Global Automotive Infotainment SoCs Market Highlights over 2022 – 2031
The global automotive infotainment SoCs market is estimated to grow at a CAGR of ~7% over the forecast period, i.e., 2022 – 2031. Automotive infotainment SoCs or System-on-Chip is integrated chip with leisure features, such as, information, music system, phone, and radio in the vehicle. The growth of the market can be attributed to the increasing demand for luxury, and semi-autonomous cars, along with increasing purchasing potential of the consumers. According to the data by the International Energy Agency (IEA), in 2019, the total car sales reached 25 million cars in China, 17 million in United States, 4 million in India, 17 million in European Union, 4 million in Japan, and 21 million in the rest of the world. Moreover, the up-surge in the disposable income is further estimated to boost the market growth. Furthermore, automobile manufacturers are investing in innovative technologies, such as, self-driving cars, audio and video via wireless, connected gateway, and ADAS systems. Such factors are anticipated to heighten the demand for semi-autonomous cars, which is expected to fuel the market growth.
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The market is segmented by vehicle type into passenger cars, light commercial vehicles, heavy commercial vehicles, and others, out of which, the passenger cars segment is anticipated to hold the notable share in the global automotive infotainment SoCs market over the forecast period on account of increasing sales of passenger vehicles. Moreover, growing demand for high-end luxury vehicles, backed by the raised disposable income are projected to boost the segment growth.
Major Macro-Economic Indicators Impacting the Market Growth
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Global Automotive Infotainment SoCs Market Regional Synopsis
On the basis of geographical analysis, the global automotive infotainment SoCs market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of increasing sales of vehicles in countries, such as, India, Japan, and China, along with presence of major car manufacturers in the region. Furthermore, the improving lifestyle of the middle class, supported by the economic growth of the developing countries, is anticipated to boost the market growth.
The market in the North America region is anticipated to hold the largest market share by the end of 2022, owing to the high demand for luxury, and self-driving cars, accompanied by growing sales of electric cars. Likewise, the adoption of advanced technologies by car manufacturers in the region, is also projected to propel the market growth.
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The global automotive infotainment SoCs market is further classified on the basis of region as follows:
Our in-depth analysis of the global automotive infotainment SoCs market includes the following segments:
By Vehicle Type
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The innovation in infotainment systems in vehicles is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2022 – 2031.
The Asia Pacific region is anticipated to provide more business opportunities over the forecast period owing to the increasing sales of personal and commercial vehicles in the region.
The major players in the market are Pioneer Corporation, Robert Bosch GmbH, BorgWarner Inc., Continental AG, Mitsubishi Electric Corporation, Tomtom International B.V., Panasonic Corporation, Accenture PLC, Garmin Ltd., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by technology, vehicle type, and by region.
The passenger car segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
High maintenance cost of infotainment SoCs is estimated to hamper the market growth.
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