In-vehicle infotainment systems offer advanced connectivity features and facilitate easy access to entertainment, navigation and other applications from inside the vehicle. Features like satellite navigation, wireless connectivity options for pairing smartphones, AM/FM radio stations and integration with voice assistants provide enhanced convenience to drivers and passengers.
The global in-vehicle infotainment market is estimated to be valued at US$ 24.85 billion in 2023 and is expected to exhibit a CAGR of 10.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights. Market Opportunity: The rapid adoption of new technologies in automobiles presents a major market opportunity for growth of in-vehicle infotainment systems. Advances in connectivity technologies will drive the integration ofsmartphone features and apps in vehicles. Through features like Apple CarPlay and Android Auto, in-vehicle infotainment systems allow users to seamlessly access functions of their smartphones from inside the car. This provides convenience to drivers and passengers. The ability to make calls, get navigation assistance, listen to music and use other popular apps without having to constantly check the phone is appealing to consumers. As smartphone integration becomes increasingly sophisticated in automobiles, the demand for advanced connected-car technologies is likely to rise significantly over the forecast period. Porter’s Analysis Threat of new entrants: The threat of new entrants is moderately high as the capital requirements to enter the IN-VEHICLE INFOTAINMENT market is high due to the technological expertise and infrastructure required. However, partnerships and collaborations provide opportunities for new entrants. Bargaining power of buyers: The bargaining power of buyers is high given the availability of several product options from different manufacturers. However, buyers prefer established brands for long-term use and reliability. Bargaining power of suppliers: Parts and components suppliers have moderate bargaining power since a few suppliers dominate the supply market. Suppliers also have to maintain quality to retain contracts with OEMs. Threat of new substitutes: New connectivity technologies pose potential threats, but substituting an entire infotainment system is difficult. Still, options like smartphone mirroring provide some substitutability. Competitive rivalry: High due to the presence of major global players competing on technology, features, and pricing. SWOT Analysis Strengths: Growing demand for connected vehicles, rise in demand for safety, convenience and entertainment features. Weaknesses: High component and infrastructure costs, complex technological interfaces, cybersecurity risks. Opportunities: Scope for advanced technologies like AI, VR and customized experiences. Partnerships for expanded offerings and easier upgrades. Threats: Changing technology preferences, regulations around driver distraction, and fluctuating raw material prices. Key Takeaways The Global IN-VEHICLE INFOTAINMENT Market Growth is expected to witness high driven by rising vehicle production and demand for connected features. Increasing consumer preference for digital experiences and safety features is augmenting market expansion. Regional analysis: North America dominates currently due to high technology adoption. Asia Pacific is poised to grow at the fastest pace led by China, India, and South Korea on the back of flourishing automobile industries in these countries. Production hubs shifting to Asia also provide opportunities. Key players: Key players operating in the IN-VEHICLE INFOTAINMENT market are Straumann Group, Zimmer Biomet Holding, Inc., Danaher Corporation, Dentsply Sinora Inc., BioHorizons IPH, Inc., Henry Schein, Inc., Osstem Implant Co. Ltd., Avinent Implant System, A-Dec Inc., Nobel Biocare, Sonoma Pharmaceuticals, Inc, and Nexa3D. Major players are focusing on new product innovations to consolidate their market share. Explore more information on this topic, Please visit- https://www.dailyprbulletin.com/in-vehicle-infotainment-market-share-size-and-growth-share-trends-analysis-demand-forecast/
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