Market Analysis
The global automotive display market will touch USD 23 billion at a 13% CAGR by 2023, states the latest Market Research Future (MRFR) report.
Drivers
Burgeoning Need for AI-based HUDs to Boost Market Growth
The burgeoning need for augmented reality-based HUDs coupled with preference for consumers towards safety and driving convenience will boost market growth over the forecast period.
Opportunities
Integration of Connectivity with Smartphones in Cars to Offer Robust Opportunities
The integration of connectivity with smartphones inside cars will boost the need for display screens. The use of screens to stream or cast content in OTT platforms will offer robust opportunities for the market over the forecast period.
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Restraints
Rising Privacy Concerns to act as Market Restraint
The rising privacy concerns, high incidence of cyber-attacks, and high price of advanced automotive display systems may act as market restraints over the forecast period.
Challenges
Declining Automotive Production in US to act as Market Challenge
The declining production of automotive in the US coupled with the increasing concerns about the mobility functioning of touch screen display over mechanical controls may act as market challenge over the forecast period.
Market Segmentation
The global automotive display market is bifurcated based on applications, type, and display size.
By applications, the infotainment segment will lead the market over the forecast period.
By type, the TFT LCD segment will dominate the market over the forecast period.
By display size, the lesser than 10” will spearhead the market over the forecast period.
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COVID-19 Analysis
The COVID-19 outbreak dented the global automotive display market for the supply chain disruptions and shutdown of key manufacturing and assembly units. The focus on aesthetics like display screens and usage of high-end materials is boosting market growth. The demand for high-end electronics for enjoying online content and the requirement for high-speed internet will bode well for the market. Luxury and premium cars will boost the demand of display screens. The differentiation in pricing and features may persuade clients in opting for cars with such future electronic devices.
Regional Analysis
Europe to Hold Lions Share in Automotive Display Market
Europe will hold lions share in the automotive display market over the forecast period. The presence of top car manufacturers like Lamborghini, Porsche, BMW, and Audi, technological breakthroughs, rising per capita income, and shifting preference towards using state-of-the-art solutions are adding to the global automotive display market growth in the region. The UK, France, and Germany have the utmost market share.
Key Players
· LG Display Co. Ltd (South Korea)
· Panasonic Corporation (Japan)
· Delphi Technologies (UK)
· Robert Bosch GmbH (Germany)
· Visteon Corporation (US)
· Continental AG (Germany)
· 3M Company (US)
· Nippon Seiki Co. Ltd (Japan)
· Magneti Marelli S.p.A (Italy)
· and Qualcomm Technologies Inc (US)
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