Visiongain has published a new report entitled Automotive Infotainment Market Report 2024-2034: Forecasts by Distribution Channel (OEM, Aftermarket), by Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles), by Application (Navigation, Media, Communication, Payment Services, Telematics) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The automotive infotainment systems market is estimated at US$20.2 billion in 2023 and is projected to grow at a CAGR of 6.3% during the forecast period 2024-2034.
Technology Modernization in the Automotive Industry
Cloud technology is spearheading a revolution in the automotive industry, ushering in enhanced connectivity, communication, and real-time data exchange between vehicles and external sources. Collaborations between the software development community and automotive industry stakeholders are propelling swift advancements in cloud technology, facilitating groundbreaking features such as vehicle-to-vehicle communication, live updates on weather and traffic conditions, and remote assistance for vehicle-related issues.
Electric vehicles, exemplified by the Tesla Model S, showcase the capabilities of cloud-connected infotainment systems, offering seamless updates and remote assistance without the need for physical presence. Leveraging cloud technologies empowers Original Equipment Manufacturers (OEMs) to deliver a unified experience to customers across cloud platforms, vehicles, and smartphones, aligning seamlessly with user-friendly trends in the automotive infotainment market. As cloud technologies continue to evolve, they play an indispensable role in driving.
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How has COVID-19 had a Significant Negative Impact on the Automotive Infotainment Market?
The COVID-19 pandemic has had a significant negative impact on the automotive infotainment systems market in several ways. The widespread economic downturn resulting from lockdowns and restrictions led to a sharp decline in consumer spending, particularly on non-essential items such as new vehicles and automotive accessories. This reduction in demand directly affected the sales of infotainment systems, as car manufacturers scaled back production or delayed new model launches in response to lower sales forecasts.
Disruptions to global supply chains caused by the pandemic, including factory closures and transportation restrictions, resulted in shortages of critical components and delayed deliveries of infotainment systems to automotive manufacturers. This led to production delays and increased costs for OEMs, further impacting the market.
The shift towards remote work and reduced travel during the pandemic led to a decrease in the usage of vehicles, particularly for commuting purposes. As a result, consumers may have been less inclined to upgrade or invest in advanced infotainment systems for their vehicles, preferring to prioritize other expenses or saving money during uncertain times.
How will this Report Benefit you?
Visiongain’s 295-page report provides 106 tables and 145 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the automotive infotainment systems market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Automotive Infotainment Systems . Get financial analysis of the overall market and different segments including technology, and application and capture higher market share. We believe that there are strong opportunities in this fast-growing automotive infotainment systems market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Integration of Advanced Technologies into Infotainment Systems
The integration of advanced technologies into infotainment systems, such as high-resolution displays, touchscreen interfaces, connectivity features, and software development, significantly inflates production costs. Consequently, vehicles equipped with sophisticated infotainment systems often come with higher retail prices, making them less affordable for certain consumers. A notable constraint in the in-vehicle infotainment market is the added expense of annual service subscriptions. Informational services like satellite radio, vehicle diagnostics, Wi-Fi hotspots, roadside assistance, and real-time traffic data typically require yearly subscriptions, often starting with a free trial. While the initial cost may seem manageable, it accumulates over time, contributing to the overall expense of vehicle ownership and maintenance. Additionally, there are extra costs associated with subscription models and software upgrades, further burdening consumers financially.
Overcoming Infrastructure Limitations in Automotive Infotainment Systems
Limited infrastructure poses significant challenges to the seamless functioning and widespread adoption of advanced features. The availability and quality of network infrastructure directly impact the performance of infotainment systems, influencing factors such as connectivity, data accessibility, integration capabilities, and geographical coverage. Without robust infrastructure support, users may encounter connectivity issues, struggle to access real-time data services, face integration challenges with external systems, and experience geographical constraints on certain features. Addressing these challenges requires concerted efforts from automotive manufacturers, telecommunications companies, and government agencies to invest in expanding and improving network infrastructure, thereby enhancing the overall user experience and driving greater adoption of automotive infotainment systems.
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Where are the Market Opportunities?
Advancement in Artificial Intelligence & Machine Learning
The advancement of artificial intelligence and machine learning presents significant market opportunities in the automotive infotainment sector. One market opportunity is the integration of AI and ML algorithms into infotainment systems to enable predictive analytics and proactive assistance. By analyzing user preferences, driving behaviour, and contextual data, AI-powered infotainment systems can anticipate user needs and provide proactive recommendations for navigation, entertainment, and vehicle settings.
Another opportunity is the development of AI-driven virtual assistants and natural language processing capabilities in infotainment systems. These virtual assistants can understand and respond to voice commands, enabling hands-free operation of various functions such as navigation, media playback, and smart home integration. Integrating AI-driven virtual assistants into infotainment systems enhances safety by reducing driver distraction and improves accessibility for passengers, including those with disabilities.
Competitive Landscape
The major players operating in the automotive infotainment systems market are Bose Corporation, Continental AG, Denso Ten, Faurecia Clarion Co. Ltd., HARMAN International Industries, Hyundai Mobis, LG Electronics, Panasonic Corporation, Pioneer Corporation, Qualcomm, Robert Bosch GmbH, Sony Corporation, Tesla Inc., TomTom International BV, Visteon Corporation. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
Recent Developments
- On 9th January 2024, Qualcomm and Robert Bosch GmbH introduced the automotive industry's first central vehicle computer, capable of running both infotainment and advanced driver assistance system functionalities on a single system-on-chip. Bosch unveiled its cockpit & ADAS integration platform, which was based on Qualcomm's Snapdragon Ride Flex SoC, showcasing their collaborative efforts to develop consolidated solutions for software-defined vehicles.
- On 16th February 2024, Panasonic collaborated with researchers from UC Berkeley, Nanjing University, and Peking University to develop an Adverse Weather Removal AI. This AI enhanced image recognition accuracy by eliminating rain, snow, fog, and other elements from images, significantly improving performance over conventional methods. s.
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To find more Visiongain research reports on the Automotive sector, click on the following links:
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