Portland, OR, Aug. 03, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global in-car infotainment market was pegged at 21.41 billion by 2020, and is expected to reach $37.53 billion by 2028, growing at a CAGR of 7.5% from 2021 to 2028.
Rise in adoption of cloud technology and rapid growth of the smartphone industry have boosted the growth of the global in-car infotainment market. However, high cost of advanced technologies and lack of uninterrupted & seamless connectivity hinder the market growth. On the contrary, increase in demand for rear-seat entertainment, personalized solutions as per the need, and surge in adoption of connected cars are expected to open lucrative opportunities for the market players in the future.
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Covid-19 scenario:
- The Covid-19 pandemic negatively affected the automotive sector due to sharp decline in automotive sales and lack of raw materials. Several companies in the automotive market suffered losses because of halt in production and mandated plant closures by the government to curb the spread of the virus. This affected the demand for in-car infotainment.
- However, the market players have been trying to devise strategies to include vital information such as contact details, list of nearest hospitals and clinics, and a quick summary of primary symptoms of chronic diseases. Adoption of such information would increase the demand for in-car infotainment.
The report segments the global in-car infotainment market on the basis of installation type, component, and region.
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Based on installation type, the OEM segment is expected to register the highest CAGR of 8.0% during the forecast period. However, the aftermarket segment held the lion’s share in 2020, accounting for more than three-fifths of the market.
On the basis of component, the software segment would manifest the highest CAGR of 8.7% during the forecast period. However, the hardware segment held the largest share in 2020, contributing to nearly 87% of the total market share.
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The global in-car infotainment market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across the Asia-Pacific region dominated in 2020 in terms of revenue, accounting for nearly two-fifths of the market. However, the market across LAMEA is anticipated to portray the highest CAGR of 9.7% during the forecast period.
The global in-car infotainment market includes an in-depth analysis of the prime market players such as Samsung Electronics Co., Ltd., Alps Alpine Co., Ltd., Pioneer Corporation, Panasonic Corporation, BMW Group, Audi AG, Ford Motor Company, Continental AG, Visteon Corporation and Volkswagen AG.
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