Smart Display Market Analysis
Market
Research Future (MRFR) predicts the global automotive
smart display market to reach around USD 340.85 Billion,
exhibiting a CAGR of 17% from 2017 to 2023 (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.
Smart
Display Market Key Players
The major
player operating in the global automotive smart display market are Visteon
Corporation (US), Delphi Automotive PLC (UK), Denso Corporation (Japan), Magna
International Inc. (Canada), LG Display (South Korea), Alpine Electronics Inc.
(Japan), Valeo SA (France), Robert Bosch GmbH (Germany), Panasonic Corporation
(Japan), Nippon Seiki Co. Ltd (Japan), Yazaki Corporation (Japan), AU Optronics
Corporation (Taiwan), Gentex Corporation (US), Garmin Ltd. (US), and
Continental AG (Germany).
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COVID-19 Impact on the Global Automotive Smart Display Market
The global
economy has suffered a significant setback as a result of the COVID-19
outbreak, which has had a detrimental influence on vehicle production. The
COVID-19 pandemic has caused supply chain difficulties, with some manufacturing
sites shutting down. The outbreak has had a severe influence on the sale of
passenger and commercial vehicles, lowering the demand for smart displays.
Smart
Display Market Segmentation
The global
automotive smart display industry has been segmented based on product type,
driving level, display size, vehicle type, propulsion, and sales channel.
By product
type, the global automotive smart display market has been segmented into liquid
crystal display (LCD), thin-film transistor liquid crystal display (TFT-LCD), and
others. The LCD segment is projected to register substantial growth over the
assessment period due to increasing demand for in-vehicle center stack
displays.
Based on
driving level, the global automotive smart display market has been segmented
into conventional and semi-autonomous. Increasing demand for autonomous and
semi-autonomous vehicles globally propels the growth of the semi-autonomous
driving level segment over the forecast period.
Based on
display size, the global automotive smart display industry has been segmented
into up to 5", 5"-10", and above10". The 5"-10"
segment is predicted to grow at a rapid pace over the review period due to
growing demand from consumers for larger display applications in vehicles.
Based on
vehicle type, the global automotive smart display market has been segmented
into passenger cars and commercial vehicles. The passenger car segment is
anticipated to account for the larger share of the global market over the
assessment period due to the growing deployment of augmented reality displays
over the windscreens of cars.
Based on
propulsion, the global automotive smart display market has been segmented into
ICE and electric vehicle. The ICE segment is expected to hold a larger share of
the global market over the assessment period due to increasing demand for
engine monitoring and display of engine information systems.
Based on
the sales channel, the automotive smart display market has been segmented into
OEM and aftermarket. The aftermarket segment is seeing a higher growth over the
forecast period due to the growing aftersales service market and expansion of
aftermarket service centers in developing countries such as China, India,
Brazil, Saudi Arabia, Mexico, and Argentina.
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Summary
The global
automotive smart display market is set to reach around USD 10 billion,
exhibiting a CAGR of 13% from 2019 to 2025 (forecast period). Growing
population, changing lifestyles, increasing demand for autonomous vehicles, and
in-car infotainment systems are all offering opportunities for the global
market to develop.
Regional
Analysis
Geographically,
the global automotive smart display industry has been segmented into four major
regions—North America, Asia Pacific, Europe, and the rest of the world.
Due to
increased demand for connected vehicles and the development of electric vehicle
infrastructure across the region, Asia Pacific is estimated to dominate the
worldwide automotive smart display market and to post the highest growth over
the forecast period, followed by Europe and North America. Because of the
region's increasing development of connected cars, the market in North America
is expected to rise at a rapid pace over the forecast period. Europe, on the
other hand, is expected to develop rapidly in the worldwide market over the forecast
period, owing to a growing need for a safe and secure driving experience.
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