Pune, India, Nov. 21, 2023 (GLOBE NEWSWIRE) -- The global automotive smart display market size was valued at USD 13.92 billion in 2022. The market is projected to grow from USD 14.72 billion in 2023 to USD 23.37 billion by 2030, exhibiting a CAGR of 6.8% during the forecast period. Fortune Business Insights™ mentioned this in a report titled “Automotive Smart Display Market, 2023-2030.”
The automotive smart display ensures vehicular safety by providing driver safety functions, tire pressure, fuel capacity, and real-time battery and engine temperature diagnostics. The smart displays support smartphone integration, including Android Auto and Apple CarPlay, to enhance the driving experience. The increasing demand for smart display systems is projected to drive market growth during the forecast period.
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Report Highlights:
| Report Coverage | Details | |
| Forecast Period | 2023-2030 | |
| Forecast Period 2023 to 2030 CAGR | 6.8 % | |
| 2030 Value Projection | USD 23.37 billion | |
| Base Year | 2022 | |
| Market Size in 2022 | USD 13.92 billion | |
| Historical Data for | 2019-2021 | |
| No. of Pages | 200 | |
Market Drivers & Restraints-
Rising Integration of Smartphone Connectivity into Vehicles to Aid Market Growth
The growing integration of smartphone connectivity into vehicle infotainment systems, such as Android Auto, Spotify, and Apple CarPlay, will boost automotive smart display market growth. Several automobile manufacturers are adopting and developing this technology by allowing these functions as an option in their vehicles’ infotainment systems, propelling the market growth.
However, increasing the risk of hacking as vehicles get more connected via various electronic devices may impede market growth.
COVID-19 Impact-
Shutdown of the Manufacturing Plants During Pandemic Affected Market Growth
The market severely hampered the market growth due to the negative impact on the automotive industry as the closure of auto assembly plants. The shutdown of the manufacturing plants led to a reduction in the demand for the vehicles leading to a reduction in the demand for vehicle displays.
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Segments Analysis-
5” to 10” Segment Dominates due to Surging Demand from Autonomous Vehicles for Display Systems
By size, the market is divided into up to 5”, 5” to 10”, and above 10”. The 5” to 10” segment dominates the market. The segment’s growth is attributed to the rising implementation of smart display systems in autonomous vehicles and the incorporation of electronic systems with improved safety features.
Rising Demand from Automotive Sector to Boost TFT-LCD Segment Growth
By display technology, the market is segmented into LCD, TFT-LCD, and LED. The TFT-LCD segment dominates the market. The growth was attributed to the global demand for TFT-LCDs from the automobile industry.
Center Infotainment Segment Leads due to the System’s Multi-Monitoring Capability
By application, the market is classified into digital instrument cluster, centre infotainment, head-up display, and rear seat entertainment. The centre infotainment segment accounts for the largest market share due to the increasing adoption of advanced infotainment systems and telematics and the elimination of multiple screens.
Mid-Segment Growth Helms in a Price-Sensitive Market by Offering Essential Functions
By vehicle class, the automotive smart display market is bifurcated into a standard segment, mid-segment, and luxury segment. The mid-segment is expected to dominate the market during the forecast period. The segment's growth is attributed to mid-segment vehicles offering essential features in a price-sensitive market in Asia Pacific.
Geographically, the market is studied across North America, Europe, Asia Pacific, and the rest of the world.
Report Coverage-
The report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- The latest industry developments include product launches, partnerships, mergers, and acquisitions.
Regional Insights-
Increasing Automobile Production to Boost Market Growth in Asia Pacific
Asia Pacific dominates the market and is estimated to have the highest automotive smart display market share during the forecast period. The growth is attributed to the high automobile production in South Korea, India, Japan, and China. Moreover, the presence of key manufacturers, such as Faurecia SA and BHTC also drives the market growth in the region.
Europe is estimated to grow substantially during the projected period owing to the growing adoption of advanced technology and automotive smart displays in the region.
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Competitive Landscape-
Key Players Focus on Expansion to Augment Market Growth
The growing focus of key players in business expansion is estimated to remain a key strategy amongst semiconductor suppliers, automotive OEMs, and technology providers to maintain competitiveness in the smart display market. Continental AG is leading the market by offering structural parts, components, and electronics, for autonomous mobility.
List of Key Players Covered in Automotive Smart Display Market Report:-
- Delphi Automotive PLC (Ireland)
- Continental AG (Germany)
- Robert Bosch GmbH (Germany)
- Nippon Seiki Co. Ltd. (Japan)
- Japan Display Inc. (Japan)
- Denso Corporation (Japan)
- Panasonic (Taiwan)
- Magna International Inc. (Canada)
- LG Display Co. Ltd. (South Korea)
- Hyundai Mobis (South Korea)
Automotive Smart Display Market Segmentation:-
By Size
- Upto 5"
- 5" to 10"
- Above 10"
By Display Technology
- LCD
- TFT-LCD
- LED
By Application
- Digital Instrument Cluster
- Center Infotainment
- Head-up Display
- Rear Seat Entertainment
By Vehicle Class
- Standard-segment
- Mid-segment
- Luxury
Key Industry Development:
April 2023 – Hyundai Mobis, a Korean automotive supplier, has developed its first rollable display for automotive applications. The new display can adjust the size as per requirement. The rollable display takes up minimum space when rolled up, creating new options for the interior design.
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Table of Contents:-
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trend
- Key Insights
- Key Industry Developments – Mergers, Acquisitions, and Partnerships
- Porter’s Five Forces Analysis
- Technological Developments
- COVID-19 Impact
- Global Automotive Smart Display Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Definitions
- Market Analysis, Insights and Forecast – By Size
- Upto 5"
- 5"-10"
- Above 10"
- Market Analysis, Insights and Forecast – By Display Technology
- LCD
- TFT-LCD
- LED
- Market Analysis, Insights and Forecast – By Application
- Digital Instrument Cluster
- Centre Infotainment
- Head-up Display
- Rear Seat Entertainment
- Market Analysis, Insights and Forecast – By Vehicle Class
- Standard Segment
- Mid Segment
- Luxury Segment
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
Toc continued……
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