The In-Vehicle Infotainment Market is estimated to grow at a CAGR of 11.79% from 2017 to 2022 and is projected to reach USD 30.47 billion by 2022. The in-vehicle infotainment market is driven by the increasing vehicle production, installation rate of infotainment systems, technological advancements, telematics regulations, and growing demand for luxury vehicles.
The infotainment system has evolved from basic radio players to CD players and large touchscreen based connected systems. These infotainment systems were initially available in luxury and premium cars only. However, constant development of technology has resulted in a decrease in price, which has enabled car manufacturers to install these systems in low to mid-segment cars as well. Thus, the next phase of growth in the market will be seen in low to mid-segment cars in developing countries such as India and China.
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“Integrated infotainment systems to drive the market in developing countries”
The global in-vehicle infotainment market is dominated by embedded infotainment units. However, due to their high cost, these systems have been limited to premium and luxury vehicles. OEMs are now installing low cost integrated systems in entry level cars, which will increase the functionality of these cars without increasing the cost too much. Developing countries such as India, China, Brazil, and Spain are expected to be the key markets for integrated infotainment systems. This also presents a big opportunity for other participants of the supply chain of in-vehicle infotainment market such as chip manufacturers, display manufacturers, software and internet service providers, and OEMs.
“NORTH AMERICA SET TO BE the largest MARKET IN THE NEAR FUTURE”
North America is considered as a vast market for light commercial vehicles due to increased use of roadways for transportation of goods. However, in a country like the U.S., there is a high demand for luxury cars that are equipped with advanced infotainment technologies. Moreover, the increase in the purchasing power of the population has driven the demand for in-vehicle infotainment systems. Mexico is considered as an attractive market due to the availability of cheap labor, customer-friendly policies, and North American Free Trade Agreement (NAFTA), which makes it a major hub for the entire North American region. Thus, the majority of automotive manufacturers have established their plants in Mexico.
The U.S. is the largest consumer of infotainment systems. Also, with 25% of the Mexican vehicle production headed for the U.S., Mexico will be the entry point for many in-vehicle infotainment manufacturers to get into the U.S. market.
Mr. Shelly Singh
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