New York, USA, Aug. 02, 2022 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global automotive infotainment market is anticipated to garner a revenue of $20,720 million and grow at a CAGR of 8.32% over the forecast period from 2022 to 2030.
As per our analysts, the increasing demand for safe, lavish, and smart vehicles among individuals, automobile manufacturers are equipping vehicles with advanced infotainment system technology, which is expected to foster the growth of the automotive infotainment market over the analysis period. Besides, the increasing implementation of advanced technology, such as predictive navigations, cloud-enabling syncing, parking recommendations, and many more by the leading market players is expected to fortify the growth of the market during the forecast period. Moreover, the increasing collaborations and partnerships between e-commerce companies and automobile manufacturers are predicted to create huge growth opportunities for the market over the estimated period. However, the highly upgraded infotainment system may impede the growth of the market throughout the forecast period.
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Segments of the Automotive Infotainment Market
The report has divided the market into segments based on system type, market type, vehicle type, and region.
System Type: Entertainment System Sub-Segment to be Most Profitable
The entertainment system sub-segment is expected to generate a revenue of $10,464.7 million during the analysis timeframe. The increasing demand for in-car entertainment systems such as audio/video interfaces, voice commands, touch screen displays, and many more among people is predicted to fortify the growth of the market sub-segment over the forecast period.
Market Type: OEMs Sub-Segment to be Most Productive
The OEMs sub-segment is predicted to garner a revenue of $12,842.1 million over the estimated period. OE entertainment, navigation, and telematics systems form the powerful infotainment systems that take charge of the climate controls, provide access to vital information about the engine’s condition and other systems, and many more, which is expected to uplift the growth of the market sub-segment during the forecast period.
Vehicle Type: Passenger Vehicle Sub-Segment to be Most Lucrative
The passenger vehicle sub-segment is expected to generate a revenue of $15,451.5 million throughout the analysis period. This is majorly due to the larger production of passenger cars and the rapid adoption of electric vehicles among individuals. Moreover, the increasing incorporation of entertainment devices by leading mobility service provider companies to make long drives comfortable and interactive for passengers is expected to propel the growth of the market sub-segment over the forecast period.
Region: Asia-Pacific Region to Have Expansive Growth Opportunities
The Asia-Pacific region of the automotive infotainment market is projected to grow at a CAGR of 9.13% during the analysis timeframe. This is mainly due to the high demand for automotive infotainment systems and increasing disposable income among individuals in this region. Moreover, the increasing vehicle production capacity by OEMs and changing consumer preferences in this region are predicted to drive the regional growth of the market over the forecast period.
Covid-19 Impact on the Automotive Infotainment Market
The outbreak of the Covid-19 pandemic has had a negative impact on the automotive infotainment market. This is mainly because of the transportation restrictions caused by the governments of many nations that resulted in disruption in the exports of hardware and software parts of the infotainment system to the manufacturing units. Moreover, the complete lockdown resulted in the closure of assembly plants which created severe pressure on a global supply base, and many companies also faced risks of failing on agreements. All these factors have declined the growth of the market during the pandemic period.
Key Players of the Automotive Infotainment Market
The major players of the automotive infotainment market include
- Harman International
- Panasonic Corporation
- JVC KENWOOD Corporation
- Denso Corporation
- Pioneer Corporation
- Continental AG
- Robert Bosch
- Clarion Co., Ltd.
- Mitsubishi Electric Corporation
- Alpine Electronics
These players are widely working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to attain a leading position in the global industry. Inquire here to get access for the key manufacturers' Development strategic Report
For instance, in May 2022, Renault, a French multinational automobile manufacturer, announced its collaboration with EasyPark, a leading mobility tech company. With this collaboration, the two companies aimed to release EasyPark’s new application directly integrated with the infotainment system of Renault’s new car, Megane E-Tech Electric. This feature is expected to enable drivers to experience the future of parking.
Further, the report also summarizes other important aspects including SWOT analysis, product portfolio, the financial performance of the key players, and the latest strategic development.
More about Automotive Infotainment Market:
- Automotive Infotainment Sector Takes Headship
- What is an Automotive Infotainment System and What are Its Main Components?
- Automotive Infotainment Market to Observe Significant Growth Due to Technological Advancements and Product Launches by Market Players, such as Pioneer, Blaupunkt, and Others
