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In-Vehicle Infotainment, Global Market Insights, Growth, Trends 2024
Global In-Vehicle Infotainment, Market Dynamics, Industry Trends
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According to The Business Research Company's, The in-vehicle infotainment market size has grown rapidly in recent years. It will grow from $21.72 billion in 2023 to $24.22 billion in 2024 at a compound annual growth rate (CAGR) of 11.5%. The growth in the historic period can be attributed to increasing sales of high-end luxury cars, emerging markets growth, rising demand for passenger cars and high adoption of connected cars..
The in-vehicle infotainment market size is expected to see rapid growth in the next few years. It will grow to $37.02 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. The growth in the forecast period can be attributed to government support for automotive sector, increasing demand for autonomous and electric vehicles and growing urbanization. Major trends in the forecast period include technological advancements in automotive infotainment systems, implementation of over-the-air updates for infotainment systems, strategic partnerships and collaborations among market players to improve product portfolio, integration of android operating system in infotainment units, product innovations in automotive connectivity, integration of artificial intelligence (ai) technology in infotainment systems and personalized in-vehicle infotainment systems..
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Market Drivers and Trends:
The increasing sales of high-end luxury cars are expected to propel the in-vehicle infotainment market growth going forward. Luxury cars refer to cars that are manufactured by luxury automakers with high-end performance capabilities, lavish interiors, and safety and technology features that are not available in lower-priced cars. Luxury cars are equipped with the latest and advanced infotainment systems to provide advanced vehicle safety and security. Thus, an increase in the sale of luxury cars will help in the growth of the market. For instance, in 2021, according to BMW Group, a Germany-based manufacturer of performance luxury vehicles and motorcycles, in 2021, the global sales of luxury vehicles of BMW, MINI, and Rolls-Royce brands increased by 8.4% with 2,521,525 delivered to customers globally in 2021. Further, the BMW brand cars reported an all-time global sales high of 2,213,795 units in 2021. Therefore, the increase in the sales of high-end luxury cars is driving the growth of the in-vehicle infotainment market.
Technological advancements are a key trend gaining popularity in the in-vehicle infotainment market. Major companies operating in the in-vehicle infotainment market are focused on developing new technological solutions to strengthen their position. For instance, in August 2022, Mitsubishi Electric Corporation, a Japan-based manufacturer of electronics and electrical equipment, launched the new futuristic infotainment system 'Inca Jay Digital Cockpit'. The unique features of the new cockpit include a real-time voice translator, image processing, and advanced driver assistance systems (ADAS). The system can monitor the driver's face with near-infrared and driver-facing cameras to detect any issues with the drivers. The system has an evolved ADAS that will help in emergencies and safety terms.
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Major Key Players of the Market:
Dr. Ing. hc F. Porsche AG, Daimler Group, Ferrari N.V., Maserati S.p.A, Automobili Lamborghini S.p.A, Lexus, McLaren Racing Limited, Bugatti Automobiles S.A.S., Zenvo Automotive A/S, Vazirani Shul, DC Avanti,, Motormind Hyperion, Tata RaceMo., Apollo Intensa Emozion, Schneider Transport SA, Gefco, LDI Dimotrans Group, Xpo Transport Solutions Spain SL, Primafrio SL, Trans Sese SL Deutsche Post AG, Schenker Aktiengesellschaft, Dachser Group SE & Co, HAVI Logistics GmbH, Arrinera, ElectroMobility, Izera, Hydrocar, Leopard Automobile, Melex AvtoVAZ, Lada, GAZ, KAMAZ, NAMI, Aurus Motors, UAZ, Hennessey Performance Engineering (HPE), Koenigsegg, Dodge, American supercar brands, Draco Motors, Chevrolet Corvette, SSC North America
In-Vehicle Infotainment Market 2024 Key Insights:
• The in-vehicle infotainment market size is expected to see rapid growth in the next few years. It will grow to $37.02 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%.
• High-End Luxury Car Sales Boost In-Vehicle Infotainment Market
• In-Vehicle Infotainment Market Rides The Wave Of Technological Advancements
• North America was the largest region in the in-vehicle infotainment market in 2023
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Learn More About The Business Research Company
The Business Research Company ( https://www.thebusinessresearchcompany.com ) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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