SAN FRANCISCO, April 1, 2021 /PRNewswire/ -- The global automotive smart display market size is expected to reach USD 16.98 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.2% from 2021 to 2028. The growing demand for advanced safety features, automotive and cockpit electronics, and semi-autonomous and autonomous vehicles is expected to drive the market. The increasing demand for improved in-vehicle experience and the changing consumer buying behavior, along with the growth of luxury, premium, and high-end cars worldwide, are also expected to fuel the market demand over the forecast period.
Key suggestions from the report:
In terms of display size, the greater than 10" size segment is expected to register the highest CAGR of 9.2% from 2021 to 2028 owing to the increase in the number of semi-autonomous, autonomous, and electric cars
Based on display technology, the TFT-LCD segment dominated the market in 2020 and is anticipated to maintain its lead the forecast period
By application, the center stack segment accounted for the largest revenue share of over 40.0% in 2020. Technological developments in self-driving and connected cars are expected to propel the demand for center stack displays in vehicles
Asia Pacific accounted for the largest revenue share in 2020. This is attributed to increased production and sales of passenger vehicles in the region
The surge in demand for vehicle navigation and connectivity system in the automotive sector led to a growth in the usage of automotive visualization technology. The visualization technology has played a significant role in the advancement of the cockpit technology, which has led to the incorporation of interactive and smart displays in several vehicles launched by prominent automakers, such as Jaguar Land Rover, Mercedes-Benz, Volkswagen, Audi, and BMW. Moreover, the technology is gaining prominence among automotive display suppliers with an uptick in demand for automotive in-vehicle infotainment solutions as well as display solutions. An increase in the sales of passenger vehicles equipped with smart displays and in-vehicle infotainment systems, coupled with features such as navigation, driver assistance, and real-time traffic monitoring, is expected to bolster the market growth over the forecast period.
Asia Pacific held the largest share in 2020 owing to the presence of several key players, such as Panasonic Corporation (Japan), Yazaki (Japan), and Nippon Seiki (Japan) in the region. The region is characterized by the presence of developed nations such as Japan and South Korea, along with emerging economies such as China and India. In recent years, the region has emerged as a hub for automobile production.
Grand View Research has segmented the global automotive smart display market on the basis of display size, display technology, application, and region:
Center Stack Display Market – The global center stack display market size was valued at USD 5.60 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 13.4% from 2020 to 2027. Demand for center stack displays was pegged at 72.39 million units in 2019.
Self driving Cars and Trucks Market – Self-drive cars, also known as autonomous vehicles, are a key innovation in the automotive industry. These vehicles have high growth potential and are acting as a catalyst in technological developments of automobiles.
Head-Up Display Market – The global Head-Up Display market size was valued at USD 1.91 billion in 2016 and is expected to witness a significant increase in the market over the forecast period. Number of shipments of Head-Up Display (HUD) in 2016 was estimated to 3.75 Million units and is expected to witness a significant increase in terms of volume over the forecast period.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.