Automotive Display Market Opportunity Assessment to Reveal profitable Avenues for Players
Alpine Electronics, Blaupunkt, Continental AG, Denso Corporation, HARMAN International, Hyundai Mobis, Mitsubishi Electric, MTA S.p.A., Stoneridge Inc., Nippon Seiki, Panasonic Automotive Systems, Magneti Marelli, Pricol Ltd., Robert Bosch GmbH, Simco, Ltd., Visteon Corporation, and YAZAKI Corporation.
The global automotive display market has depicted considerable progression over the last few years. The primary factors contributing to the industry expansion are the rapidly rising sales of autonomous and semi-autonomous vehicles, advancing demand for high-end luxury cars, and increasing emphasis on improving the overall customer vehicle experience. Automotive display systems streamline the integration of cockpit electronics with advanced features while enabling easy navigation and access to features like phone call management, music, auto health monitoring, and video without causing any distraction to the driver.
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These factors, coupled with the growing integration of smartphone connectivity and advanced hardware, software, and operating systems like Google Assistant, Android Auto, Apple CarPlay, etc., with infotainment systems, will substantially increase the automotive display industry share in the foreseeable future.
The sales of hydrogen fuel cell-based Electric Vehicles (EVs) globally have been on a roll for quite a while, driven by the increasing reliance on clean energy sources, growing environmental concerns, and escalating government grants, pushing the product adoption. Besides, rapidly improving IT infrastructure and the advent of 5G technology may fuel the replacement of conventional dashboards with Augmented Reality (AR) & Virtual Reality (VR) based HUDs, which, in turn, will strengthen the automotive display market forecast.
As per the latest report by Global Market Insights Inc., the global automotive display market size is likely to exceed USD 24 billion by 2028.
Listed ahead are some crucial factors supporting the industry's growth.
Increasing integration of TFT-LCD displays
While OLED displays are quite popular already, the TFT-LCD displays are expected to gain significant impetus in the forthcoming years due to the proliferating product demand across the international market. A recent April 2022 news article by Digitimes Asia stated that Innolux, a TFT-LCD panel manufacturing firm, shipped nearly 11 million large-sized and about 23 million small- to medium-sized panels during March 2022, registering a progression of about 13% and 12% simultaneously.
In addition, the higher level of electronics integration offered by these displays substantially reduces the PCB and BOM size, resulting in higher competitiveness and considerable cost savings against emerging technologies, which may propel the automotive display industry outlook in the coming years.
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Center stack display sales on fire
The center stack display market has undergone a substantial transformation in the last few years owing to the rising demand for gesture control and recognition systems to determine diverse complexities. The growing requirement to improve the overall customer trip experience has encouraged automobile manufacturers across the globe to deliver advanced in-vehicle infotainment systems with added functionality.
These systems use advanced technologies like HMI (Human Machine Interface) and mobile integration to access information like weather forecasts, traffic conditions, real-time navigation, etc. Additionally, escalating R&D practices by tech giants to introduce novel center stack display technologies will boost the automotive display market trends over the projection period.
Proliferating automobile manufacturing across the Asia Pacific
The Asia Pacific automotive display market may witness lucrative growth opportunities in the times to come, driven by the increasing demand for cars and commercial vehicles in the region. As per OICA 2021 Production Statistics, the overall vehicle production in India exceeded 4 million units in 2021, registering a growth of nearly 30% compared to the previous year. In addition, Moody's Investor Service estimated the Indian automotive market to expand by 10% in 2022.
These consistently rising numbers have motivated car OEMs to boost manufacturing capabilities, which will increase automotive display market sales in the years to come.
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