The dynamic ecosystem of automotive industry is transforming rapidly with declining fuel prices, low industry growth rate, emergence of electric and hybrid electric vehicles, improvement in automotive credit availability, aging vehicle fleet, as well as the emergence of disruptive trends such as carpooling and ride hailing services globally. OEMs are now targeting the segment of technological accessories for the vehicles to gain market share. One such technological innovation which is gaining immense popularity among the consumers is the in-vehicle infotainment system.
The components of in-vehicle infotainment system include a head unit of navigation screen called driver information interface (DII), in-car video systems including rear seat entertainment systems and in-car audio systems. The shifting consumer behaviour has helped the in-vehicle infotainment market, by providing innovative services like navigation, locating points of interest, traffic information, weather conditions, parking space availability. Infotainment system also provides a plethora of entertainment content such as audio streaming, online video streaming, satellite radio, dedicated entertainment apps for automotive, which has consequently resulted in consumers demanding for a greater value in the infotainment systems.
The automotive infotainment market has dynamic divisions as it includes OEMs and aftermarket players, as well as non-core players from the software and consumer electronics domain. The automotive market is at a convergent point where many emerging technologies are being incorporated in the vehicle system, such as telematics, autonomous driving technologies and connected cars, which is driving the demand for sophisticated entertainment and information systems without compromising on the safety quotient of the vehicle.
Increasing sales of passenger cars, penetration of smartphones on a global scale, and declining cost of wireless connectivity are some of the factors that are propelling the in-vehicle infotainment market. However, the safety and distraction issues caused by infotainment systems along with data safety and privacy concerns are posing as challenges and restraining the growth of the market. The global in-vehicle infotainment systems market is estimated to grow at a robust CAGR of 7.5% from 2017 to 2022. Some of the important reasons responsible for the healthy growth of the market are increasing awareness about infotainment systems, offers of improved products at convenient price from automotive companies, and increasing penetration of telematics and internet connectivity.
The market is quite competitive due to the presence of a plethora of companies. These companies are engaging in organic as well as inorganic activities such as product launches and developments, partnerships, collaborations and joint ventures, and mergers and acquisitions to further their business and hold in the market. Studying their strategies and future endeavours incurs some interesting and eminent facts about the market. Most of the in-vehicle infotainment manufacturers have depended on collaborations and partnerships with OEMs as well as solutions providers and content providers in order to gain significant presence in the market globally.
BIS Research has compiled an extensive market research report on ‘Global In-Vehicle Infotainment Market - Analysis & Forecasts- 2017 to 2022’. The market analysis report provides an in-depth analysis of the key development strategies, marketing strategies and market trend dynamics which includes drivers, restraints and opportunities prevailing in the industry.
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