Electric Vehicle Infotainment Market Outlook 2031:
The global electric vehicle infotainment market size was valued at USD 14.70 Billion in 2022 and is projected to reach USD 39.47 Billion by 2031, expanding at a CAGR of 11.6% during the forecast period 2023 - 2031. The growth of the market is attributed to the awareness among people about safer driving and need of location detection functions in case of emergency.
Electric vehicle (EV) infotainment system consists a combination of information and entertainment services. Infotainment system in electric vehicles offer various functions, such as control visual/audio entertainment material, provide navigation while driving, and connecting with smartphone for hands-free audio command. Typical infotainment system consists of components, including screen unit, head unit, control units, and operating controls.
The COVID-19 pandemic outbreak had a negative impact on the market. During the pandemic, the lockdown imposed by government bodies resulted in worldwide closure of automotive sector, which affected the demand of infotainment system. The market is expected to recover soon with an uptrend operation due to subsiding the COVID cases gradually across the globe.
Electric Vehicle Infotainment Market Trends, Drivers, Restraints, and Opportunities
- Growing trend of in-car infotainment system across the globe is one of the key factors driving the electric vehicle infotainment market growth.
- Increasing availability of digital assistants, such as screens and sensors is projected to boost the market during the forecast period.
- High cost of both electric vehicle and infotainment system acts as a major challenge that can restrict the electric vehicle infotainment market growth in the coming years.
- Rising concerns about power and fuel consumption by infotainment system is expected to hamper the market growth during the projected timeline.
- Integrating Internet of Things technology with infotainment system for greater end-to-end connectivity is anticipated to create significant growth opportunities for the electric vehicle infotainment market.
Scope of Electric Vehicle Infotainment Market Report
The report on the global electric vehicle infotainment market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Electric Vehicle Infotainment Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
2016 – 2021
2023 – 2031
Connectivity Types (Wireless, Bluetooth, Wired Connectivity, and Cellular), End-users (Commercial Vehicles and Passenger Cars), and System Types (Navigation System, Multimedia System, Rear Seat Entertainment System, Heads-up System, and Driver Safety & Communication Safety)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Aisin Seiki Corp.; Harman International Industries, Inc.; Continental AG; and Panasonic Corp.
Electric Vehicle Infotainment Market Segment Insights
Fast connectivity drive the wireless segment
In terms of connectivity types, the market is divided into wireless, Bluetooth, wired connectivity, and cellular. The wireless segment is expected to grow at a rapid pace during the forecast period due to faster, reliable, and high speed of data transfer.
Additionally, the segment growth is further accelerated as the wireless segment offers uninterrupted connectivity while driving, which improves the user experience. However, the cellular segment is anticipated to expand at a substantial CAGR in the coming years owing to increasing trend of smartphone connectivity to infotainment system for accessing the features on smartphone.
Passenger cars segment to expand at robust growth rate
Based on end-users, the global electric vehicle infotainment market is bifurcated into commercial vehicles and passenger cars. The passenger cars segment is estimated to expand at robust growth rate during the forecast period due to increasing investment by governments for adoption of passenger EVs with infotainment system for safety of passengers.
On the other hand, the commercial vehicles segment is projected to expand at a considerable CAGR during the forecast period attributed to the need of infotainments system in commercial EV for location detection services, navigation, and communication-based service.
Heads-up segment is projected to expand at high growth rate
On the basis of system types, the market is fragmented into navigation system, multimedia system, rear seat entertainment system, heads-up system, and driver safety & communication safety. The heads-up segment is projected to expand at high growth rate in the projected timeline attributed to the benefits it provides, such as displaying vehicle-related information, alert about vehicle speed, and fuel level.
Furthermore, heads-up system provides rare vision of the road for safer driving experience, which is a major driver of the segment. On the other hand, the rear seat entertainment segment is anticipated to register a substantial CAGR during the forecast period due to increasing adoption, low cost, and better communication infrastructure.
Asia Pacific is to constitute a key market share
In terms of region, the global electric vehicle infotainment market share is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is anticipated to constitute a key share of the market during the projected period owing to presence of key global plyers, availability of workforce, good economic condition, and innovation of newer technology in the region.
However, the Latin America market is anticipated to grow at a rapid pace during the forecast period due to the reduced data prices, emergence of 5G network, and high demand of EV infotainment in the region.
The global electric vehicle infotainment market has been segmented on the basis of
- Wired Connectivity
- Commercial Vehicles
- Passenger Cars
- Navigation System
- Multimedia System
- Rear Seat Entertainment System
- Heads-up System
- Driver Safety & Communication Safety
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
Key players competing in the global electric vehicle infotainment market are Aisin Seiki Corp.; Harman International Industries, Inc.; Continental AG; and Panasonic Corp. Companies are focusing on investment in R&D for development of innovative and customized infotainment system to maintain their competitive positions in the market.
Furthermore, companies have been widely engaged in strategic partnership, merger & acquisition, new product launch, and collaborations to boost their market share and acquiring new buyers.
For instance, in April 2021, LIZHI Inc. a China based leading interactive audio platform company collaborated with WM motor Chinas EV manufacturer to promote their innovation for the development of smart travel. By this collaboration LIZHI will provide their in car audio products for WM motors EVs.
In July 2019, Bosch announced a launch of a Shanghai based new Bosch digital R&D center. The R&D center will develop smart digital infotainment products, such as passenger and driver monitoring system, information domain computers, and 5G- vehicle-to-everything connectivity control units.