The global aftermarket for touchscreen infotainment systems registered sales of almost 4 million units in 2015 and is expected to surpass 4 million units by 2020, says Technavio.
Technavio has announced its latest market research report on aftermarket for touchscreen infotainment systems for the forecast period, 2016-2020. This market analysis, under the automotive electronics vertical, discusses the major drivers and key emerging trends that will influence the growth of the global aftermarket for touchscreen infotainment systems during the forecast period. Some of the top vendors listed in this industry analysis include Pioneer, Alpine Electronics, JVCKENWOOD, and Blaupunkt.
In terms of geographical analysis, APAC account for the largest share of the global market and is expected to register sales of around 2 million units by 2020. China, Japan, and India will emerge as the key revenue-generators.
“Online sales channels are giving a boost to aftermarket automotive components and accessories. Digitization is the main reason behind the exponential growth of the online sales channel. Increasing use of social media, growing mobile technology, and increasing internet penetration are acting as a catalyst for the growth of the online sales channel. As a result, aftermarket sellers of automotive components and accessories are optimizing their online marketing and advertising strategy to position themselves well in the mind of the consumers,” says Siddarth Jaiswal, a lead analyst at Technavio for research on automotive electronics.
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The new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Increasing predisposition toward smartphone integration
Smartphones can easily be integrated and are compatible with the touchscreen infotainment system. Touchscreen systems provide a platform for smartphone integration. The manufacture of low-priced smartphones by different OEMs has propelled the growth in the adoption of the smartphones. The ongoing drop in smartphone prices is fueling their adoption by consumers, especially in the emerging economies such as India, China, Brazil, and Japan. Factors such as advancements in technology, improved accessibility, and usability also play a vital role in driving the demand for the integration of smartphones with touchscreen infotainment systems. The increase in internet accessibility also acts as an incentive for the adoption of smartphones across the globe.
Rising demand for better sound quality, features, and flexibility for customization
Back in the day, in-car entertainment systems were limited to CD players, amplitude modulation (AM) and frequency modulation (FM) radios. However, the rapid advancement of in-car electronics has created an astounding range of entertainment available for consumers. Smartphones and multimedia devices can be connected to the infotainment system. Furthermore, music and movies can also be streamed through cloud computing services owing to the availability of apps that can integrate the infotainment system with smartphones and multimedia devices. An integrated navigation system also provides consumers with the possibility to buy movie tickets and reserve tables in restaurants.
Low cost of aftermarket infotainment systems
The price of the car variants that are equipped with features such as Bluetooth connectivity, navigation system, and streaming facility is generally high. Consumers may not need some features provided by the OEMs and instead may require features which have not been provided by OEMs, leading to low perceived values. As a result, a large number of consumers prefer to fulfill their requirement from aftermarket suppliers.
The penetration of OEM fitted touchscreen infotainment systems is still very low in the entry-level cars as OEMs are trying to minimize their cost of operations. The lower penetration of OEM fitted infotainment in entry-level cars creates a huge scope for the aftermarket for touchscreen infotainment system to flourish. Moreover, not all systems provided by OEMs have the flexibility of scaling up in terms of higher sound output, which the aftermarket products are capable of.
Some of the other prominent vendors identified in this report are CASKA, Sony, and MapmyIndia.
This research report includes an in-depth analysis, market shares, and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, and key financials. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Aftermarket for Touchscreen Infotainment Systems 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Automotive Infotainment Market 2016-2020
- Global Rear-seat Infotainment Market 2016-2020
- Global Motorcycle Infotainment System Market 2016-2020
- Connected Car M2M Connections and Services Market in the US 2016-2020
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