Global Car Mounted Multimedia Market Size, Share & Trends Report, by Type (Audio, Video, Infotainment system, and Others), and by Application (Passenger Car and Commercial Car) Forecast (2022-2028)

The global car mounted multimedia market is anticipated to grow at a moderate CAGR of 3.2% during the forecast period (2022-2028).The rise in the production of passenger and commercial vehicles coupled with government incentives is anticipated to drive the growth of the global car mounted multimedia market. As per the data published by India Brand Equity Foundation (IBEF) in 2022, India has sold 3.49 million units in passenger and commercial vehicle categories. In October 2021, the total production volume of passenger vehicles reached 2,214,745 units. The luxury car market had registered sales between 28000-33000 units in 2021, up from 20000-21000 units sold in 2020.

The rising adoption of connected cars is anticipated to drive the growth of the global car mounted multimedia market. For instance, Mercedes-Benz India had strengthened its connected car ecosystem, by launching the S-class Maestro Edition in 2021, featuring the Mercedes Me connect Technology. With the “Mercedes Me” app on the phone, customers can track the location of the vehicle, remotely unlock the vehicle, set speed alerts for other users, and operate the windows sunroof. Moreover, the Me Connect technology also offers several features such as Alexa home integration with Mercedes me connect, google home Mercedes me connect, and parking solutions POIs in navigation systems.  Similarly, Mercedes Benz MBUX infotainment technology is a voice-activated virtual assistant that allows a driver to search for destinations, control vehicle functions, and more. The MBUX  Navigation connects the virtual world with the real world. This technology incorporates traffic information into live images.

The rise in the emergence of technologies such as the Internet of things (IoT), 5G, and others are anticipated to drive the growth of the market. The Internet of things (IoT) describes the network of physical objects that are embedded with sensors, software, and other technologies for exchanging and connecting data with other devices over the internet. The penetration of IoT in automotive has enhanced the potential for connection and visualization. According to Global System of Mobile Association estimates, IoT connections are anticipated to reach 25 billion globally by 2025, from 10.3 billion in 2018. In addition, 5G technology for rapid internet connectivity is anticipated to enhance the functioning of augmented reality in automobiles. According to the Global System for Mobile Association, 5G is anticipated to account for 1.2 billion connections or one-third of the population by 2025.

Looking toward the demand for car mounted multimedia, key market players are adopting various strategies including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new product launches, to stay competitive in the market. For instance, in October 2021, Sony Group Corp. launched XAV-AX8100 in-car multimedia, offering new utility features, sound, and smart features. This is a 22.7cm anti-glare display with a responsive touch screen.

Market Coverage

• The market number available for – 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
  • By Type
  • By Application
• Regions Covered-
  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World
• Competitive Landscape- Sony Group Corp., Samsung Electronics Co.Ltd., and Panosonic Holdings Corp., among others

Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
  • Deviation from the pre-COVID-19 forecast
  • Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Car Mounted Multimedia Market Report by Segment

By Type

• Audio
• Video
• Infotainment system
• Others

By Application

• Passenger Car
• Commercial Car