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.
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.
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.
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.
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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