Market Research Report
Automotive Infotainment Market Size, Share & Trends Analysis Report By Product Type (Heads-up Display, Navigation Unit, Display Unit), By Fit Type, By Vehicle Type, By Region, And Segment Forecasts, 2021 - 2028
|Automotive Infotainment Market Size, Share & Trends Analysis Report By Product Type (Heads-up Display, Navigation Unit, Display Unit), By Fit Type, By Vehicle Type, By Region, And Segment Forecasts, 2021 - 2028|
Published: August 17, 2021
Grand View Research, Inc.
Content info: 110 Pages
Delivery time: 2-10 business days
The global automotive infotainment market size is expected to reach USD 12.57 billion by 2028, registering a CAGR of 8.7% from 2021 to 2028, according to a new report by Grand View Research, Inc. The increasing demand for autonomous vehicle technology, automotive cockpit electronics, and advanced safety features such as advanced driver assistance systems is anticipated to drive the growth. The growing demand for enhanced in-vehicle experience and shifting consumer buying behavior and the worldwide expansion of the luxury and premium car segments are also likely to fuel the growth of the market.
The growing number of millennials opting for small and medium-sized cars is expected to boost the growth of the market growth. Furthermore, consumers are inclined to buy these cars, compared to premium cars, owing to their cost-effectiveness. In addition to this, the introduction of medium-sized SUVs has further encouraged the market growth as consumers can buy a bigger-sized vehicle at a lower cost.
Automotive infotainment technology is expected to gain significant demand as major automotive components and solution providers are engaging in developing complete automotive infotainment solutions. For instance, in May 2021, BMW AG announced iDrive 8, the latest infotainment system for its vehicles. The new iDrive 8 provides enhanced voice-recognition software and a massive touchscreen with multiple new features. It will be initially debuted on the new electric i4 sedan and iX SUV.
The introduction of Artificial Intelligence (AI)-based infotainment systems is also expected to contribute to the market growth. However, the market is characterized by a negligible regulatory framework regarding product manufacturing, resulting in counterfeit and low-quality products. Such negative trends are expected to hinder the market growth.
Emerging economies such as China and India are expected to contribute significantly to the growth of the market for automotive infotainment. The development is characterized by the increase in the adoption of mid-sized cars, which enables automotive companies to offer infotainment products for this car segment.