Automotive Display Market:
The automotive display market is growing rapidly. The market growth attributes to the augmenting demand for connected vehicles and autonomous cars. Besides, the increasing dependency on navigation systems and increasing demand for infotainment systems are some major factors driving the growth of the market. Moreover, the growing awareness about in-vehicle safety and comfort escalates market demand.
According to Market Research Future (MRFR), the global automotive display market is anticipated to garner valuations of approximately USD 23 BN by 2023, growing at 13% CAGR throughout the assessment period (2018-2023). In 2017, the market was valued at USD 11 billion. The rapidly evolving automotive industry contributes to the growth of automotive applications, witnessing the increase in demand for displays.
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Additionally, the spreading awareness for safety features among consumers results in an increasing number of display set-ups inside vehicles. The growing demand for luxury and innovation in-vehicle connectivity is some of the key driving forces behind the market growth. Advancements in technology act as a major tailwind for the growth of the market.
Moreover, the growth of semi-autonomous autonomous vehicles and increasing usages of displays in the automotive industry accelerate market growth. Automotive IVI systems have become increasingly sophisticated as the number of displays they incorporate grows, and panel choices grow too, moving beyond the widely used LVDS display.
On the other hand, the high cost of advanced automotive display systems and safety concerns related to the replacement of mechanical controls with a touch screen are major factors projected to impede the market growth. Nevertheless, the increasing demand for displays to improve the consumer experience in vehicles to ensure safety would support the market increase throughout the review period.
Global Automotive Display Market - Segments
The report is segmented into five dynamics;
By Type : Rear Seat Entertainment Touchscreen Display, Center Stack Touchscreen Display, Advanced Instrument Cluster Display, and others.
By Technology : TFT LCD, PMOLED, AMOLED, PMLCD, and others.
By Applications : Telematics, Navigation, Infotainment, and others.
By Display Size : 3”-5”, 6”-10”, 10.
By Regions : Americas, Europe, Asia Pacific, and the Rest-of-the-World.
Global Automotive Display Market - Regional Analysis
Europe dominates the global automotive display market. The largest market share attributes to the augmenting demand for luxury or premium cars and SUV's equipped with automotive display systems. Besides, the presence of a large number of car manufacturers such as Audi, BMW, Porche, and Lamborghini drive the regional market growth.
Germany, the UK, and France are expected to dominate the automotive display solution market in Europe. The European in-vehicle display market is expected to retain its dominance throughout the forecast period.
North America stands second in the global automotive display market. The market growth is driven by the stringent safety norms and increasing awareness about the safety systems installed in an automotive system. Additionally, the burgeoning automotive sector, heading with the strong economy in the region, fosters the growth of the market.
The proliferation of autonomous cars in the region pushes the growth of the regional market. The adoption of advanced automotive technologies in mid-segment range cars impacts the regional market growth positively. The North American automotive display market is estimated to create a substantial revenue pocket during the assessment period.
The Asia Pacific automotive display market has emerged as a profitable market globally. Factors such as the rapid production of vehicles and the development in the automotive manufacturing sectors in rapidly developing economies like South Korea, China, and India propel the regional market growth. Furthermore, low manufacturing cost and the availability of a cost-competitive workforce boost smart displays in automotive applications.
India, China, and Southeast Asian countries lead the regional market. The huge technological advancements and the increasing number of OEM and aftermarket parts companies influence the region's market growth. Moreover, the increasing number of display manufacturers that have recently shifted their bases in emerging APAC countries provide a huge impetus to market growth.
Global Automotive Display Market - Competitive Analysis
Highly competitive, the automotive display market appears to be fragmented due to the presence of several well-established players. To gain a larger competitive share, players incorporate strategic initiatives such as collaboration, acquisition, partnership, technology launch, and expansion.
Players leading the global automotive display market include Panasonic Corporation (Japan), LG Display Co. Ltd. (South Korea), Delphi Technologies (UK), Visteon Corporation (US), Robert Bosch GmbH (Germany), Denso Corporation (Japan), 3M Company (US), Continental AG (Germany), Magneti Marelli S.p.A (Italy), Nippon Seiki Co. Ltd (Japan), Qualcomm Technologies Inc (US), Nidec Corporation (Japan), and Synaptics Incorporated (US), among others.
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