Automotive Smart Display Market to show 12.5% CAGR due to High Demand by Passenger Cars
Automotive smart display plays a very important role in making important driver assistance functions and is available on a single touchscreen platform. It provides advanced functions that integrate multimedia and navigation, driver assistance features, driver information displays, and connected car services to improve driver-to-vehicle communication. With the evolving advanced technology, the automotive smart display market is anticipated to show growth at a CAGR of 12.5% till 2023. They are expected to play a greater role in electric cars, and semi-autonomous cars. The display function, combined with other safety systems, helps a driver in avoiding crashes and protects from accidents. With the increase in the number of passenger cars, along with increasing adoption of display applications, makes passenger cars the highest contributor to the automotive smart display market.
Today, advanced infotainment systems, gesture control systems, telematics, steering-mounted controls, heads-up displays, and central controllers are increasingly being used in passenger vehicles for comfort, luxury, safety, and security benefits. The penetration of semi-autonomous vehicles is anticipated to rise in the coming years due to an increase in the electrification of vehicle components and use of smart automotive components that assist the driver in a more comfortable and safe drive. At the same time, factors such as growing demand for luxury & innovation in-vehicle connectivity and safety technologies, are some of the aspects driving the automotive smart display market. Governments in various countries are implementing regulations about vehicle safety and security. Thus, this, in turn, has spurred the demand for smart display in the automotive sector.
In order to enhance display application, many automotive display system manufacturers and automotive display panel manufacturers are upgrading their offerings to meet the growing consumer demand. Also, the manufacturers are increasing their spending to produce improved display technologies that will meet the expanding car features. Besides, consumer awareness regarding the safety of the vehicle is playing a very important role in making automotive smart display popular across the globe. As per the market analysis report “Global Automotive Smart Display Market Research Report - Industry Analysis, Size, Share, Growth, Trends And Forecast 2016 to 2023”
available with DecisionDatabases.com the rise in the demand for connected car solutions is expected to drive the smart display market for automotive. The report extensively covers the market insights and future growth trends. The market is anticipated to grow at a CAGR of 12.5% to reach 10.86 Bn USD by 2023.
Conventionally, the market for these advanced applications and technologies was large in developed countries such as the US, Japan, Germany, and the UK. Emerging economies, such as India and China are major automotive hubs, have an increasing demand for premium passenger cars. Furthermore, high production of vehicles, low manufacturing cost and availability of cheap labor are some of the factors that boost the market in Asia-Pacific region. Moreover improving standard of living and increasing disposable income are driving the growth of the market in this region. On the other hand, the presence of a large technology firms in North America is the major aspect driving the growth of automotive smart display market in the region.
However, the high cost of smart display and cybersecurity threat due to vehicle telematics is likely to hamper the market growth.
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