With the soaring deployment of electric vehicles in several countries, due to the escalating air pollution levels and the rapid environmental degradation, the demand for automotive human-machine interface (HMI) is growing sharply around the world. Moreover, the increasing focus on energy conservation and the surging prices of fossil fuels are massively boosting the popularity of electric vehicles all over the world. Electric vehicles are equipped with various automotive HMIs such as heads-up display, advanced infotainment systems, and rear-seat entertainment units.
This is why the mushrooming popularity of electric vehicles is positively impacting the worldwide demand for automotive HMI systems and solutions. Besides this, the increasing requirement for safety features and systems in vehicles, due to the growing prevalence of road accidents, is also pushing up the demand for automotive HMI around the world. According to the World Health Organization (WHO), more than 1.35 million people all over the world die because of road accidents every year.
Because of the aforementioned factor, the governments of several countries are enacting policies and regulations that mandate the installation of safety systems in vehicles. Automotive HMI solutions provide various safety features such as touch screens, mobile devices, and voice interactions that allow drivers to better understand and notice information related to road traffic and vehicular movements. These features massively reduce distractions for drivers, which, in turn, improves vehicular safety and reduces the chances of road accidents.
Apart from the aforementioned factors, the growing preference of people for greater in-vehicle connectivity is also positively impacting the demand for automotive HMI solutions across the world. Because of these customer preferences, the automobile manufacturing companies are increasingly incorporating in-vehicle connectivity features in the infotainment systems integrated in the vehicles. Due to these factors, the demand for automotive HMI solutions is soaring around the world, which is, in turn, fueling the expansion of the global automotive HMI market.
According to the estimates of P&S Intelligence, a market research company based in India, the valuation of the automotive human-machine interface (HMI) market will grow from $18,822.3 million in 2019 to $55,318.4 million by 2030. Furthermore, the market is predicted to advance at a CAGR of 10.8% between 2020 and 2030. Automotive HMI solutions are incorporated in heads-up displays, central displays, steering-mounted controls, instrument clusters, rear-seat entertainment units, voice recognition systems, gesture recognition systems, and multifunction switches.
Out of these, the requirement for heads-up displays is predicted to surge sharply in the coming years. This will be because of the growing integration of heads-up displays in several mid-priced and premium vehicles and the ability of these systems to project necessary information and data such as system warnings, multimedia information, and driving status on the windshield of the automobile. Geographically, the demand for automotive HMI solutions will soar in Asia-Pacific in the future years.
Hence, it is safe to say that the demand for automotive HMI systems will surge in the coming years, mainly because of the mushrooming deployment of electric vehicles and the growing requirement for safety systems and features in vehicles, due to the rising incidence of road accidents across the world.