Prices of raw materials such as chips have risen, and Japanese manufacturers have raised the price of car navigation by 30%

According to media reports, Japan's JVC Kenwood recently announced that starting from April 1, the prices of driving recorders and car navigation systems will be raised by up to 30%. Among them, the price of automotive equipment will increase by 3-15%, the price of consumer equipment such as earphones will increase by 5-20%, and the price of commercial equipment such as wireless systems will increase by 10-30%. The reason is that the price of raw materials such as chips has increased.

In the automotive field, JVC Kenwood is as important as well-known companies such as Marvell, Infineon, NXP, and Renesas. JVC Kenwood stated that with the soaring crude oil prices, raw material prices and distribution costs continuing to rise, it is difficult to maintain conventional product prices on its own. The price increase of power supply DC/DC chips also affects the price of low-power transceivers and other digital devices. Smart on-board electronic products such as driving recorders and car navigation systems are an important part of the intelligent terminal of the Internet of Vehicles, and will benefit from the rapid growth of the penetration rate of the Internet of Vehicles worldwide. With the continuous recovery of automobile consumption and continuous efforts to improve the infrastructure policy of the Internet of Vehicles, the market size of the Internet of Vehicles is expected to accelerate its expansion. PricewaterhouseCoopers predicts that the scale of my country's Internet of Vehicles market will grow from 210 billion yuan in 2021 to 800 billion yuan in 2026, an increase of nearly three times in five years. It is estimated that by 2025, the penetration rate of my country's Internet of Vehicles industry will exceed 75%, and the number of Internet of Vehicles users will exceed 380 million. The global Internet of Vehicles market will increase from 643.44 billion yuan in 2020 to more than 1.5 trillion yuan in 2025.