Automotive Smart Display Market Forecast 2022-2030 Business Growth, Type, Size, Application, Cost, Trends, New Opportunity by 2030
Market Analysis
Market Research Future (MRFR) predicts the global
automotive smart display market to reach around USD 10 billion, exhibiting a
CAGR of 13% from 2019 to 2025 (forecast period).
A smart display is a wireless touch screen device designed
for use in automobiles to provide distraction-free access to multimedia
functions, driver safety features, navigation, and real-time vehicle
diagnostics such as fuel capacity, battery temperature, tire pressure, and
engine heat indicators. The growing consumer awareness of safety features can
be contributed to the growth of the global automotive smart display market.
Furthermore, the global growth of luxury and premium cars is
a crucial element driving the growth of the automotive
smart display market. The elimination of the distraction created by
glancing around for details required by an automotive smart display can reduce
accidents. The high power consumption, the cybersecurity threat posed by
vehicle telematics, expensive display cost, and lack of brightness are viewed
as the primary reasons limiting the market's growth. However, the global market
is expanding due to a growing population, changing lifestyles, increased demand
for autonomous vehicles, and in-car infotainment systems.
Global Automotive Smart Display Market Driven by
Centerstack TVs
Automotive smart displays are being integrated in smart and
electric vehicles to become a key differentiator influencing purchase decisions
of car owners. Improvements of the displays to enable safe driving and assuring
safety of passengers can drive its demand. Market Research Future’s (MRFR)
report on the automotive smart display market covers a comprehensive analysis
conducted with the help of primary and secondary market research methods. It
covers prospects on the industry for the forecast period (2020-2027) while
taking into consideration the effects of the COVID-19 pandemic.
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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.
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.
Segmentation Analysis
LCD to Garner Market Revenue
The market is segmented into LCDs, thin film LCDs, and
others according to the product type. Due to the increased demand for displays
in the vehicle center stack, the LCD segment is anticipated to witness
significant growth in the forecast period. Integration of LCDs by various
automakers to display information in a comprehensive manner as well as demand
for digital indicators can drive segment growth.
Passenger Vehicles to Gain Market Share
The worldwide automotive smart display market is divided
into passenger cars and commercial vehicles. The passenger vehicle segment is
projected given the expanding deployment of increasing augmented reality
displays in automobiles. Production of semi-autonomous vehicles and
electrification of vehicle components can drive demand for smart displays in
passenger vehicles.
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.
Competitive Analysis
Denso Corporation (Japan), Gentex Corporation (US), Robert
Bosch GmbH (Germany), Garmin Ltd. (US), Valeo SA (France), Magna International
Inc. (Canada), Nippon Seiki Co. Ltd (Japan), Visteon Corporation (US), Alpine
Electronics Inc. (Japan), Panasonic Corporation (Japan), Yazaki Corporation
(Japan), LG Display (South Korea), Continental AG (Germany), AU Optronics
Corporation (Taiwan), and Delphi Automotive PLC (UK) are prominent players of
the global automotive smart display market. Collaborations, partnerships, and
agreements are prime strategies of players looking to sustain market
leadership.
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