Market Overview:
The Global Automotive Smart Display Market size was valued at USD 12.9 billion in 2021 and is projected to grow at a CAGR of 7.1% during the forecast period. The global automotive smart display market refers to the market for advanced interactive displays in vehicles that provide information and entertainment to the driver and passengers. These smart displays are integrated with advanced features such as touchscreens, voice control, and gesture control, and are designed to enhance the driving experience by providing real-time information on navigation, entertainment, climate control, and vehicle diagnostics. They are also capable of displaying safety warnings and alerts, and can be integrated with advanced driver assistance systems (ADAS) to provide a more intuitive and safe driving experience. The automotive smart display market includes displays of various sizes and types, such as head-up displays (HUDs), infotainment displays, rear-seat entertainment displays, and instrument cluster displays.
Covid-19 Impact:
The COVID-19 pandemic has had a mixed impact on the global automotive smart display market. On one hand, the pandemic has disrupted the global supply chain, leading to manufacturing and supply chain challenges for automotive manufacturers and suppliers. This has resulted in a decline in automotive production and sales, which has negatively impacted the demand for automotive smart displays. In addition, the closure of automotive dealerships and showrooms has also affected the market, as consumers are delaying their vehicle purchases due to economic uncertainties.
On the other hand, the pandemic has accelerated the adoption of digital technologies in the automotive industry, as people increasingly rely on digital communication and entertainment while commuting. This has led to a surge in demand for advanced in-vehicle displays, such as infotainment systems and rear-seat entertainment displays. Furthermore, the pandemic has highlighted the importance of safety features in vehicles, such as ADAS and HUDs, which has driven the adoption of smart displays in the automotive sector.
In summary, while the COVID-19 pandemic has posed significant challenges for the global automotive smart display market, the long-term growth prospects remain positive, as the demand for advanced in-vehicle displays is expected to increase in the post-pandemic period.
Market Dynamics:
Drivers:
Increasing demand for connected cars: The demand for connected cars, which integrate advanced technologies and features, is driving the adoption of smart displays in the automotive industry. Smart displays provide drivers and passengers with real-time information on traffic, weather, and navigation, as well as entertainment and communication features.
Growing demand for advanced driver assistance systems (ADAS): The increasing focus on safety and regulatory compliance in the automotive industry is driving the adoption of advanced driver assistance systems (ADAS), such as lane departure warning systems, blind spot monitoring systems, and forward collision warning systems. Smart displays can be integrated with ADAS to provide real-time alerts and warnings to drivers.
Rising demand for electric and hybrid vehicles: The increasing demand for electric and hybrid vehicles is driving the adoption of smart displays, as these vehicles require advanced displays to provide real-time information on battery life, charging status, and range.
Technological advancements in smart display technology: The rapid advancements in smart display technology, such as the integration of voice control, gesture recognition, and augmented reality, are driving the adoption of smart displays in the automotive industry.
Increasing focus on user experience: The automotive industry is increasingly focusing on providing a superior user experience to customers, which is driving the adoption of advanced in-vehicle displays, such as smart displays. Smart displays provide a more intuitive and personalized user interface, enhancing the driving experience for users.
Restraints:
High cost of implementation: The implementation of smart displays in vehicles involves high costs, including the cost of the display hardware, software development, and integration with other systems in the vehicle. This can make it difficult for some manufacturers to adopt this technology, especially in the price-sensitive mass-market segment.
Limited consumer awareness: Although smart displays offer several benefits to drivers and passengers, many consumers are not aware of the technology or its capabilities. This can limit demand for smart displays, as consumers may not see the value in paying a premium for this technology.
Regional Analysis:
North America: The North American market is expected to hold a significant share of the global automotive smart display market during the forecast period. The high adoption rate of advanced technologies and the presence of major automotive manufacturers in the region are some of the factors driving the growth of the market.
Europe: The European market is also expected to witness significant growth during the forecast period, owing to the high demand for luxury and premium vehicles equipped with advanced features. The presence of major automotive manufacturers and increasing investments in research and development are expected to drive the growth of the market in the region.
Asia-Pacific: The Asia-Pacific region is expected to witness significant growth during the forecast period, owing to the increasing demand for connected vehicles and the growing automotive industry in countries such as China, India, and Japan. The increasing adoption of advanced technologies and the presence of major automotive manufacturers are some of the other factors driving the growth of the market in the region.
Latin America: The Latin American market is also expected to witness significant growth during the forecast period, owing to the increasing demand for advanced features and the growing automotive industry in the region.
Middle East and Africa: The Middle East and Africa market are expected to witness moderate growth during the forecast period, owing to the increasing investments in the automotive industry and the growing demand for advanced features in vehicles. However, the market may be affected by factors such as political instability and economic uncertainty in some parts of the region.
Market Segmentation:
Display Size: The market can be segmented into different display sizes, such as up to 5 inches, 5-10 inches, and above 10 inches.
Display Technology: The market can be segmented into different types of display technologies, such as LCD, OLED, and TFT-LCD.
Level of Autonomous Driving: The market can be segmented based on the level of autonomous driving, such as level 1, level 2, level 3, level 4, and level 5.
Sales Channel: The market can be segmented based on the sales channel, such as OEM and aftermarket.
Vehicle Type: The market can be segmented based on different types of vehicles, such as passenger cars, commercial vehicles, and others.
Region: The market can be segmented based on different regions, such as North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
Competitive Landscape:
The global automotive smart display market is highly competitive, with several established players operating in the market.
Some of the key players in the market include:
Continental AG
Denso Corporation
Visteon Corporation
Panasonic Corporation
Robert Bosch GmbH
Magna International Inc.
Nippon Seiki Co. Ltd.
Yazaki Corporation
Pioneer Corporation
Harman International Industries Inc.
These companies are focusing on product development and innovation, strategic partnerships and collaborations, and mergers and acquisitions to strengthen their position in the market. They are also investing in research and development to introduce advanced features in automotive smart displays. For instance, Continental AG recently introduced a new curved instrument cluster that can be customized as per the driver's preferences. Similarly, Denso Corporation is focusing on developing advanced Human Machine Interfaces (HMI) for automotive smart displays, which can enhance the user experience.
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One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached Straits Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
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An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
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