In-Car Entertainment Market is Witnessing Technological Innovations
The car customers are increasingly looking for the advance and sophisticated features in-car entertainment systems. The lower costs of displayers like LCD and monitors are fueling the growth of the in-car entertainment market. The in-car entertainment devices provide enhances customer experience by providing multiple options for the entertainment. It also enhanced the customer connectivity. The shift of consumers from basic driving experience to advanced entertainment solutions is estimated to propel the growth of the in-car entertainment market in the coming future.
The COVID-19 pandemic has indirectly impacted the in-car entertainment market. The manufacturers are advancing car technologies by incorporating important information about hospital locations, contact details and nearest health centers. This integration of new technology is estimated to gain the attention of customers owing to rising health concerns.
The In-Car Entertainment Market Dynamics
The Global In-Car Entertainment System Market was valued at USD 20.36 Billion in 2020 and is expected to grow at a Compound Annual Growth Rate (CAGR) of 7.12% between 2021 to 2028. The in-car entertainment market is broadly segmented on the basis of connectivity, product, application and channel type. The connectivity segment incorporates sub-segments like 2G, 3G, 4G, Wi-Fi, Bluetooth and near field communications. The connectivity features are gaining popularity due to overall enhancement of the overall driving the experience. The benefits associated with installing navigation and telematics systems in the car include enhanced routing and scheduling and rise in driver assistance.
The companies involved in manufacturing and supply of in-car entertainment systems are Delphi Automotive PLC, Alpine Electronics Inc, Panasonic Corporation, JVC KENWOOD Corporation, Abalta Technologies Inc., Denso Corporation, Intel Corporation, Pioneer Corporation, Intel Corporation, Nuance Communication, Harman International Industries TomTom International B.V and Robert Bosch GmbH.
The leading manufactures in the in-car entertainment systems are collaborating for technological innovation. For instance, in 2021 Honda Motors had agreement with Google to integrate the latter’s Android platform into its in-car entertainment systems for cars that will to be sold in North America region in second half of 2022.
The emerging demand for the luxury vehicles with advance in-car entertainment services are driving North America as the leading player in the market. While, Europe is favoring the in-car entertainment market by surge in installations of Advance Driver Assistance Systems (ADAS) in passenger and commercial vehicles. The Asia-Pacific region is expected to provide lucrative growth opportunities to the in-car entertainment market in the coming future. The growth of the Asia-Pacific region is due to presence of leading car manufacturers like Toyota, Ford, and Hyundai. The countries such as China and India re witnessing growth in consumption of consumer electronics.