Smart Display Market Analysis
Smart Display Market Size was
valued at USD 80.6 billion in 2022. The Smart Display market industry is
projected to grow from USD 94.3 Billion in 2023 to USD 331.1 billion by 2032,
exhibiting a compound annual growth rate (CAGR) of 17.0% during the forecast
period (2023 - 2032). 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.
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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.
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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