Market Scenario
The global automotive smart display market Size can expand at 6.2% CAGR from 2021 to 2028. As per the latest study by Market Research Future Reports (MRFR), the worldwide automotive smart display market is projected to value USD 10 billion, thriving at a CAGR of 13% during the forecast period. The surging demand for safety features is the most significant driver of the global automotive smart display market 2020. The increasing population and higher standards of life have contributed significantly to augmenting the market. In addition, the increasing demand for autonomous vehicles and in-cart infotainment systems is further propelling the global market. Furthermore, the worldwide growth of luxury and premium automobiles is a significant factor resulting in market expansion.
However, the threat of cybersecurity, high consumption of power, expensive cost of the display, and lack of luminance is considered to the restraining factors. It is estimated to rein in the market expansion. Also, the outbreak of COVID-19 has resulted in the daily business operations to come at a standstill. Several markets have come to stagnancy due to the observation of lockdown in several countries
Smartphone Connectivity to Drive Market Demand
The synchronization of smartphones with infotainment systems and inclination towards streaming services are likely to drive market demand significantly. Rise of ride hailing services and consumption of media and content by customers can drive market growth. Systems can enable easy navigation, integration of novel features with cockpit electronics, and provide syncing with virtual assistants for a seamless driving experience. Changing standards of governments and push for strong customer experience will transform the market.
New Communication Standards to Open up Market Opportunities
Increasing dependence on new communication standards as well as need for high data speeds for content consumption can drive the demand for smart displays. Potential for augmented reality, virtual reality, and cloud gaming as well as auctions for spectrum licenses for new bandwidths can bode well for the market. Development of displays with high resolutions and pixel quality as well as patents filed by companies to leverage on customer demand can bode well for the market.
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automotive smart display market Top Players
· Visteon Corporation (US)
· Denso Corporation (Japan)
· LG Display (South Korea)
· Alpine Electronics Inc. (Japan)
· Valeo SA (France)
· Magna International Inc. (Canada)
· Delphi Automotive PLC (UK)
· Robert Bosch GmbH (Germany)
· Nippon Seiki Co. Ltd (Japan)
· Yazaki Corporation (Japan)
· Panasonic Corporation (Japan)
· AU Optronics Corporation (Taiwan)
· Gentex Corporation (US)
· Garmin Ltd. (US)
· Continental AG (Germany)
automotive smart display market Segments
By Application
· Center Stack
· Digital Instrument Cluster
· Head-up Display (HUD)
· Rear Seat Entertainment
By Display Size
· <5”
· 5”-10”
· >10”
By Display Technology
· LCD
· TFT-LCD
· OLED
· Others
By Autonomous Driving
· Semi-Autonomous
· Autonomous
By Electric Vehicle
· BEV
· FCEV
· HEV
· PHEV
By Vehicle Class
· Economy
· Mid-segment
· Luxury
By Vehicle Type
· Passenger Car
· Light Commercial Vehicle
· Heavy Commercial Vehicle
Threat of Cyberattacks to Hamper Market Growth
The huge threat of cyberattacks due to vehicle connectivity via devices, smartphones, and tablets can hamper market growth. Risk of viruses and malware as well as lack of proper safeguards to protect owner data can lead to hacking and compromise of confidential data.
COVID-19 Impact
The COVID-19 pandemic has hampered production of smart displays with major manufacturers such as LG, Garmin, Nippon Seiki, Panasonic, Bosch, and Continental suspending their operations. Low demand for components and adherence to government policies can hurt market growth. Reopening of facilities and integration of remote operations of production can bolster the market demand.
Regional Analysis
APAC to Display Highest CAGR
APAC is estimated to display a strong growth rate owing to adoption of connected vehicles and developments in autonomous cars. Development of IoT infrastructure as well as policies to accelerate transformation of wireless charging can bode well for the market. Use of smart displays for predictive maintenance of cars and smooth navigation on roads can bode well for the market. Huge demand for features of comfort, convenience, and safety as well as increasing numbers of passengers can influence the regional market.
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