The Automotive Smart Display Market is estimated to be worth USD 7.2 billion in 2020 and is projected to reach USD 10.9 billion by 2025, at a CAGR of 8.8% during the forecast period. The market is driven by increased customer awareness about road and vehicle safety, demand for improved consumer experience in vehicles, and high growth in the luxury and high-end cars segments, mainly in the emerging markets.
Automotive smart displays help in two-way communication between a driver and a vehicle. Traditional automotive electronics included basic visual and analog interfaces, such as control buttons, analog and LCD instrument clusters, and basic central displays. However, modern automotive electronic components consist of multiple integrated advanced technologies that help create a seamless driving experience. Software providers play a vital role in the development of such advanced technologies. These providers help support the hardware part of these technologies by introducing innovative applications that support automobile manufacturers as well as OEMs to provide out of the box solutions to their customers. Some of the advanced automotive electronic components include advanced instrument clusters that are fully digital and/or 3-dimensional. Advanced center stack displays that integrate navigation and infotainment functions into a single screen platform, rear seat entertainment units, smart rear-view mirrors, gesture recognition solutions, and voice control, among others, are some of the applications of smart displays.
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Luxury segment, by vehicle class, is estimated to be the fastest growing market during the forecast period.
The luxury car segment makes a major contribution to the automotive smart display market. The luxury car segment includes brands like Audi, BMW, Land Rover, Mercedes Benz, and Jaguar, which are priced higher than USD 50,000. The luxury car segment integrates multiple display systems such as digital instrument clusters, center stacks, HUDs, and even rear seat entertainment systems in vehicles as the market is less price-sensitive and gives attractive profit margins. Many OEMs are now offering the HUD as a standard feature in premium models and their variants.
With technological advancements in the automotive industry, the integration of advanced driver assistance systems with smart display systems is projected to increase in the coming years. Technological innovations in smart display systems, along with safety features, are likely to increase the demand for smart displays in the luxury segment.
North America is estimated to be the largest market for automotive smart display in 2020
North America is expected to account for the largest market share by 2020, followed by Europe and Asia Pacific. The high disposable income of end-users in the US and Canada has led to a rise in demand for vehicles in these countries. An increasing number of consumers are demanding in-vehicle safety and comfort electronics. With the growing demand for advanced electronics, several OEMs in the region are offering infotainment and navigation units as standard offerings across mid and premium passenger vehicle segments. Premium vehicles are equipped with advanced applications such as HUDs that are integrated with ADAS functions. The rising demand for such in-vehicle features is driving the demand for advanced display technologies in vehicles. The reducing prices of display applications will make these displays affordable for mid-segment vehicles. An increasing number of premium vehicles are expected to switch to augmented reality HUDs that integrate a range of ADAS functions. The region is expected to be the largest luxury car market. Hence, there will be a high demand for advanced safety features and technology, such as augmented reality applications. Thus, increasing the demand for automotive smart displays.
Key Market Players:
The automotive smart display market is dominated by globally established players such as Robert Bosch GmbH (Germany), Continental AG (Germany), DENSO Corporation (Japan), Valeo (France), Pioneer Corporation (Japan), Panasonic Corporation (Japan), Alpine Electronics, Inc. (Japan), Hyundai Mobis (South Korea), and Nippon Seiki Co., Ltd. (Japan).
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