The Asia Pacific In-Car Entertainment System Market share is projected to reach US$ 5,371.2 Mn in 2032. The current need for in-car entertainment systems has been growing as a result of the expanding sales and demand for vehicles in the automotive industry.
According to FMI, the Asia Pacific In-Car Entertainment System Market is estimated to be valued at US$ 2,487.9 Mn in 2022 and is projected to increase at a CAGR of 8.0% in the forecast period from 2022 to 2032.
| Attributes | Details |
|---|---|
| Market Size (2021) | US$ 2,248.5 Million |
| Market Size 2022 | US$ 2,487.9 Million |
| Market Size 2032 | US$ 5,371.2 Million |
| Value CAGR (2022 to 2032) | 8.0% |
While many of us think that knowledge and enjoyment cannot coexist, many others think that combining the two in a car is a little odd. The in-car entertainment (ICE) system, however, is one of the best advancements in the automotive sector. ICE is a feature that is now common in the majority of passenger cars and is the ideal fusion of networking, information, and entertainment systems. The most crucial elements for customers when buying a new automobile are the improved connectivity, increased comfort, and increased safety for the driver and passengers.
The automotive industry defines in-car entertainment (ICE) systems as a collection of hardware and software installed within the vehicle. They are used for communication, music, navigation, and other informational purposes. While driving a car, these entertainment systems give the passenger a better experience and more comfort. Customers and auto OEMs throughout APAC are becoming more and more familiar with these items. The many systems used for in-car entertainment include the audio system, internet radio, DVD player, back seat gaming system, etc.
Infotainment systems were a huge success in the category of passenger cars, so several OEMs considered experimenting with them in commercial vehicles as well. The on-board infotainment system has a variety of parts that can track the prompt delivery of goods or assist with vehicle breakdowns. To differentiate themselves from the competition, most OEMs eagerly pushed for the integration of infotainment systems in their commercial vehicles.
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Analysis of the market for in-car entertainment systems from 2017 to 2021 revealed a historical growth rate of less than 6.9% CAGR, with the market expansion being driven by the general expansion of the automotive industry as customers increased spending due to rising disposable incomes.
Between 2014 and 2021, the market for in-car entertainment systems is anticipated to double in size. Most of the factors anticipated the market's expansion not only in the Asia-Pacific region but also globally. When compared to others, the Asia-Pacific region shows promising growth in the market.
The COVID-19 pandemic initially caused recessionary downturns in the form of decreased demand and sales, store closures, and temporary pauses in the manufacturing cycle, which temporarily shattered growth expectations.
However, industrial production activity in significant markets has resumed as a result of infection curves flattening as of 2022. As a result, FMI’s Asia Pacific In-Car Entertainment System demand projection predicts a CAGR of 8.0% by 2032.
Three key factors are driving the market: an increase in the global passenger car market; expanding transportation and communication infrastructure; and rising consumer knowledge of the advanced features of in-car entertainment systems. Smart technology gadgets have become a crucial part of customers' lifestyles in recent years. These systems now have powerful graphical user interfaces, speech recognition, intuitive touchscreens, and other features due to advances in technology. All of these developments are encouraging for the market for in-car entertainment within the anticipated time frame.
Customers are able to purchase high-end and luxury vehicles with these systems due to the rising levels of disposable wealth in emerging economies, particularly in the Asia-Pacific. In the APAC region, the demand for in-car entertainment systems is anticipated to skyrocket. In-car entertainment systems have certain key advantages, including greater connectivity, a better user experience, hands-free operation, and a variety of entertainment alternatives.
Upgraded technologies like smartphone connectivity with their application compatibility, internet-enabled features, numerous USB ports, Bluetooth interface and wireless connectivity, and enhanced HD audio and video playback capabilities are being developed by manufacturers of in-car systems. This ongoing technological advancement is expected to increase the value and boost the in-car entertainment system market throughout Asia Pacific.
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The high cost of innovative technology and services in entertainment systems would stymie revenue growth of car entertainment units in the car infotainment industry. The rise of car entertainment systems in the market for the automotive sector will face significant obstacles due to a lack of knowledge and a competent workforce. During the aforementioned projection period, technological limitations, cybersecurity risks, and a lack of smooth connectivity will also function as significant market restraints that will impede the development of car entertainment systems in the vehicle infotainment market.
The presence of major automakers like Hyundai, Ford, Volkswagen, and Toyota is projected to help APAC continue its leadership in the global in-car entertainment systems industry. The largest markets for in-car entertainment systems are China and India, both of which have expanding consumer electronics markets. Due to the maturity of the automotive sector in Japan and South Korea, the market for in-car entertainment systems is anticipated to expand at a moderate rate.
Due to rising passenger vehicle penetration, rising per capita income, and rising demand for in-car entertainment systems, China is anticipated to show the highest CAGR between 2014 and 2021, followed by India.
India is the fourth-largest producer of automobiles in the world. The nation's growing population, increased disposable income, and the simplicity of obtaining credit and financing all support the automotive industry. The market is also anticipated to see increased demand for commercial vehicles due to the expanding logistics and passenger transportation sectors. Government programmes and policies have a significant impact on market growth and are directly boosting the In-Car Entertainment System market within the country and Asia Pacific Region.
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The key players in the in-car entertainment systems market are focusing on R&D operations to produce cutting-edge and affordable products with upgraded features for end consumers. Panasonic Corporation, Delphi Automotive PLC, Alpine Electronics Inc., Denso Corporation, Harman International Industries, Pioneer Corporation, Robert Bosch GmbH, and JVC KENWOOD Corp. are some of the prominent participants in the APAC in-car entertainment systems industry.
MeeGo and Aha-Harman are two of the major participants in the services industry. For in-car entertainment systems, Intel Corporation, Luxoft Holding, and Nuance Communications are the main software (platform) providers. Leading automakers are collaborating closely with software development firms to create a cutting-edge solution that will give them an advantage over rivals.
| Attribute | Details |
|---|---|
| Growth Rate | CAGR of 8.0% from 2022 to 2032 |
| Base Year for Estimation | 2022 |
| Historical Data | 2017 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Million, Volume in Units and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Product Type, Channel Type, Vehicle Type, Countries |
| Key Countries Covered | China, Japan, India, ASEAN, Oceania |
| Key Companies Profiled | Panasonic Corporation; Aptiv Plc; Alpine Electronics Inc.; Denso Corporation; Harman International Industries; Pioneer Corporation; Robert Bosch GmbH; JVC KENWOOD Corp. |
| Customization & Pricing | Available upon Request |
In 2021, the value of the Asia Pacific In-Car Entertainment System Market reached over US$ 2,248.5 Mn.
During the forecast period, the Asia Pacific In-Car Entertainment System Market is estimated to expand at a CAGR of 8.0% during 2022-2032.
The Asia Pacific In-Car Entertainment System Market is projected to reach US$ 5,371.2 Mn by the end of 2032.
China and India is projected to lead the Asia Pacific In-Car Entertainment System Market in the forecast period.
The key players operating in the Asia Pacific In-Car Entertainment System Market are Panasonic Corporation, Robert Bosch GmbH, Pioneer Corporation, Delphi Automotive PLC, Harman International Industries and Denso Corporation.
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Asia Pacific In-Car Entertainment System Market
