Product innovation, technological advancements, and maintaining quality standard are the key strategies adopted by players to maintain a stronghold in the global in-car entertainment and information system market. As per the findings of a Transparency Market Research (TMR) report, the top four companies held over 31.6% of the market in 2014. The market therefore demonstrates a fragmented vendor landscape since no single player enjoys the lion’s share.
The global in-car entertainment and information system market stood at US.42 bn in 2014. Rising at an impressive 14.2% CAGR, TMR expects the market to reach US.64 bn by the end of 2021.
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New Technologies Entering the Market to Stir Consumer Interest
Innovation of the latest technologies has resulted in considerable growth of the in-car entertainment and information system market. A paradigm shift in consumer preference from a basic driving experience to more advanced infotainment solutions augur well for the market. “As the automotive industry continues expanding, the demand for in-car entertainment and infotainment system will rise in response,” states a lead TMR analyst. “Among the infotainment solutions deployed in the latest versions of cars, WiFi and Bluetooth, navigation, audio-video solutions, and telematics are among the technologies currently attracting a lot of interest,” he added.
Besides this, the increasing vehicle production across Asia Pacific, Latin America, and the Middle East and Africa (MEA) is expected to fuel demand for in-car entertainment and information systems. Positive growth witnessed in developing countries across these regions, coupled with rising purchasing power of consumers, is poised to augment automobile sales, thus boost in-car entertainment and information systems sales across emerging economies.