In-Car Entertainment System Market to Incur Rapid Extension During 2014 - 2020
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The global in-car system market is expected to grow two fold from 2014 to 2020. The market is driven by three major factors, rise in passenger car market across the globe, growing transportation & communication infrastructure and increasing awareness about sophisticated features of in-car entertainment systems. These factors collectively are expected to drive the growth in the global market over the next six years. Emerging economies such as Asia, Eastern Europe and Latin America are expected to offer promising growth when compared with North America. In terms of revenue, Asia-Pacific (APAC) was the major contributor followed by North America, Europe and Rest of World (RoW) respectively in financial year 2013.
APAC is expected to maintain its dominance in global in-car entertainment system market due to presence of major car manufacturer such as Hyundai, Ford, Volkswagen and Toyota. Growing consumer electronics market in China and India are the major markets for in-car entertainment systems. However, the market for in-car entertainment system is expected to grow at a low growth rate in Japan and South Korea, due to maturity in automotive industry in these countries. For the year 2014-2020, China is expected to exhibit highest CAGR followed by India, due to rise in penetration rate of passenger vehicles, rise in per capita income and increasing demand for in-car entertainment system.
The in-car entertainment system market is broadly segmented on the basis of product type and channel type. Product type segment is further segmented into audio players, video display screen, navigation unit, accessories, rear seat entertainments, speakers, etc. In the APAC ICE market, audio players segment is the major contributor in terms of value, followed by video display unit, speakers, navigation units and others. In terms of channel the market is classified into two segments which are OEMs and aftermarket. The contribution from aftermarket is largest in the market.The penetration rate of in-car entertainment systems through OEMs is more in premium and luxury cars. In terms of value and volume, aftermarket segment has highest contribution in mid-range cars.
Key participants in the APAC in-car entertainment systems market focus on research and development activities in order to introduce advanced and cost-effective product with up graded technology and features for end-users. Some of the major players in the APAC in-car entertainment systems market include Panasonic Corporation, Delphi Automotive PLC, Alpine ElectronicsInc., Denso Corporation, Harman International Industries, Pioneer Corporation, JVC KENWOOD Corp. and Robert Bosch GmbH. Some of the key players in services are Aha-Harman and MeeGo. The key software (platform) vendors for in-car entertainment systems are Intel Corporation, Luxoft Holding and Nuance Communications.
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The demand for in-car entertainment systems is expected to grow exponentially in APAC region. Smart technology devices have become essential part of consumers’ life-style in recent years, some of the major features of in-car entertainment systems are better connectivity, better user experience, hands-free operation and variety of entertainment options. Manufacturers of in-car systems are coming up with upgraded technologies like smartphone connectivity, internet-enabled features, multiple USB port, Bluetooth interface, wireless connectivity, mobile phone application compatibility and better ability to play high definition audio and video. This frequent technological development is expected to add value and spur the demand of in-car entertainment system in APAC.
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