LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global automotive infotainment systems market to grow at a CAGR of more than 14% during the period 2018-2022, according to their latest report. However, the growth momentum of the market is expected to decelerate due to a decrease in the year-over-year growth.
In-car advertisements are one of the major trends being witnessed in the market. The adoption of rear-seat infotainment systems in automobiles provides OEMs with multiple opportunities. Such systems facilitate the provision of in-car advertisements. Unlike the driver of an automobile, the passengers are considered as the key targets of automotive OEMs and infotainment system providers. The prime goal of in-car advertising is to translate advertisement viewership to actual transactions. In addition, the behavior of users in the car needs to be studied prior to uploading content on rear-seat infotainment platforms. This trend is expected to gain traction during the forecast period.
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In this report, Technavio analysts highlight the development of low-cost infotainment solutions as a key factor contributing to the growth of the global automotive infotainment systems market:
Development of low-cost infotainment solutions
Lately, the major players in the global automotive infotainment systems market are investing in low-cost offerings. Hardware costs affect the cost of the end-product substantially. Thus, reduced costs associated with infotainment hardware facilitate the development of low-cost infotainment solutions. The cost of display panels has reduced considerably due to their integration with smartphones and the growth of the global smartphone market. This has facilitated infotainment suppliers to reduce the cost of infotainment systems.
Display panels form an essential part of modern infotainment systems. Likewise, smartphones are integrated with technologies such as graphics, haptics, and speech recognition that are used in infotainment systems. In addition, the availability of low-cost data plans, which facilitate high-speed connectivity can revolutionize the global automotive infotainment systems market.
According to a senior analyst at Technavio for automotive electronics, “Automotive OEMs are concentrating on reducing the cost of embedded infotainment systems that are integrated into automobiles. The introduction of low-cost infotainment solutions facilitates the increased sale of vehicles, which are equipped with infotainment systems. This leads to the growth of the global automotive infotainment systems market.”
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Global automotive infotainment systems market segmentation
This market research report segments the global automotive infotainment systems market into the following applications (passenger cars and commercial vehicles) and key regions (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the two major applications, the passenger cars segment held the largest market share in 2017, accounting for nearly 76% of the market. This application segment is expected to demonstrate significant growth during the forecast period.
The Americas was the leading region for the global automotive infotainment systems market in 2017, accounting for a market share of close to 39%. The market share for this region will decrease slightly by 2022. However, this region is expected to dominate the market throughout the forecast period.
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