According to analysts at Vantage Market Research, the In-Car Entertainment System Market is expected to reach USD 36.98 Billion by 2028, growing at a CAGR of 7.12% from 2021 to 2028.
The persistent progression of in-vehicle entertainment devices and remote correspondence administrations are projected to reinforce the development of the in-car entertainment systems industry across the globe. This innovation improvement is seen attributable to the adjustment of the interest of the customers from essential driving experience to cutting-edge diversion arrangements.
- The OEM segment is projected to expand at the fastest CAGR exceeding 7% over the forecast period owing to the Increasing demand for comfort, safety, and aesthetic characteristics have led to various advancements in relation with technology in vehicles such as use of cloud supported entertainment system which substantially expands the comfort level of the users inside.
- The hardware segment held a market share of around 6.5% in 2020. This share is due to the rising approach by government toward security and safety of vehicles is globally changing and is imposing numerous regulations for establishing mandates to develop automobiles for the auto makers with pre-installed features of safety, which drives the flow of connected car devices.
- Asia Pacific is expected to expand at a CAGR over 4% from 2021 to 2028. This surge is attributed to the rising demand for In-Car Entertainment System in developing economies such as China and India.
In-Car Entertainment System Market remember to incorporate enlightening and amusement administrations for a vehicle. These kinds of frameworks offer incorporated help and better solutions for the customers and take into account the necessity for a long time. The framework like route units, sound video player, programming application, DVD player, and radio guarantees a high-level driving experience. Likewise, they give the client better availability, an assortment of amusement choices, security during traveling. These keen innovation gadgets are assessed to become a fundamental and necessary part of customers' ways of life in the coming period.
Asia Pacific region is poised to record the highest CAGR, owing to the increasing demand in countries, such as India, China, and Japan, coupled with the growth of the region's overall in-car entertainment system market. The In-car entertainment systems unit has empowered a smoother driving encounter by simple availability, accommodation, and situated to the customers. 3D rear-view cameras in vehicles can give a superior perspective on the environmental factors near the vehicles to keep away from mishaps. Expanding the infiltration pace of traveler vehicles and, developing interest for the in-vehicle theatre setup.
Some of key players in In-Car Entertainment System Market are include ALPS ALPINE CO., LTD., AUDI AG, BMW GROUP, CONTINENTAL AG, FORD MOTOR COMPANY, PANASONIC CORPORATION, PIONEER CORPORATION, SAMSUNG ELECTRONICS CO., LTD., VISTRON CORPORATION, VOLKSWAGEN AG, among others. The market is comprised of a high degree of competition due to the presence of numerous key players. Manufacturers are focusing on opting for various inorganic growth strategies such as acquisitions, mergers, and geographical expansion to leverage their market share and gain a competitive advantage.