New York, USA, Dec. 06, 2021 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global automotive infotainment market is expected to generate a revenue of $17,564.8 million by 2028, growing rapidly at a CAGR of 8.8% during the forecast period 2021-2028. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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COVID-19 Impact on the Automotive Infotainment Market
The outbreak of coronavirus has had a devastating impact on the growth of the global automotive infotainment market, owing to the prevalence of lockdowns in various countries across the globe. Lockdowns led to the wide-scale closure of various industrial operations across the globe, including the automotive sector. This adversely disrupted the supply chain and production levels of the automobile sector. Thus, the pandemic has had a negative impact on the market.
Check out How COVID-19 impacts the Global Automotive Infotainment Market: https://www.researchdive.com/connect-to-analyst/8518
Dynamics of the Automotive Infotainment Market
Drivers: Rising prevalence of innovative in-car entertainment systems across the globe is expected to drive the growth of the market during the forecast period. In addition, availability of digital assistants, several screens, and a range of input modalities significantly enhance the overall digital experience of the car. This factor is further expected to bolster the growth of the automotive infotainment market during the forecast period.
Restraints: Extortionate cost of automotive infotainment is expected to hinder the growth of the market during the forecast period.
Segments of the Automotive Infotainment Market
The report has divided the automotive infotainment market into various segments based on system type, distribution channel, vehicle type, and region.
System Type: Entertainment System Type Sub-segment to be Most Profitable
The entertainment system type sub-segment is expected to generate a revenue of $9,300.8 million during the forecast period. Enhanced transportation facilities, lowered operating costs, and advancement in communication infrastructure are expected to bolster the growth of the sub-segment during the forecast period.
Distribution Channel: Aftermarket Sub-segment to be Most Lucrative
The aftermarket sub-segment is expected to generate a revenue of $6,335.1 million during the forecast period. Increased production and application of base model automobiles by vehicle manufacturers is expected to accelerate the growth of the automotive infotainment market sub-segment during the forecast period.
Vehicle Type: Passenger Sub-segment to be Most Beneficial
The passenger sub-segment is expected to generate a revenue of $13,296.9 million during the forecast period. Increasing initiatives taken by the government on the adoption of electric vehicles is expected to drive the growth of the sub-segment during the forecast period.
Region: Asia-Pacific Region Expected to Have the Fastest Growth Rate
The Asia-Pacific region is expected to grow exponentially with a CAGR of 9.7% during the forecast period. Increase in the standard of living among people living in this region is expected to stimulate the growth of the market. In addition, extensive expansion of luxury and mid-sized premium car sectors in the region is further expected to bolster the growth of the regional automotive infotainment market during the forecast period.
Key Players in the Global Automotive Infotainment Market
1. Alpine Electronics
2. Clarion Co., Ltd.
3. Continental AG
4. Denso Corporation
5. Harman International
6. JVC KENWOOD Corporation
7. Panasonic Corporation
8. Pioneer Corporation
9. Robert Bosch
10. Mitsubishi electric corporation
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
For instance, in March 2021, Cognizant, an American multinational technology company that provides business consulting, information technology and outsourcing services, acquired ESG Mobility, a Germany-based digital automotive engineering R&D provider for connected, autonomous and electric vehicles, in order to expand Cognizant's capabilities in digital automotive engineering R&D.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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