Global In-Car Infotainment Market Report, published by Fior Markets, forecast that the global market is expected to reach $44.7 Billion by 2024 from $16.1 Billion in 2016, growing at a CAGR of 13.6% from 2016 to 2024. By geography, Asia-Pacific and RoW are expected to grow at a CAGR of 16.5% and 14.4%, respectively, during the forecast period.
“In-Car Infotainment Market (By Installation Type: OEMs and Aftermarket; By Component: Hardware (Audio, Display, Connectivity, and Others), and Software; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 – 2024″
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The factors driving the growth of the global in-car infotainment market includes growing automotive industry, rising demand for media oriented systems transport (MOST) technologies, growing demand for advanced smartphone apps for infotainment systems, and increasing utilization of electronic component in cars. However, safety concerns and possibility of distraction could pose challenge for the market. Besides, market expansion and increasing demand for personalized infotainment system would offer growth opportunities in the forecasted years.
The major bifurcations of global in-car infotainment market include installation type, component, and geography. Installation type is segmented into OEMs and aftermarket. In which, aftermarket held the majority of the market share in 2016, while OEM will attain the highest CAGR. Component is further characterized as hardware (display, audio, connectivity, and others (Bluetooth, interactive voice recognition, and climate control)), and software. Hardware accounted the largest market share, whereas software will dominate with fastest CAGR during the forecast period.
Europe accounted the largest share in the market with 32.2%, driven by increasing demand for high-end cars, high capacity of vehicle production, and need for advanced in-car infotainment system. Asia-Pacific held the second largest market share with 29.4% and is expected to dominate with fastest CAGR, owing to rising disposable income, increasing demand for luxury and medium-sized car, and increasing occurrence of aftermarket in countries like China, and India.
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Major players operating in this market include Delphi Automotive PLC, Robert Bosch GmbH, Panasonic Corporation, Bayerische Motoren Werke AG, General Motors Company, Ford Motor Company, Harman International, Continental AG, Aisin Seiki Co., Ltd., and Volkswagen AG, among others.