The global automotive entertainment systems market is expected to witness exponential growth, owing to innovation and early adoption of these sophisticated devices. Entertainment systems such as rear-seat entertainment systems, satellite radio, and MP3 players have swiftly emerged as preferred features in contemporary automobile entertainment system offerings. The automotive entertainment systems market is foreseen to display a surge in number of new entrants to get a share of the growing market.
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Surge in global income level has boosted the growth of luxury and high-end car segments; consequently, resulting in the development of the automotive entertainment systems market. Growing modifications in customer experience, surging social status apprehensions, and reduced costs have encouraged the automotive entertainment systems market development. Urban lifestyle is foreseen to emerge as another driving factor as commute distances have lengthened.
Automotive entertainment systems market players have collaborated with both, consumer electronics and automotive vendors, to augment the entertainment system installation in luxury and mid-segment cars. Automotive entertainment systems are anticipated to observe dynamic applicability owing to reduced cost of assembled media devices and associated apparatus such as LCD display panels.
Surging commute time and increasing global per capita income have augmented the sale of automotive entertainment & aligned infotainment systems, in the premium and mid-segment car divisions. The Asia Pacific market is anticipated to witness a noteworthy growth over the next seven years, which can be attributed to surging luxury car sales. Europe and North America are expected to be the major reception regions, which can be attributed to increased demand for high-tech products and rising awareness of people about technological advancements.
Some of the key participants in the automotive entertainment systems industry include Bosch, Delphi, JVC-Kenwood, Denso, Harman International, Pioneer, and Alpine. This market also includes software platform developers such as KPIT, Luxoft, Nuance, and Intel, and automotive entertainment systems service providers such as ‘Meego Aha’ by Harman, and navigation system-service providers, TomTom and Garmin.
Prominent market participants continue to embed innovative technology in the automotive infotainment systems, thereby escalating their corresponding product applicability. Automakers have constantly strived to add new features in their vehicles and automotive entertainment systems. In a bid to augment their market share, infotainment systems are offered by automakers to attract buyers.
Information Source: Grand View Research