Global Market Study on Auto Infotainment: APAC Expected to Account for the Highest Market Share Between 2016 and 2024
New York, NY -- (SBWIRE) -- 07/09/2018 -- Auto infotainment systems have undergone a gradual innovation and multiple inventions and have metamorphosed from mere "music only consoles" to encompass an entire range of applications that help automobile drivers and passengers to stay connected with the surroundings outside the vehicle and with entertainment within the vehicle while on the move. With a rise in accidents and inherent security issues, automobile manufacturers and auto infotainment manufacturers are implementing various technologies such as self-dial emergency numbers during accidents, vehicle tracking systems, connected cars, etc., which are being integrated into the dashboard of automobiles. Such technological revolution is pushing the global auto infotainment market towards a sustained growth path. The global auto infotainment market is estimated to grow 6.0% globally over the forecast period and is anticipated to reach a market valuation of US$ 31.96 Bn by 2024.
Key market dynamics
Factors such as growth of the automotive sector along with rising consumer inclination towards an entertaining driving experience, rise in compact passenger car sales, and increasing demand for vehicle customization among youngsters are factors expected to significantly impact the growth of the global auto infotainment market. Some of the other factors fueling the global auto infotainment market growth are increased consumer spending on luxurious items, rising awareness of safety and security in automobile functioning, and an increasing penetration of smartphones and their active role in the day-to-day life of individuals. However, drivers' distraction in handling auto infotainment systems while driving and economic crisis in certain regions leading to a subsequent fall in the sales of vehicles are factors likely to restrict growth of the global auto infotainment market during the forecast period.
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The global auto infotainment market is segmented on the basis of System Type (Entertainment System, Connectivity System, Driver Assistance System); Vehicle Type (Passenger Cars, Light Commercial Vehicle, High Commercial Vehicle); and Sales Channel (OEM, Aftermarket). The Entertainment System type segment is estimated to be valued at US$ 13.50 Bn by 2016 end and is expected to register a value CAGR of 4.6% during the forecast period. The Passenger Cars vehicle type segment is estimated to register a CAGR of 6.8% over the forecast period. The Passenger Cars segment is anticipated to register a higher CAGR as compared to the Light Commercial Vehicle segment. The Aftermarket sales channel segment is likely to exhibit a higher CAGR in terms of value as compared to the OEM sales channel segment. The OEM segment is estimated to account for 79.8% value share by the end of 2016 and is expected to register a CAGR of 6.2% over the forecast period.
The global auto infotainment market is segmented into five main regions – North America, Latin America, APAC, Europe, and Middle East & Africa. North America is estimated to account for a market share of 26% of the global auto infotainment market by the end of 2016. The APAC auto infotainment market is projected to exhibit a CAGR of 5.9% over the forecast period and account for 26.3% value share by 2024. The Europe auto infotainment market is projected to register a CAGR of 5.4% in terms of value over the forecast period and account for a share of 19.3% in the global auto infotainment market by the end of 2024.
Companies dominating the global auto infotainment market
Continental AG, DENSO Corporation, FUJITSU TEN Limited, HARMAN International, Delphi Automotive LLP, and Garmin Ltd. are some of the top companies operating in the global auto infotainment market. Leading market players are looking to expand their existing production facilities in emerging markets and are making strategic investments in technological innovation and R&D initiatives to increase brand equity. Companies are also focusing on diversifying their product portfolio and are moving away from single sales channels to increase market growth and profitability.
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