by The global In-Vehicle Infotainment Market is estimated to be valued at US$ 24.85 Bn in 2023 and is expected to exhibit a CAGR of 10.8 %over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The in-vehicle infotainment market consists of connectivity and infotainment solutions for vehicles. In-vehicle infotainment system enables integration of connectivity features like satellite navigation, Bluetooth, USB support, smartphone mirroring among others along with entertainment features like music, radio, video streaming in vehicles. In-vehicle infotainment system offers seamless and safer connectivity experience to drivers and passengers. It provides convenience and enhances driving experience by managing various functions like multimedia, climate control, collision warning. Growing demand for connected vehicles and focus of automakers on developing advanced automotive technologies are fueling the growth of in-vehicle infotainment market.
Market key trends:
One of the major trends in the in-vehicle infotainment market is the rising adoption of connected car technology. Connected cars come equipped with internet connectivity to enable value added services like real-time navigation, location sharing, vehicle diagnostics via wireless technology. Integration of 4G LTE, Wi-Fi and embedded modem are transforming the automotive experience. Another significant trend is the growing demand for personalized and customized in-vehicle infotainment systems. Manufacturers are offering ability to integrate personal multimedia content and functionality in infotainment system according to customer’s preferences. Also, growing focus of automakers on developing AI and autonomous vehicle technologies is expected to revolutionize in-vehicle infotainment experience over the forecast period.
Porter’s Analysis
Threat of new entrants: The high capital requirement and technical expertise required acts as a barrier for new entrants in the In-Vehicle Infotainment market.
Bargaining power of buyers: Buyers in the In-Vehicle Infotainment market have high bargaining power due to the presence of various manufacturers offering similar products.
Bargaining power of suppliers: A few prominent players dominate the supply side of the In-Vehicle Infotainment market, giving them high bargaining power over manufacturers.
Threat of new substitutes: Existing products in the In-Vehicle Infotainment market have limited threat from substitutes due to technological compatibility issues and switching costs for buyers.
Competitive rivalry: Intense competition exists among the established players in the In-Vehicle Infotainment market due to their wide distribution reach and technological innovations.
Key Takeaways:
The Global In-Vehicle Infotainment Market Size is expected to witness high growth, exhibiting CAGR of 10.8 %over the forecast period, due to increasing consumer demand for advanced in-car entertainment and connectivity solutions.
Regional analysis: North America dominated the In-Vehicle Infotainment market in 2023, accounting for around 30% of the global share. The APAC region is expected to witness fastest growth through 2030 backed by increasing sales of premium vehicles in countries like China and India.
Key players: Key players operating in the In-Vehicle Infotainment market include Panasonic Corp Denso, Harman International, Tom-Tom, Continental AG, Bosch, Blaupunkt Inc., Magneti Marelli, Alpine Electronics Inc., Kenwood, Delphi, Visteon, Clarion Corp., Bose, Pioneer, and Aisin. Players are focusing on developing advanced infotainment solutions with enhanced connectivity features.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
