New-age Navigation Systems and In-car Entertainment Information Systems to Benefit Automotive Industry
Volkswagen recently launched in-car entertainment information systems, an ideal multimedia unit, for their commercial vehicles. This leading auto company collaborated with Kenwood, the new multimedia and navigation unit to offer new in-car entertainment features such as Android Auto and Apple Car Play. The new unit from Kenwood features Spotify integration and Apple CarPlay alongside favorites including Bluetooth hands-free, Europe Garmin navigation, and DAB digital radio tuner. With this new in-car entertainment information system, Volkswagen aims to retain standard factory functions including displaying parking sensors, steering controls, and reversing camera.
The new in-car entertainment information system introduced by Volkswagen, in collaboration with Kenwood, features CD, DVD, SD, and USB card for connecting digital music. This new invention has motivated many other key manufacturers of in-car entertainment information systems to introduce their new products.
Transparency Market Research (TMR) predicts that the global in-car entertainment information system market is likely to reach US$28.64 bn by 2021, progressing at a 14.2% CAGR from 2015 to 2021. TMR answers a few questions related to the global in-car entertainment information system market, which the stakeholders would like to know:
Q. Will the growing awareness of navigation systems benefit the global in-car entertainment information system market?
Yes, the growing awareness of new-age navigation systems will benefit the global in-car entertainment information system market. Navigation, telematics, and entertainment are the top applications of the in-car entertainment information system. The demand for in-car entertainment information systems is increasing, which is expected to create profitable prospects for various software and hardware devices such as audio-video devices, freeview/TV, USB, DSP systems, and WiFi devices. The demand for navigation systems is expected to increase owing to the rising awareness for safe driving.
Q. What are the key factors expected to boost the demand for in-car entertainment information system?
The global demand for in-car entertainment information systems is expected to rise owing to advanced infotainment solutions, the advancements in the technology, innovations in navigation systems, and the rising production of various vehicles. The growing auto industry is expected to be a crucial factor driving the demand for in-car entertainment information systems. With the increasing innovations in vehicles and the rising demand for new-age car interiors from vehicle owners, the sales of in-car entertainment information systems are expected to increase.
Q. What would restrict the growth of the global market for in-car entertainment systems?
High expenditure required for the research and development activities for designing and developing new in-car entertainment information systems is the primary factor expected to hamper the growth of the global market. Stringent government regulations are expected to restrict the entry of new potential manufacturers of in-car entertainment information systems, which is another key factor likely to restrict the market’s growth.
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Overall, the global in-car entertainment information system market is poised for a significant growth in the years to come. The rising purchasing power of the patrons and their changing preferences are predicted to benefit the global market in many ways.
The trends in many industries are changing at a significant pace. Many companies are focusing on acquisitions and mergers with the startups to increase their share in the global market. Key companies operating in the in-car entertainment information system market are focusing on merging with a few startups to maintain their dominance, which will create new growth opportunities in the next few years.