Auto Infotainment market worth will reach US$ 31.96 Bn by 2024
The industry of consumer electronics is revolutionizing at a fast-tracking pace year after year. GPUs as well as processors are becoming faster and day by day apps are getting sophisticated. Car buyers are also becoming more tech-savvy owing to regular usage of tablets and smartphones. Their expectations related with infotainment as well as connectivity of in-vehicle had never been higher. Yet, a clear gap is still maintained in between technology components of automotive long cycle and customer electronics short cycle. Due to advancement in technology, user experience of traditional in-vehicle have constrained as the vehicle systems hardware lives for more than 20 years on the road.
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Moreover, automotive standards used to be stringent in nature and always look for developing a new system of infotainment that can remain good for at least two smartphone generations. And with this rate, the system becomes outdated much before the vehicle comes on the road. For customers and manufacturers, who got frustrated and also struggled a lot with this kind of antiquated car systems, this is the real issue with the industry of consumer electronics. The global auto infotainment market is estimated to grow 6.0% globally over the forecast period and is anticipated to reach a market valuation of US$ 31.96 Bn by 2024.
Factors that are impacting the growth of auto infotainment market include rising penetration of smartphones and their role in daily life, rising compact passenger car sales, an increasing awareness of safety and security in automobile functioning. Some other factors that are driving the global market of auto infotainment are the increasing demand for vehicle customization, increasing consumer expenditure on luxury items and increasing growth of consumer inclination towards an entertaining driving experience in automotive sector. On the other hand,
subsequent fall in the sales of vehicles due to economic crisis in certain regions as well as while driving drivers’ distraction in handling auto infotainment systems are hampering the growth of auto infotainment market.
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Globally, the market for auto infotainment is classified into driver assistance system, connectivity system, entertainment system and others. Among these, the segment of entertainment system type is expected to register a healthy compound annual growth rate over the forecast period. Also, in terms of vehicle type, the global market of auto infotainment is fragmented into high commercial vehicle, light commercial vehicle, and passenger cars. And among these, the passenger cars segment of vehicle type is projected to exhibit a higher growth rate during the forecast period as compared with the segment of light commercial vehicle type. Additionally, in terms of sales channel, the global market of auto infotainment is bifurcated into aftermarket and OEM. And among these, the segment of aftermarket sales channel is expected to present high growth rate as compared with the segment of OEM sales channel.
DENSO Corporation, HARMAN International, Garmin Ltd, Continental AG, FUJITSU TEN LIMITED, and Delphi Automotive LLP, among others are some of the major companies functioning in the global market for auto infotainment market. These market leaders are looking forward to increase their existing facilities related with production in several market that are emerging fast along with their strategic investments done for making technological innovation and certain research & development initiatives for expanding their brand equity. Also, these organizations are focusing on differentiating their portfolio of their product. And they are shifting their way from channelization of single sales in order to increasing their profitability as well as market growth.
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