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I AgreeAnalysis of Automotive Smart Display market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global automotive smart display market is estimated at USD 7.5 Billion in 2022 and is forecast to surpass USD 12.4 Billion by 2032, growing at a CAGR of 5.1% from 2022 to 2032.
The global automotive smart display market held around 19.8% share in the global automotive lighting market in 2021 and is projected to grow at a CAGR of around 6.2% during the assessment period of 2022-2032.
Report Attributes |
Details |
Base Year Value (2021A) |
USD 7.2 Billion |
Estimated Year Value (2022E) |
USD 7.5 Billion |
Projected Year Value (2032F) |
USD 12.4 Billion |
Global Growth Rate (2022-2032) |
CAGR 5.1% |
Europe Market Share in 2021 |
~26.4% |
Europe Growth Rate (2022-2032) |
CAGR 5.2% |
Collective Value Share (USA, Germany and China) 2022: Top 3 Countries |
~46% |
Top 5 Companies Market Share in 2021 |
~21% |
Key Companies Profiled |
|
Lighting is essential in automotive vehicles because it illuminates the vehicle path, allowing the driver to see the road. Along with illuminating the driver's path, the lighting system assists other vehicle drivers and pedestrians on the road in determining the vehicle's size, direction and position of movement.
Further, it improves the aesthetics of both the interior and exterior of the vehicle while also improving the vehicle's visibility. Lighting and signaling devices are part of the lighting system. This lighting equipment is installed in many areas throughout the vehicle, including the front, back, top, and interiors.
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Previously, the automotive smart display market observed a positive growth of 3.3% CAGR in last five years. The global automotive smart display market has generated an absolute $ opportunity of around USD 1090 Million in the last half-decade. It is estimated to provide an absolute $ dollar opportunity of nearly USD 2,393 Million and 3,317 Million during 2022-27 and 2027-32 individually.
Further, the European automotive smart display market holds a leading position in terms of market share as well as revenue generation in the global market. It is estimated to lose 90 BPS at a CAGR of 5.2%. Likewise, the German automotive smart display market is the prominent manufacturer and consumer of automotive smart displays in the European market. It is projected to increase at a CAGR of around 5.9% during the forecast period.
Further, South Asia & Oceania automotive smart display market has realized remarkable growth in the last five years. It has acquired around 1/5th market share which is likely to move ahead at a CAGR of 5.7% during the assessment period. Nevertheless, South Asia & Oceania is considered to gain nearly 53 BPS and offer an absolute $ opportunity of nearly USD 267.8 million by the end of 2032.
From the segmental analysis, based on display technology, LCD is the prominent market shareholder. It holds more than 2/5th of market shares and is projected to grow at the CAGR of 4.8% the during the assessment period.
Fact.MR projects the automotive smart display market is likely to witness growth at 5.1% CAGR during 2022 and 2032 in contrast to a CAGR of 3.3% with which it grew amid 2017 and 2021.
The rising popularity of autonomous and semi-autonomous vehicles has spurred the demand for automotive smart displays. The increased interest in these fully automated displays, as consumers become more aware of this new technology, is projected to drive up sales of automobiles with smart displays.
Further, with increased urbanization and discretionary cash, even middle-class earners can now buy indulgences such as automobile smart screens. The demand for comfort features as well as safety standards is likely to drive the growth of the Automotive Smart Display Market in the coming years.
Moreover, in several nations, the government has enacted automobile safety rules, as well as mandated in-vehicle GPS devices for commercial vehicles. Center stack touchscreen displays are expected to be one of the market's fastest expanding sectors. Certain countries have also made rear view sensors and backup cameras mandatory. Cabin temperature and gesture control settings are also available on the center stack touchscreen displays. The center stack touchscreen display category is expected to contribute to the growth of the Automotive Smart Display Market.
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Global automotive sales have been strong in recent years, with the United States and China leading the way in terms of both sales and manufacturing. As the United States' economy gradually improves, the country's automotive sector accelerates, particularly in the auto components vertical.
Furthermore, the expansion of these countries' economies has attracted a number of globally recognized car manufacturers. In these countries, the demand for vehicles, both passenger and commercial, has skyrocketed.
