The global automotive entertainment systems market has been poised for swift growth since the advent of the 21st century, appropriate to the early adopters and innovators adoption of these sophisticated systems. Entertainment systems, predominantly rear-seat entertainment systems, MP3 players, and satellite radio, are rapidly surfacing into a preference attribute of today's automobile system elucidation. The automotive entertainment industry is foreseen to witness a surge in the number of new entrants to get a piece of the nascent market. Although the automotive infotainment industry is still in the preliminary stage, major market accomplices are scuttling for differentiated positions.
Automotive entertainment systems act as a differentiation tool and are scheduled to extend the trend in the mid-segment cars. The wide application of this system includes entertainment, location-based services, navigational services (GPS), internet (games, sports scores, surfing, social networking, movies, traffic conditions, weather forecast, etc.), communication functions such as making and receiving calls via smartphone integration and value-added services.
Surge in disposable revenue has boosted the growth of high-end and luxury car segments, thereby contributing to the growth of the automotive infotainment systems industry. Increasing modifications in customer driving experience, reduced costs, and increased product efficiency due to single processor deployment, and surging social status infringements have encouraged the in-car entertainment industry growth. Changing lifestyles also drive growth, as people are foreseen to spend an increased amount of time in their cars while commuting long distances. Vehicle owners are inclined to extend the comforts of their homes to their vehicles.
The development of OEMs offering is expected to stimulate automotive entertainment systems aftermarket growth. Since aftermarket products are not as expensive as OEM products, a large number of customers are expected to opt for the former. As automakers install the entertainment systems in the factory stage, aftermarket products are foreseen to get a considerable boost in product visibility aspect, consequently, helping raise the product awareness. Every dollar that OEMs invest in the in-car entertainment systems industry facilitates product awareness and the specifications of the system, in order to drive the price-sensitive aftermarket.
Despite the emerging growth trend, the in-car infotainment industry is expected to face some challenges. One of the major challenges imminent for the in-car infotainment system industry is high price as automotive entertainment systems are highly price perceptive.
The in-vehicle entertainment industry can be segregated on the basis of product into the audio unit, display unit, navigation unit, and communication unit. Based on the applications, the in-vehicle entertainment systems industry can be isolated into entertainment, navigational, communication, and future applicability segments.
In-vehicle infotainment industry players have collaborated with both, automotive and consumer electronics vendors, to increase the automotive entertainment installation in luxury and mid-segment cars. Automotive entertainment systems are foreseen to witness dynamic applicability owing to abridged costs of devices such as LCD display panels and reducing charges of assembled media admittance services.
Increasing per capita income and commute time across the globe have increased the reception for infotainment systems among the luxury and mid-segment car owners. North America is expected to be one of the major reception regions followed by the European continent. This can be attributed to increased demand for high-tech products and rising awareness of people about technological advancements. The Asia-Pacific in-vehicle infotainment systems industry is foreseen to reveal a noteworthy growth rate over the forecast period owing to the surging luxury car sales.
Some of the key participants in the automotive entertainment systems market include JVC-Kenwood, Bosch, Delphi, Denso, Alpine, Harman International, and Pioneer. This market also includes software platform developers such as Luxoft, KPIT, Intel, and Nuance, automotive entertainment systems service providers Meego Aha – Harman, and navigation system-service providers, Garmin and TomTom.
NEED A CUSTOM REPORT?
We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities.
Contact us now to get our best pricing.
We are GDPR and CCPA compliant! Your transaction & personal information is safe and secure.
"The quality of research they have done for us has been excellent."
Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are anticipated to substantially contribute while responding to the COVID-19 pandemic and address continuously evolving challenges. The existing situation owing to the outbreak of the epidemic will inspire pharmaceutical vendors and healthcare establishments to improve their R&D investments in AI, acting as a core technology for enabling various initiatives. The insurance industry is expected to confront the pressure associated with cost-efficiency. Usage of AI can help in reducing operating costs, and at the same time, can increase customer satisfaction during the renewal process, claims, and other services. VR/AR can assist in e-learning, for which the demand will surge owing to the closure of many schools and universities. Further, VR/AR can also prove to be a valuable solution in providing remote assistance as it can support in avoiding unnecessary travel. The report will account for Covid19 as a key market contributor.