latest technology. Additionally, their traffic update feature and parking assistance features of DMS and ADAS will improve the overall driving experience. The market for vehicle infotainment is projected to witness new growth opportunities as a result of these technical developments in driver safety.
Additionally, the infotainment system collects data about the car in real-time. It returns it to the maker because data is a crucial component of the digital proof that auto insurers and law enforcement officials use to solve accident cases.
US Automotive Infotainment Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 7.42 billion
Largest Segment
Heads-up Display
Fastest Growth
Display Unit
Growth Rate
9.7% CAGR
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The global automotive infotainment market is segmented based on product type, fit type, vehicle type, and region. In terms of product type, the market is segmented into audio unit, display unit, heads-up display, navigation unit, communication unit. On the basis of fit type, the market is categorized into OE fitted, and aftermarket. With respect to classification by vehicle type, the market is segmented into passenger cars, and commercial vehicles. Regionwise, the global automotive infotainment market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Automotive Infotainment Market Analysis by Product Type
The automotive infotainment market is divided into audio unit, navigation unit, display unit, communication unit, and heads-up display based on the kind of product. Automobile manufacturers are being encouraged to include communication units in some of the entry-level car models they have released on the market by the growing consumer demand for advanced onboard services like 3D navigation, hands-free calling, satellite radio, and media streaming. The use of entertainment systems in cars is also increased by the 5G network's increased communication unit precision and real-time data collecting speed.
Due to the growing use of Augmented Reality (AR) technology, the heads-up display segment is predicted to grow at a CAGR of 12% during the forecast period. Real-time data, including speed, arrow signs, and warning signals, can be easily presented and analyzed with the help of AR. The driver can hardly look away from the heads-up display as it shows images on the windscreen, information about the steering wheel and helps with parking. Customers of automobiles around the world therefore strongly favor heads-up display technology.
Automotive Infotainment Market Analysis by Fit Type
The aftermarket and original equipment (OE) fitted segments make up the worldwide car infotainment market. Due to its simple serviceability and low maintenance requirements, the OE fitted sector will hold a market share of 72.3% in 2022. Due to the fact that OE fitted systems are covered by the manufacturer's guarantee and that consumers are not required to pay an additional cost, OE systems are more popular than other aftermarket items, which helps the segment develop. Manufacturers can access the saved data by including OE in cars. The company's sales and marketing team can use the gathered data for campaigning objectives after that.
However, the aftermarket category is anticipated to rise significantly by 6.3% throughout the specified forecast period. As a consequence of technological advancements, the previous infotainment system has transformed into a new one, providing customers with the flexibility to select a reasonably-priced infotainment system that aligns with their preferences.
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Growth in the Asia-Pacific region is forecast to increase by 11.3% throughout the projection period. The rise in demand for automotive entertainment systems is due to the region's expanding middle class. Customers favor solutions based on augmented reality technology because they are effective, which is driving the growth of in-car infotainment systems in the field.
Europe leads to a significant portion of the worldwide market for vehicle infotainment because of the presence of major automakers. Major automakers closely engage with international software companies to offer cutting-edge infotainment systems. Because of the product launch, the corporation will increase its revenue share and maintain its global hegemony over competitors.
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Automotive Infotainment Market Drivers
Increasing Demand for in-car Entertainment
Automotive Infotainment Market Restraints
High Cost of Advanced Infotainment Systems
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The major companies offer a wide variety of goods, such as display units, communication components, navigation units, head-up displays, etc. To expand their presence in the market internationally, strategic actions are performed such as mergers and acquisitions, collaborations, and product launches.
Automotive Infotainment Market Top Player’s Company Profiles
Automotive Infotainment Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global automotive infotainment market analysis, we found that the rise in consumer disposable income in developing nations have made it possible for people to buy passenger automobiles. With the aim of improving the functionality of infotainment systems, automobile manufacturers are concentrating on collaborating different IoT technologies such as driver assistance, and augmented reality real-time data collection. Regionwise, Asia Pacific holds a significant share in the market owing to the presence of major automobile manufacturers.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 7.42 billion |
Market size value in 2031 | USD 17.07 billion |
Growth Rate | 9.7% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Automotive Infotainment Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Automotive Infotainment Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Automotive Infotainment Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Automotive Infotainment Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
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