According to SNS Insider, The Automotive Display Market Size is poised for a remarkable trajectory in the coming years, driven by a surge in technological advancements and evolving consumer preferences. The integration of advanced display systems like head-up displays (HUDs), infotainment systems, and digital cockpits is transforming the in-vehicle experience, fostering market growth.
The automotive display market held a valuation of USD 15.98 billion in 2023. This figure is projected to climb to USD 29.14 billion by 2031, reflecting a robust compound annual growth rate (CAGR) of 7.87% throughout the forecast period from 2024 to 2031.
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Smart displays are playing an increasingly prominent role in modern vehicles
The automotive display market is intricately linked to trends in the automobile industry, advancements in cockpit electronics, and the evolving landscape of autonomous vehicle development. These smart displays integrate critical driver-assistance functionalities within a user-friendly touchscreen platform, enhancing safety and convenience.
For instance, in January 2023, Harman International Industries, a leading audio electronics company, introduced a suite of advanced cockpit technologies under the “Ready” brand. These technologies encompass Ready Care, Ready Display, Ready on Demand, Ready Upgrade, Ready Vision, and Sound Vibration Sensor + External Microphone. This launch exemplifies the industry’s focus on fostering safety and in-vehicle experiences.
Furthermore, the growing adoption of technologies like gesture control systems, advanced infotainment systems, HUDs, telematics, central controllers, and steering-mounted controls is driven by safety regulations, comfort preferences, and a desire for luxury and security features. Governments worldwide are enacting stricter regulations pertaining to vehicle safety and security. For example, the National Highway Traffic Safety Administration (NHTSA) emphasizes the need for enhanced vehicle cybersecurity systems, prompting a global rise in demand for electronic devices like smart displays.
In-vehicle infotainment systems and electronic components play a vital role in enhancing the in-vehicle experience for commuters, mobile workers, and travelers alike. Trends in cockpit electronics technology are focused on creating a more engaging and personalized experience for drivers and passengers. This includes the increasing size, number, and quality of displays, offering exciting avenues for market growth. Additionally, the integration of voice recognition, AI-powered assistants, and natural language processing is being actively pursued by tier-1 suppliers and automotive OEMs to elevate the autonomous vehicle experience and optimize driver monitoring systems. For instance, General Motors Company announced a collaboration with Microsoft Corporation in March 2023 to utilize ChatGPT technology within vehicles. This integration is expected to showcase features and functionalities on in-vehicle displays.
Top Key Companies of Automotive Display Market
- Robert Bosch GmbH (Germany)
- Continental AG (Germany)
- LG Display Co. Ltd (South Korea)
- Panasonic Corporation (Japan)
- Magneti Marelli S.p.A (Italy)
- Delphi Technologies (UK)
- Visteon Corporation (US)
- 3M Company (US)
- Nippon Seiki Co. Ltd (Japan)
- Qualcomm Technologies Inc (US)
Growth Propelled by Technological Advancements and Consumer Preferences
The long-term trajectory of the automotive display market is primarily driven by continuous advancements and innovations in display systems for infotainment, telematics, instrument clusters, and other applications. Developed nations are witnessing a growing consumer inclination towards driving convenience and safety features. This demand is fostering the integration of augmented reality (AR) technologies, previously considered a futuristic concept, into vehicles. Luxury car brands like BMW, Jaguar, and Mercedes-Benz are already implementing AR head-up displays and immersive gaming experiences. Highlighting this trend, AirConsole, a gaming platform, collaborated with the BMW Group in October 2022 to integrate casual gaming experiences into new BMW vehicles. AirConsole seamlessly integrates with the BMW Curved Display, offering a vast and diverse game library.
Furthermore, the flourishing sales of passenger cars, the rising demand for connected vehicles, and increasing disposable income are driving rapid growth in the Asia-Pacific automotive display market. This region is anticipated to dominate the market due to the burgeoning sales of luxury cars from brands like Mercedes-Benz, Audi, Porsche, BMW, and Jaguar Land Rover. Consequently, automotive display manufacturers are strategically developing displays catering to the specific needs of automakers.
Market Segmentation
By Display Size:
- <5”
- 5” to 10”
- >10”
By Display Technology:
- LCD
- TFT-LCD
- OLED
By Application:
- Centre stack
- Digital instrument cluster
- Head-up display
- Rear entertainment
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OLED Displays Shine in Luxury Vehicles
The surging demand for luxury vehicles in developing countries is expected to propel the automotive display system market. The luxury car segment is poised to witness a growth rate ranging from 8 to 14 %annually during the forecast period. In India, Mercedes-Benz, BMW, and Audi are leading luxury car manufacturers, collectively reporting sales of approximately 22,500 units in 2021.
Luxury carmakers are renowned for integrating technologically advanced display systems into their vehicles. For instance, Cadillac unveiled the Celestiq, its handcrafted, all-electric flagship in October 2022. The vehicle boasts a large, 55-inch diagonal advanced HD screen – one of five high-definition displays – with rear passengers having access to their own 12.6-inch diagonal advanced displays.
Impact of Disruptions and External Factors
Russia-Ukraine War: The conflict has significantly disrupted the automotive display market, exacerbating pre-existing chip shortages. Ukrainian suppliers of crucial wire harnesses, essential for integrating a vehicle’s electrical systems, experienced production halts. This directly affected major European car manufacturers like Volkswagen and BMW, forcing temporary production line shutdowns due to component shortages. The ripple effects were substantial, with estimates indicating a potential one million vehicle production shortfall globally in 2022.
In response, governments worldwide are taking steps to mitigate the impact. The Indian government, for instance, unveiled a significant $3.5 billion investment plan aimed at bolstering domestic semiconductor production, aiming to reduce reliance on fragile supply chains. Additionally, automotive industry leaders are actively seeking alternative suppliers and exploring the possibility of reshoring critical components. Notably, General Motors has committed a substantial $4 billion investment to enhance in-house chip development capabilities, seeking greater autonomy over the display technology supply chain. While the long-term ramifications of the conflict remain uncertain, it has undoubtedly accelerated the trend towards diversification and regionalization of supply chains within the industry.
The Asia-Pacific region is expected to capture a significant market share during the forecast period
Major taxi aggregators like Uber and Ola have been actively integrating rear-seat entertainment systems in their premium and luxury cabs to enhance customer appeal.
Display manufacturers like Visionox in China are supplying advanced organic light-emitting diode (OLED) technology-based intelligent cabin display products to leading automotive companies. These displays encompass center information display (CID) systems, dashboards, head-up display instruments, and rear-seat entertainment display instruments for autonomous New Energy Vehicles (NEVs).
Furthermore, key players in other Asia-Pacific countries are also adopting advanced display systems in their vehicles, further propelling market growth. For instance, in October 2022, Mazda Thailand introduced four special edition “Carbon Edition” models, each featuring a 360-degree image display system.
Key Takeaways from the Automotive Display Market Study
- Gain a clear understanding of the market’s projected growth trajectory over the forecast period, allowing you to make informed business decisions.
- Stay ahead of the curve by exploring the latest trends and technological advancements shaping the automotive display landscape.
- Identify the most lucrative display segments like OLED displays in the luxury car market and tailor your strategies accordingly.
- Delve into the growth drivers and dynamics influencing the market across key regions like Asia-Pacific.
- Gain a comprehensive understanding of the competitive landscape, including key players, their strategies, and market share distribution
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