PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1258872
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1258872
According to Stratistics MRC, the Global Automotive Smart Display Market is accounted for $8.8 billion in 2022 and is expected to reach $16.35 billion by 2028 growing at a CAGR of 10.8% during the forecast period. The automobile smart display is a wifi touch screen display that offers driver protection features, navigation, entertainment capabilities, and real-time diagnostic of the car, such as tyre pressure and engine heat indicators. In order to improve the user experience, smart connected display systems also feature vehicle-to-vehicle and vehicle-to-infrastructure communication. Manufacturers of smart displays offer cutting-edge smart display solutions that also improve safety and the driving experience.
According to the German Association of the Automotive Industry (VDA), in Europe, 5.1 million passenger cars were registered in the first half of 2020, 39% less compared to 2019. Moreover, the sales of passenger vehicles in the U.S. reduced by around 26% in 2020 compared to the previous year.
The need for smart screens in cars will rise as more smartphones are connected to infotainment systems through services like Android Auto, Spotify, and Apple CarPlay. Both Apple CarPlay and Android Auto use Smartphones to run specially designed operating systems for use on the road, which is a similarity between both. The solutions make it possible to navigate with ease, integrate cutting-edge capabilities with cockpit electronics, easily access music, and manage phone calls, etc. without the driver being distracted. For a hands-free experience, both operating systems even have voice assistants like Apple Siri and Google Assistant. Many automakers are embracing these operating systems, frequently enabling a characteristics related as a standard feature on their navigation systems or at the very least as an option. Vehicles must have the proper equipment to run these operating systems.
Driver assistance technologies and intelligent display systems working together greatly aid in vehicle manoeuvrability. Numerous automakers are considering this combination since it helps to improve safety. Yet, it is not as simple as it seems to integrate driver aid systems and smart display systems.
The introduction of 5G technology is anticipated to expand market potential for vehicle smart displays along with the growing use of wireless technologies. High-speed internet provided by 5G enables the integration of cutting-edge applications like AR / VR, cloud gaming, and video streaming with car smart display systems. Better display screens will be needed for these applications, which will increase demand for vehicle smart displays. The combination of automotive industries with smart display systems is made possible by 5G. As a result, big integrated display panels rather than traditional dashboards will be needed in cars. 5G is used by AR and VR devices to improve the user experience. Higher resolution panels are necessary for both AR and VR for a display to operate well. 5G technology offers up to 5 times quicker speed and 10 times reduced latency than 4G LTE technology.
Internationally, the majority of contemporary automobiles are outfitted with the newer versions, which typically use wireless technology, increasing the risk of cyber attacks as a result of the rapid adoption of innovative technologies. Also, the potential of network breaches in automobiles is enhanced by greater vehicle connectivity via numerous devices like cell phones, navigational systems, tablets, and music players. By using the vehicle's information terminal or entertainment system, viruses and malicious software may target the electronic systems when these portable devices are attached to the car. The risk of being hacked also increases with numerous and weak connections. As security and privacy are really the pillars of telematics solutions, the current state of the world economy demonstrates a movement in public preference for cutting-edge technologies.
The COVID-19 pandemic has had a devastating impact on the global economy, which has a detrimental effect on auto production. The COVID-19 pandemic's aftermath has caused supply chain problems and the shutdown of many production sites. The outbreak has had a detrimental effect on the sales of both commercial and passenger vehicles, which has then affected the market for smart displays. In the past, the EU market has been the leader in the sales of smart displays, but subsequently, the increasing adoption has decreased as a result of a reduction in car sales. Due to municipal constraints and economic stimulus packages, Europe is predicted to see a variety of recovery cycles.
The TFT-LCD segment is estimated to have a lucrative growth. The majority of smart displays in automobiles are TFT-LCDs, which are widely employed because of their many advantages, including their high definition, high brightness, dependability, and low price in the competitive automotive industry. TFT-LCD panels are capable of providing a multi-character display while integrating data from other sources, and they can display monochromatic or full-color videos from a DVD, camera, or any other video input. Microcontrollers enable TFT-LCDs to process a variety of signals and receive commands from the automobile electronic control unit (ECU). Together with the video, the TFT-LCD screens can also be combined into the side and rear view mirrors. TFT displays are also used in a number of electric and hybrid vehicles to show battery life and fuel levels. Also, as display sizes have increased, manufacturers have improved the TFT LCD technologies that are used in televisions and computer monitors.
The centre stack touchscreen display segment is anticipated to witness the fastest CAGR growth during the forecast period. Infotainment systems with centre stack displays provide a wide variety of interactive material, including controls for the cabin's temperature, directions, audio, and other entertainment features. The need for this market is being propelled by elements including the removal of several screens, increased use of technology, and the addition of cutting-edge features like infotainment and telematics.
Asia Pacific is projected to hold the largest market share during the forecast period owing to the rising demand for automobiles, the rising number of traffic accidents, and the requirement to include safety features in cars to protect passengers and pedestrians. India, China, Japan, and South Korea are just a few of the developing and developed nations that have helped this region's vehicle production and growth so dramatically. The presence of international producers like BHTC and Faurecia SA as well as the growing preference for additional automotive smart displays throughout India are fostering market expansion in this area.
North America is projected to have the highest CAGR over the forecast period; owing to high level of consumer spending power in both Canada and the US has raised the demand for passenger automobiles in these nations. Also, the rising requirement for improved safety and comfort in automobiles as well as the rising need for sophisticated electronic and vehicle communication systems like infotainment, telecommunications, and V2V and V2I features are propelling market expansion in this area.
Some of the key players profiled in the Automotive Smart Display Market include: Continental AG, LG Display Co. Ltd., Kyocera International, Yazaki Corporation, SAMSUNG, Pioneer Corporation, Hyundai Mobis, Denso Corporation, Robert Bosch GmbH, Pioneer Corporation, Valeo SA, Magna International and Panasonic Corporation.
In June 2021, Pioneer Corporation and Cerence Inc. announced that they have committed to establish a strategic partnership to develop scalable, secure, AI-powered mobility products and services.
In January 2021, Panasonic Automotive Systems Company, a tier one global automotive supplier, has announced the launch of the world's first fully wireless Wi-Fi camera that offers convenience, durability, and increased ease of use for recreational hauling.
In November 2020, Denso Corporation, a leading mobility supplier, invested in Lambda:4, a German company that develops wireless technologies for short-range applications using Bluetooth Low Energy. This will help DENSO enhance the location accuracy and user authentication capabilities of its passive digital key.
In May 2020, Pioneer Corporation has signed a strategic cooperation agreement with Continental AG. The aim of this agreement is to integrate Continental and Pioneer's entire infotainment subdomain in order to deliver high-performance computers for vehicle cockpits.
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Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.