Moreover, mounting automotive production continues to be a key driving factor in the global automotive smart display market. By adopting innovative raw material combinations, display manufacturers are increasing production efficiency and focusing on lowering costs.
The only major impediment to the growth of the Automotive Smart Display Market is the pricing aspect associated with it. Although the average disposable income of people is increasing, the majority of people cannot afford luxury. Because this is a new technology, the cost of installing an automobile smart display in a car is likely to be considerable.
The automobile industry in North America is gaining traction with the rising demand for vehicles in the region. Increasing market competition is motivating manufacturers to develop innovative products owing to which the demand for automotive smart displays in the North American market is mounting.
Further, the United States is the leading market shareholder with nearly 89% market share owing to the larger consumer as well as manufacturer base in the region. These Manufacturers are owning cutting edge technologies owing to which they have a competitive edge in the market.
Overall, the automotive smart display market in North America is likely to witness significant growth of 4.6% CAGR. It is projected to lose 38 BPS in the global market during the forecast period.
The Asia-Pacific region is expected to grow the quickest in the Automotive Smart Display Market. This increase can be ascribed to an increase in the number of traffic accidents and the necessity for road safety measures to be implemented. In addition, the Asia Pacific area is increasingly being referred to as the hub of vehicle manufacture.
Aside from the Asia-Pacific region, Japan is predicted to grow rapidly in the automotive smart display market. The region has a market that is technologically advanced. In addition, the growing customer desire for smart products is fueling the automotive smart display market in Japan.
Further, South Asia and Oceania smart display market offered fabulous growth opportunities in the last half-decade where the Indian automotive smart display market accounts for ~4.6% market share in the global market in 2022. It is assessed to generate an absolute dollar opportunity of USD 228.7 million during the assessment period.
During the projection period, the 6"-10" smart display size for automotive applications is expected to rise at a 5.7% CAGR. This display size's market growth can be ascribed to an increase in in-vehicle display applications in light-duty cars. Vehicles with display applications ranging from 6" to 10" are outfitted with innovative center stack touchscreen displays that navigate capabilities and integrate multimedia into a single application.
Further, the increasing development of advanced instrument cluster has expanded the demand for advanced instrument cluster display sizes larger than 7 inches. Rapid advancements in electrified and self-driving vehicles will further fuel demand for 6"-10" monitors for automotive applications. However, the segment is likely to grow rapidly and offer an absolute dollar opportunity of around USD 256 by the end of 2032.
The fast adoption of safety and comfort systems in passenger cars contributes significantly to the growing need for display applications in passenger cars. The display function, in conjunction with other active and passive safety systems, assists drivers in avoiding collisions and protects passengers in the event of an accident.
However, the mid-sized passenger cars segment is expected to grow at a CAGR of 4.3% during the forecast period. This is projected to create an absolute dollar opportunity of around USD 667 Million to the automotive smart display market over the assessment period.
Companies operating in the automotive smart display industry are broadening their product portfolio by introducing new products as demand for smart displays is increasing Also, the key manufacturers have adopted various strategies including partnership, portfolio diversification, merger and acquisition, geographical expansion etc. product development is the key strategy to upscale their market presence among consumers.
Fact.MR has provided detailed information about price points of top manufacturers of automotive smart display market positioned across regions, sales growth, production capacity, and speculative technological expansion in the recently published report.
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The global value of automotive smart display market is estimated to be worth over USD 7.5 Billion in 2022.
The demand is anticipated to surpass USD 12.4 Billion by 2032 end.
During 2017-2021, global automotive smart display market grew at 3.3% CAGR.
Some of the prominent players in automotive smart display market are Alpine Electronics Inc., AU Optronics, Continental AG, Delphi Automotive PLC, Denso Corporation, Japan Display Inc., Kyocera Corporation, LG Display etc.,
Europe tops the global automotive smart display market accounting for ~25.5% of global market share in 2022.
Heavy commercial vehicles under the vehicle type segment contributes 26.4% of market share in global sales of automotive smart display.