Press release
Electric Vehicle Infotainment Market Size to Reach $8.91 Billion by 2029 | Growth at 31.2% CAGR Forecast
Electric Vehicle Infotainment
What is the Projected Market Size of the Electric Vehicle Infotainment Industry?
In the past few years, there has been a significant expansion in the electric vehicle infotainment market. It is forecasted to increase from a value of $2.22 billion in 2024 to $3.01 billion in 2025, experiencing a compound annual growth rate (CAGR) of 35.7%. The unprecedented growth during the historic period is due to factors such as the enlargement of screen size, heightened utilization of wireless connectivity, urbanization, and safety regulations.
What Will Be the Size of the Electric Vehicle Infotainment Market by 2029?
In the coming years, the electric vehicle infotainment market is anticipated to experience substantial expansion. The market is projected to increase to $8.91 billion in 2029, with a compound annual growth rate (CAGR) of 31.2%. This anticipated growth in the forecast period can be associated with advancements in content streaming, head-up displays, augmented reality, ecosystem expansion, in-car health and wellness, and autonomous driving. The forecast period will also witness significant trends such as integrated charging infrastructure, battery swapping stations, smart charging solutions, wireless charging technology, and ultra-fast charging stations.
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What Are the Key Drivers Accelerating Growth in the Electric Vehicle Infotainment Market?
Expectations for the electric vehicle infotainment market's growth are on the rise, fuelled by the growing acceptance of passenger and commercial electric vehicles among consumers. The variety of electric vehicles, designed for personal transportation or commercial usage, has experienced increased acceptance due to the widespread installation of charging stations, falling battery prices, and the tendency towards sustainable transportation methods. Infotainment systems in electric vehicles contribute to passenger leisure and driver efficiency by offering entertainment, connectivity, and navigation features essential for the overall user experience in both passenger and commercial electric vehicles. For example, over 2.3 million electric cars were bought in the first quarter of July 2023, a 25% increase compared to the same period the previous year, according to the Internal Energy Agency, an autonomous intergovernmental organization based in France. By the conclusion of 2023, it is predicted that sales of EVs will have risen to 14 million, signifying a 35% increase year after year. Consequently, the burgeoning acceptance of passenger and commercial electric vehicles among consumers is propelling the growth of the electric vehicle infotainment market.
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How Is the Electric Vehicle Infotainment Market Segmented by Type, Application, and Region?
The electric vehicle infotainment market covered in this report is segmented -
1) By System Type: Multimedia, Heads-Up Display, Navigation Unit, Communication Unit, Rear Seat Entertainment
2) By Connectivity Type: Bluetooth, Cellular, Wireless, Wired Connectivity
3) By End-Use: Battery Electric Vehicle, Hybrid Electric Vehicle
Subsegments:
1) By Multimedia: Audio System, Video System, Voice Recognition System, Streaming Services (Music, Video Streaming), Heads-Up Display, Windshield Display, Augmented Reality Heads-Up Display, Instrument Cluster Integration, Navigation Unit, GPS-Based Navigation, Real-Time Traffic Updates, Route Planning And Optimization, Offline Navigation
2) By Communication Unit: Bluetooth Connectivity, Cellular Connectivity (4G Or 5G), Wi-Fi Connectivity, Vehicle-To-Everything (V2X) Communication, Emergency Call System (eCall)
3) By Rear Seat Entertainment: Rear Seat Screens, Interactive Touch Panels, Gaming Consoles, Streaming Devices, DVD Or Blu-Ray Player Integration
What Are the Key Trends Driving Growth in the Electric Vehicle Infotainment Market?
Major corporations in the electric vehicle infotainment sector are employing strategic alliances to boost technological advancements, broaden their services, and refine system incorporation with EV-centric features. The focus will be on the development of in-car infotainment systems, software and electrical/electronics engineering, user interaction, and cloud-based digital services. As an example, Infosys Ltd, a firm based in India, formed a partnership with Sweden's Polestar Inc in September 2024. This will aid in the creation and verification of electric vehicle software across numerous domains including infotainment systems, advanced driver assistance systems (ADAS), and telematics. The hub will aid Polestar in their product management and customer interaction strategies, expediting direct-to-consumer digital services through cloud-native development and data engineering. Polestar plans to utilize Infosys' engineering labs, design studios, and Infosys Living Labs to encourage innovation.
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Who Are the Leading Companies Driving Growth in the Electric Vehicle Infotainment Market?
Major companies operating in the electric vehicle infotainment market are Ford Motor Company, General Motors, Tesla Inc., Audi AG, Panasonic Holdings Corporation, Denso Corporation, Continental AG, Hyundai Kefico, Aisin Corporation, Toshiba Corporation, Pioneer Corporation, Toyota Industries Corporation, Valeo SA, Infineon Technologies AG, Renesas Electronics, HARMAN International, Microchip Technology, Garmin Ltd., JVCKENWOOD Corporation, Clarion Technologies, ALPINE ELECTRONICS Inc., Airbiquity Inc., Hangzhou Tiecheng Information Technology
Which Is the Leading Region in the Global Electric Vehicle Infotainment Market?
Europe was the largest region in the electric vehicle infotainment market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the electric vehicle infotainment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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