The automotive infotainment market is expected to grow by 2030 due to the technological advancements in infotainment systems. Aftermarket sub-segment is predicted to have the highest market share. Market in Asia-Pacific to be the fastest growing.
NEW YORK, Aug. 29, 2022 /PRNewswire/ — Research Dive has added a new report to its offering titled, “Automotive Infotainment Market by System Type (Entertainment System, Connectivity System, and Driver Assistance System), Market Type (Original Equipment Manufacturers (OEMs) and Aftermarket), Vehicle Type (Passenger Vehicles and Commercial Vehicles), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022–2030″.
As per the report, the global automotive infotainment market is predicted to grow at a stable CAGR of 8.32% in the 2022-2030 timeframe, thereby garnering $20,720 million by 2030.
Dynamics of the Market
Drivers: The automotive infotainment market is expected to witness massive growth in its market size due to the various technological advancements such as predictive navigations, cloud-enabled syncing, parking recommendations, etc. Along with this, increasing demand for lavish and smart vehicles integrated with automotive infotainment systems is predicted to push the market forward.
Opportunities: Strategic alliances between key market players in the form of collaborations and partnerships are anticipated to create huge growth opportunities to the market. Moreover, the technological advancements and innovations in the field of automotive infotainment is predicted to boost the growth rate of the market.
Restraints: Market analysts are, however, skeptical about the full-paced growth of this market owing to the highly upgraded infotainment system, which might prove to be a restraint for the automotive infotainment market.
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Impact of Covid-19 on the Market
The novel coronavirus had wreaked havoc in the world. The lockdowns put in place to curb the virus affected various industries and their production cycles. The automotive infotainment market, too, faced tremendous negative impact of the pandemic. Due to the lockdowns, the global supply chains were disrupted on a huge scale, affecting the supply of raw materials required for the manufacturing of automobiles. Along with this, the financial crunch faced by majority of the automobile companies halted investments on research and innovations in this field. Both these factors affected the automotive infotainment market on the whole.
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Segments of the Market
The report has divided the automotive infotainment market into certain segments based on system type, market type, vehicle type, and region.
- By system type, the entertainment system sub-segment is predicted to have a dominant market share and is expected to garner a substantial revenue of $10,464.7 million by 2030. Advanced control features such as touch screen displays and improved audio/video interfaces is predicted to offer numerous growth opportunities to the sub-segment in the coming period.
- By market type, the aftermarket sub-segment is anticipated to generate a revenue of $7,877.9 million by 2030, thereby becoming the most lucrative sub-segment. Even though most cars have infotainment systems installed in them, they don’t have a lot of features. Hence, aftermarket suppliers of infotainment systems are highly in demand, which is why the aftermarket sub-segment is expected to grow significantly in the forecast period.
- By vehicle type, the passenger vehicle sub-segment of the automotive infotainment market is anticipated to be the most profitable sub-segment and garner $15,451.5 million by 2030. Large production of passenger vehicles followed by speedy adoption of infotainment systems by consumers are expected to become the leading factors for the growth of this sub-segment.
- By regional analysis, the automotive infotainment market in Asia-Pacific region is expected to be the fastest growing and rise with a CAGR of 9.13% in the 2022-2030 timeframe. Increased disposable income of people in this region coupled with rise in the production of automobiles are expected to be the main growth drivers of the market in the forecast period.
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Prominent Market Players
Some of the prominent players of the automotive infotainment market are
- Alpine Electronics
- Harman International
- Pioneer Corporation
- Clarion Co., Ltd.
- JVC KENWOOD Corporation
- Robert Bosch
- Continental AG
- Panasonic Corporation
- Mitsubishi Electric Corporation
- Denso Corporation
These players are adopting various business strategies like mergers, acquisitions, and collaborations to gain a prominent position in the market.
For instance, in March 2021, Volvo, a Swedish automobile manufacturing giant, announced a collaboration with EcarX, a technology company. This collaboration is aimed at developing a new automotive infotainment system platform which can be easily integrate with Volvo’s current architecture. This collaboration is expected to help both the companies immensely in the coming years. Purchase Inquiry
Finally, the report also summarizes many crucial aspects of the automotive infotainment market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.
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