Infotainment Market Will Be Worth Over $40 Billion by 2024: Report

A report by industry analysis firm Hexa Research is positing that the market for automotive infotainment systems will be worth more than $40 billion by 2024.

That’s thanks to rising consumer demand, improved technological capabilities, and improved incomes, according to the report. As it stands, the North American market accounted for a hair over 35 percent of the revenue from the infotainment industry in 2016.

It’s no secret that the market is expected to continue to expand. Every OEM offers infotainment of some sort, and there are more models available with infotainment than not. And smartphone-mirroring systems like Apple CarPlay and Android Auto have quickly become available in more and more vehicles in a very short time.

The report says consumer demand for infotainment is high. It also points out fairly reasonable (and fairly obvious) corollaries – consumers want their infotainment systems to be better automated to cut down on distractions (and thus, the potential for accidents), especially now that just about everyone has a mobile phone, and so many of those phones interact with infotainment systems in one way or another.

The use of Bluetooth, in-car wi-fi, cloud data storage, and USB ports for both work and entertainment will also drive the growth. It’s not stated in the firm’s media release, but one wonders if infotainment systems won’t become even more prevalent as cars offer some level of autonomous driving – passengers will need a way to keep themselves busy while along for the ride.

Commercial vehicles will fuel the growth of nav systems, says the report, as more and more delivery services come to rely on them.

This is hardly earth-shattering news. We all know that infotainment systems are here to stay, at least for a while. It’s crazy to see such a dollar figure put on the market, though. Most of us don’t think of infotainment systems being that big of an industry, but the numbers don’t lie.

[Image: Hexa Research]

Related

Leave a Reply

Your email address will not be published. Required fields are marked *