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Extensive research carried out by the analysts at Technavio has shown that the global aftermarket for touchscreen infotainment system will grow at a steady pace and will post a CAGR of more than 2% over the forecast period. The augmented demand for better sound quality, features, and flexibility for customization is one of the major factors driving this market’s growth. Some of the most standard electronic features available in automobiles these days include Bluetooth connectivity, music streaming, and navigation system. Moreover, contemporary infotainment systems also provide the possibility of integrating the vehicle’s audio, navigation, and climate system. The music systems provided by OEMs as standard fitments have few features and sub-standard sound quality. This is where the aftermarket suppliers plug the gap with better quality and enhanced flexibility of customization depending on user requirement. Earlier, in-car entertainment systems were limited to CD players, amplitude modulation (AM), and frequency modulation (FM) radios. But currently, in-car electronics is developing at a rapid pace providing consumers with a variety of options as smartphones and other multimedia devices can be easily connected to the car’s infotainment system. Moreover, music and movies can also be streamed through cloud computing services. This has led the consumers of mass-selling cars to want more advanced features to be installed in their vehicles, which is increasing the demand for aftermarket products and services.
The growing dependence on upgraded infotainment systems is one of the recent trends contributing to this market’s growth. The installation of touchscreen infotainment systems in cars enables the drivers to locate their destination easily. Also, the driver can stream music and movies in the car. With the new infotainment facilities, consumers can always stay connected to the digital world. Moreover, with the growing aspiration for traveling among millennials, the demand for the nifty and upgraded infotainment is likely to increase over the next four years.
The global aftermarket for touchscreen infotainment system is highly fragmented and competitive owing to the presence of a large number of well-established manufacturers and small and medium sizes companies. This market is also characterized by the presence of well-diversified global as well as regional vendors. However, with global players expanding their footprint, regional vendors will find it difficult to compete, especially on basis of quality and price. The competitive environment in this market is likely to intensify as more infotainment systems are accepted by OEMs and aftermarket suppliers.
Key vendors in this market are -
Other prominent vendors in the market are CASKA, Sony, and MapmyIndia.
The mid-sized screen size segment led the global aftermarket for touchscreen infotainment system and will continue to dominate the market over the coming years. The growth of this segmented is attributed to rising popularity for medium-sized screens as they strike the perfect balance between the price and value for a large percentage of consumers. Moreover, it is also expected that as consumers using small-size screen will shift to mid-size screen, which will boost this segment’s growth during the forecast period.
In terms of geography, APAC was the highest revenue contributing region in the market and is expected to lead the market over the coming years. APAC is the fastest growing region since a lot of cars in the region are still not provided with touchscreen infotainment as a standard fitment by OEMs. As a result, consumers tend to opt for aftermarket products to fulfill their requirements. Moreover, these days an increasing number of people do not consider car accessories to be of decorative value but more of a necessity and a functional requirement. In countries like India, consumers are shifting from dual-DIN infotainment systems to touchscreen infotainment systems, which depicts that the market is still in the growth stage, an increasing number of consumers will adopt touchscreen infotainment systems in the coming years.
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PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by application
PART 07: Geographical segmentation
PART 08: Key leading countries
PART 09: Market drivers
PART 10: Impact of drivers
PART 11: Market challenges
PART 12: Impact of drivers and challenges
PART 13: Market trends
PART 14: Vendor landscape
PART 15: Key vendor analysis
PART 16: Appendix
PART 17: Explore Technavio
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