CHICAGO, Jan. 27, 2020 /PRNewswire/ -- According to the new market research report "In-vehicle Infotainment Market by Component (Display unit, Control Panel, TCU, HUD), OS (Linux, QNX, MS, Others), Service (Entertainment, Navigation, e-call, Diagnostics), Connectivity, Form, Location, Vehicle Type, Region - Global Forecast to 2027", published by MarketsandMarkets, the global In-vehicle Infotainment Market is projected to reach USD 54.8 billion by 2027 from an estimated USD 24.3 billion in 2019, at a CAGR of 10.7% The growth of the global In-vehicle Infotainment Market is influenced by factors such as increasing demand for luxury, comfort, and convenience, coupled with the government initiatives for the safety and security of the passengers. Therefore, the In-vehicle Infotainment Market is expected to witness significant growth in the future.
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148 - Tables
54 - Figures
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5G connectivity is expected to grow at the fastest CAGR
The in-vehicle infotainment ecosystem is growing with increasing demand for faster and seamless options like 5G connectivity. For instance, in May 2015, Verizon started 5G connectivity in Chicago and Minneapolis-the main technology hubs in the US.
5G connectivity offers several advantages, including reduction in operational cost and data transfer time. Because of these features, global automobile players are focusing on the deployment of 5G connectivity. Moreover, the 5G network provides real-time information that allows the driver to take instantaneous decisions, resulting in increasing dependability on in-vehicle infotainment and reduced latency.
Embedded form to be the largest segment during the forecast period
The primary reason supporting the largest market share of the embedded form type is the regulatory mandates in the EU. The EU mandated that all new car models in member states must have embedded technology as part of its European eCall system, connecting a vehicle to emergency services, following a collision, and providing location and impact information. Similar mandates could be announced by other countries in the future. The growth of the embedded form of infotainment in the long term is attributed to various disruptive factors such as government mandates and cost optimization of service plans. By 2027, the embedded form of infotainment is estimated to dominate the market.
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Asia Pacific is expected to lead the global In-vehicle Infotainment Market during the forecast period
One of the key drivers of the Asia Pacific market is increased demand for comfort, luxury, and high-end information and entertainment services. The tech-savvy population in these countries demands a better and connected driving experience. The demand for in-vehicle infotainment in Asia Pacific is driven by strong economic growth, growing population, and rapid urbanization.
Key automotive manufacturers in this region, along with semiconductor manufacturers, are focusing on developing and innovating advanced electronic and semiconductor solutions to deliver reliable, safe, and performance-oriented in-vehicle infotainment to customers.
Automobile players in India are focusing on upgrading technology to keep up with the pace of growing competition. Maruti Suzuki recently launched the 2019 WagonR with the Smartplay infotainment system, and Hyundai launched the 2018 Santro with a new infotainment system-both models are equipped with smartphone connectivity options. Moreover, Renault has also announced the introduction of smartphone connectivity options-Apple CarPlay and Android Auto-across its product range in India, starting with the Renault Kwid.
The In-vehicle Infotainment Market is dominated by globally established players such as Robert Bosch (Germany), Alpine Electronics (Japan), Panasonic Corporation (Japan), HARMAN International (US), and Mitsubishi Electric Corporation (Japan), among others.
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