April 24, 2024
In-Vehicle Infotainment Market

The In-Vehicle Infotainment Market Is Poised For Growth Through Connected Technology

The in-vehicle infotainment market consists of integrated multimedia entertainment, communication and navigation systems designed to enhance the driving experience. These systems offer features like multimedia playback, GPS navigation, hands-free calling, internet connectivity, and music streaming capabilities through smartphone integration. In-vehicle infotainment is becoming increasingly important to automakers as connectivity becomes central to the concept of mobility. The Global in-vehicle infotainment market is estimated to be valued at US$ 28.63 Bn in 2024 and is expected to exhibit a CAGR of 4.7% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the in-vehicle infotainment market are BASF SE, Evonik Industries AG, Clariant International AG, Croda International PLC, DowDuPont Inc., Solvay SA, Arkema S.A., Akzo Nobel N.V., Mitsubishi Chemical Corporation, A. Schulman, Inc. The growing popularity of connected cars and increasing demand for technologically advanced convenience features in vehicles are fueling market growth. Major automotive manufacturers are focusing on global expansions and partnerships to cater to the rising demand.

Market key trends

Connectivity is a major driver in the Global In-Vehicle Infotainment Market Trend. Modern infotainment systems allow integration of smartphones to access apps, navigation and entertainment on the car display. This helps keep drivers connected while reducing distraction. Another key trend is the increase in electric vehicles. As EVs gain popularity, infotainment systems offer charging status updates and enhance the driving experience. Advanced systems also provide over-the-air map and software updates to improve features. This keeps infotainment systems up to date without costly repairs or upgrades.

Porter’s Analysis

Threat of new entrants: Low barrier to entry and cost of setting up a new operation keeps the threat moderate. Bargaining power of buyers: Buyers have moderate bargaining power due to presence of many players and availability of alternatives. Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitute raw materials and fragmented supplier base. Threat of new substitutes: Threat of new substitutes is moderate as technology is advancing at a rapid pace which can introduce new substitutes. Competitive rivalry: Intense competition due to presence of many global and regional players.

Currently, North America accounts for the largest share in the IN-VEHICLE INFOTAINMENT market owing to the early adoption of advanced technologies and presence of major OEMs. Asia Pacific region is expected to witness the fastest growth over the forecast period on account of growing disposable income, rising vehicle demand and consumer preference for additional features in vehicles.

Geographically, Europe is the second largest market for IN-VEHICLE INFOTAINMENT globally. Countries like Germany, UK and France contribute significantly to the regional market growth. Growing demand for luxury and high-end vehicles equipped with advanced features supports the market expansion.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it