PUBLISHER: Grand View Research | PRODUCT CODE: 1300979
PUBLISHER: Grand View Research | PRODUCT CODE: 1300979
The global automotive smart display market size is expected to reach USD 20.07 billion by 2030, registering at a CAGR of 7.7%, according to a new report by Grand View Research, Inc. The growing demand for advanced safety features, automotive and cockpit electronics, and semi-autonomous and autonomous vehicles is expected to drive market growth. 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, is also expected to fuel the automotive smart display industry demand over the forecast period.
The surge in demand for vehicle navigation and connectivity systems in the automotive sector led to a growth in the usage of automotive visualization technology. Visualization technology has played a significant role in 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 also gaining prominence among automotive display suppliers with an uptick in demand for automotive in-vehicle infotainment solutions as well as display solutions to increase the growth of the market. For instance, in June 2022, AB Volvo and video game and software developer Epic Games, Inc. announced its collaboration for providing visualization technology in Volvo's fully electric vehicles. Furthermore, this is expected to provide infotainment systems with two times faster speeds, and higher quality graphics as compared to previous Volvo's previous car models which is expected to boost the growth of the market.
The adoption of autonomous cars is expected to increase the growth of the market as connected cars provide a more advanced platform for smart displays to function, as they enable real-time connectivity to the internet and other devices.Moreover, the increasing use of advanced driver-assistance systems (ADAS) in connected cars is also driving the demand for more automotive smart displays. ADAS features such as lane departure warnings, blind-spot monitoring, and collision avoidance systems require high-quality displays to provide drivers with clear and concise information. Numerous key players are taking initiatives on automated driving for increasing the adoption of automotive smart displays. For instance, in January 2023, automotive parts manufacturing company Continental AG announced its partnership with edge artificial intelligence (AI) semiconductor company Ambarella, Inc., for developing advanced driver assistance systems and automated driving. The two companies are expected to manufacture end-to-end based artificial intelligence (AI) hardware and software solutions, for assisted and automated driving for increasing autonomous mobility in the automotive market.