In-Car Infotainment Market: Global Demand Analysis & Opportunity Outlook 2024
Buy Now Report ID: 310 | Published Date: Feb 13, 2023
In-Car Infotainment Market: Global Demand Analysis & Opportunity Outlook 2024
Buy Now Report ID: 310 | Published Date: Feb 13, 2023
Our in-depth analysis segmented in-car infotainment market in the following segments:
By Vehicle
Global in-car infotainment market is further classified on the basis of region as follows:
In-car infotainment market is expected to garner a CAGR of 9.3% over the forecast period i.e. 2017-2024. Increasing number of automobiles on road, burgeoning middle class population and inclination in the adoption of technologically advanced cars are some of the factors anticipated to impel the growth of in-car infotainment market in the next few years.
Geographically, Europe is expected to dominate the global in-car infotainment market over the forecast period. In Europe, Germany and the U.K. are the leading markets for in-car infotainment. The rising demands for high-performing cars in these countries provide lucrative opportunities for the manufacturers in Europe. However, Eastern Europe and North American countries such as Mexico and Canada still have the potential market in in-car infotainment systems due to increasing capacity of vehicle production and as well as the need for better in-car infotainment system.
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However, Asia-Pacific ranks as the highest growing market, supported by the fact that the current rising GDP is largely driven by Asia. India, China and Japan are some of the highly attracting market for in-car infotainment in the region. Moreover, factors such as improvement in discretionary spends and consumers proclivity towards luxury cars also fostering the growth of technologies in this region. Middle East and Africa is expected to show the highest growth rate over the forecast period. Improvement in GDP of these countries and rising demand for passenger car integrated with in car-infotainment system is expected to impel the growth of in-car infotainment market in Middle East and African region. Similarly, Latin America is also expected to showcase a rise in in-car infotainment market growth owing to increasing sales of luxury cars.
Rising disposable income coupled with increasing purchasing power of consumer is envisioned to bolster the growth of global in-car infotainment market. Further, increasing demand, production and sales of technologically advanced cars are other key drivers anticipated to intensify the growth of in-car infotainment market during the period 2017-2024.
Moreover, rising urbanization and easy financing options are believed to anticipate the sales of cars all across the globe which is further likely to expand the growth of in-car infotainment market during the forecast period.
The in-car infotainment market is gaining momentum with increase in demand for luxury cars integrated with various features for entertainment, climate control, navigation and others.
However, higher price for in-car infotainment systems and need to upgrade the system software timely is likely to hamper the growth of in-car infotainment market in future. Moreover, the distraction caused by in-car infotainment services to the driver while driving in terms of safety norms taken by government is an another factor anticipated to hinder the growth of the in-car infotainment market.
The major key players for in-car infotainment market are as follows:
The major key players for in-car infotainment market are as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Harshita Srivastava, Saima Khursheed
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