The main factor propelling the growth of the SUV & Pickup Video Market has been the rising demand for SUVs and pickups. Consumer desire for these cars is growing as a result of their numerous characteristics, including higher fuel efficiency, roomy interiors, off-roading characteristics, and all-weather performance, which support this trend. Furthermore, consumers' preferences for electric vehicles have changed as a result of the strict pollution rules in place around the world, which is anticipated to further support market expansion. A significant market driver is also the expanding trend of digitization. This is because these automobiles now come equipped with cutting-edge infotainment systems. These technologies contribute to a better user experience, which explains why they are becoming so well-liked. Other variables that are projected to boost market growth in the upcoming years include expanding disposable income and rising consumer spending on autos.
The Market for SUV & Pickup Video is vital because it enables automakers and owners of motor vehicles to update their vehicles with the newest infotainment systems. These systems provide them more control over their entertainment choices, navigational aids, assistance with parking in the back, and other features that can improve the driving experience. This market is expanding as a result of rising consumer demand for high-end automotive technologies like touchscreen displays, internet connectivity, Bluetooth capabilities, etc. Manufacturers also prioritize offering customers affordable solutions to boost sales and market dominance. As a result, the demand for these cutting-edge entertainment systems has increased along with the desire for SUVs and pickups, which has boosted the market for those vehicles.
Pickup and SUV A cutting-edge infotainment system called Video offers a variety of services like navigation, music, video entertainment, climate control, safety systems, and communication possibilities. To improve the driving experience, this system is primarily installed in SUVs and pickup trucks and offers passengers a variety of technical instruments. Enabling customers to operate their operating system without diverting their eyes off the road, also helps to lessen interference.
The SUV & Pickup Video Market is anticipated to expand at a CAGR of 3.5% from 2021 to 2031 when it is anticipated to reach a value of USD 7.89 Billion. The rising demand for SUVs and trucks around the world is to blame for the expansion of this sector. Additionally, the demand for sophisticated entertainment systems in these vehicles has increased as a result of the expanding digitization phenomenon.
The market is dealing with issues like growing component costs, a fragmented industry, and a lack of knowledge about new technologies. Due to their complex design, components like monitors, multimedia systems, and processors are becoming more expensive. Additionally, the market has several competitors, making it impossible for one business to control the market. Furthermore, the market's expansion is being hampered by the lack of knowledge about emerging technologies like augmented reality (AR). Traditional infotainment systems are put to the test by the rising popularity of linked cars. Thus, to expand more quickly, these issues must be resolved. The market is anticipated to develop, nonetheless, as a result of the untapped potential in emerging markets.
COVID-19 Impact and Market Status
The global SUV & Pickup Vehicle Market has been significantly impacted by the COVID-19 pandemic as a result of decreased consumer spending, production disruptions, and supply chain expenses that have negatively impacted the industry's growth. However, the market is anticipated to revive in 2021 and 2022 as a result of governments offering stimulus programs to promote automotive sales in numerous countries.
The 7-inch Type emerged as the Most Booming Segment
The SUV & Pickup Video Market is divided into three categories based on Types: 7 Inch, 9 Inch, and Other. The 7-inch segment, out of these, has the biggest market share in 2020 and will hold the lead going forward. This can be linked to the ease with which these items can be found for less money, as well as to the rising popularity among customers who favor user-friendly devices over larger screens.
The Most Prominent Application is the Pickup Segment
The North American Region to render Ample Financing Opportunities
The SUV and Pickup Vehicle Market is divided into North America, South America, Asia Pacific, Europe, and the Middle East & Africa based on region. Of these, North America held the greatest market share in 2020 and will keep holding the top spot going forward. This can be ascribed to the rising local consumer demand for sophisticated infotainment systems in these cars.
Harman International (Samsung Electronics Co. Ltd.), Pioneer Corporation, Sony Corporation, Alpine Electronics Inc., JVC Kenwood Holdings Inc., Bosch Automotive Electronics GmbH, Garmin Ltd., Continental AG, and Clarion Co. Ltd. are the major companies in the SUV & Pickup Video market. To increase their market share internationally, these firms are putting their efforts into developing cutting-edge products and technology.
Recent Developments in the SUV & Pickup Video Market
• The CZ235 series of in-dash multimedia receivers for pickup trucks and SUVs were introduced by Clarion Co., Ltd. This model comes with several cutting-edge capabilities, including voice recognition, Bluetooth, an integrated navigation system, and dual camera input.
• The ILX-W650 Digital Multimedia Receiver for SUVs and pickup trucks was presented by Alpine Electronics Inc. This model comes with cutting-edge features like a customizable user interface, Apple CarPlay, and Android Auto compatibility and a flip-out 7-inch touchscreen that is integrated into the vehicle.
SUV & Pickup Video Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2031||USD 7.89 Billion|
|Growth Rate||CAGR of 3.5 % during 2022-2031|
|Segment Covered||by Type, By Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Harman International (Samsung Electronics Co. Ltd.), Pioneer Corporation, Sony Corporation, Alpine Electronics Inc., JVC Kenwood Holdings Inc., Bosch Automotive Electronics GmbH, Garmin Ltd., Continental AG, and Clarion Co. Ltd.|
Key Segments of the Global SUV & Pickup Video Market
Type Overview, 2021-2031 (USD Billion)
- 7 Inch
- 9 Inch Others
Application Overview, 2021-2031 (USD Billion)
Regional Overview, 2021-2031 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa