Global Automotive HMI Market Size, Share, Growth Analysis, By Product Type(Voice Control, Central Display), By Technology(Visual, Acoustic) - Industry Forecast 2022-2028

Global Automotive HMI market size was valued at USD 10.75 billion in 2021, and it is expected to reach a value of USD 18.98 billion by 2028, at a CAGR of 8.3% over the forecast period (2022-2028).

A high quality of life and more money available to spend are what are driving demand for luxury goods like cars. The use of automotive HMI will likely increase as a result of this. However, the requirement for urgent maintenance of the complex systems that support the operation of automobile HMI is a significant market restraint. On the other hand, it is anticipated that market participants will profit from the rising demand for autonomous vehicles.

The increasing use of gestures for better human-car interactions is driving up demand for automotive HMI. Due to the growing adoption of the Internet of Things, the market is expanding quickly (IoT). The market's commercialization options for new products are anticipated to expand thanks to the creation of fresh UX solutions for multimodal experiences. As a result, it is anticipated that the market share for automotive HMI will rise. Another rich opportunity source is the evolving connectivity trends in modern, high-end vehicles. For instance, OTA updates and trends for vehicle-to-everything (V2X) communications.

Software and smartphone integration with automobiles can be made possible by low-cost human-machine interfaces. This is an important factor driving market growth. Additionally, fleet management mandates extensive use of ADAS, which boosts demand for the product and is anticipated to drive market expansion. According to predictions, the market will be presented with a range of potential prospects as a result of the introduction of concept cars and electric vehicles in the automotive industry as well as the quick expansion of mobility services. The adoption of various technologies will also aid in the growth of the automotive HMI industry. However, it is anticipated that the high cost of complex HMI systems and their high power consumption will impede the growth of the market share. Another challenge for the industry is the prominence of cyber security issues.

Top-down and bottom-up approaches were used to estimate and validate the size of Asia Pacific Automotive HMI market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Segments covered in this report:

The Global automotive HMI market is segmented based on product, technology, access type, and vehicle type. On the basis of product, the market is further sub-segmented into voice control, central display, instrument cluster, head-up display (HUD), others. On the basis of technology, the market is further sub-segmented into visual, acoustic, and others. On the basis of access type, the market is further sub-segmented into standard HMI and multimodal HMI. On the basis of vehicle type, the market is further sub-segmented into passenger cars and commercial vehicles.

Driver

The implementation of cutting-edge UX/UI designs has been a top priority for automakers, enabling them to achieve higher levels of human-vehicle interactions. Due to the incorporation of new functionalities into car software in modern vehicles, the development of autonomous vehicles is accelerating, creating new opportunities for the automotive human-machine interface (HMI) market. Automotive companies are combining 2D and 3D visuals for the drivers' comfort and accuracy.

Restraint

The high cost of complex HMI systems, their high power consumption, the necessity of maintaining these complex systems, and the threat posed by cyber security are all factors limiting the growth of the global automotive HMI market.

Market Trends

The market for HMIs in the automotive and automotive-related industries has expanded as a result of the rising customer demand for personalised in-vehicle digital systems. Thanks to advancements in advanced driver assistance systems, there are new opportunities for growth in the market for automotive human-machine interfaces (HMI) (ADAS). A TMR analysis predicted that between 2021 and 2031, the global market for automotive human-machine interfaces would expand at a CAGR of about 6%. In 2021, it was predicted that the valuation would be worth more than US$ 16.3 billion.