June 20, 2024
Automotive Smart Display Market

Automotive Smart Display Market is Estimated to Witness High Growth Owing to Rising Demand for Connected Vehicles

The automotive smart display market comprises displays integrated with advanced features such as navigation, gesture control, voice command recognition and connectivity options. Automotive smart displays help enhance driving experience by providing vehicle diagnostics, entertainment and information to the driver and passengers on a centralized display interface. The rising demand for connected vehicles, increasing requirement for comfort driving features and technological advancements are fostering the growth of automotive smart displays across the globe.

The Global automotive smart display market is estimated to be valued at US$ 21.73 Bn in 2024 and is expected to exhibit a CAGR of 7.8% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Automotive Smart Display Market Growth are Alps Alpine Co., Ltd., Continental AG, Delphi Automotive PLC, Denso Corporation, Hyundai Mobis, Japan Display Inc., LG Display Co. Ltd., Magna International Inc., Nippon Seiki Co., Ltd., Panasonic Corporation, Pioneer Corporation, Robert Bosch GmbH, SAMSUNG (HARMAN International), and Visteon Corporation.

The key opportunities in the automotive smart display market include development of advanced technologies such as augmented reality based displays, expansion in emerging economies of Asia Pacific and Latin America and growing demand for luxurious vehicles equipped with smart display features.

Growing smartphone and connectivity penetration, increasing demand for enhanced driver information systems and development of autonomous vehicles are supporting the global expansion of automotive smart display market across regions.

Market drivers

The key driver for automotive smart display market is the rising demand for connected vehicles. Connected vehicle technology enables real-time interaction of vehicle with external environment through integration of telematics and wireless connectivity. Smart displays play a pivotal role in enabling connectivity functions in vehicles. Growing consumer preference for connected driving experience through central display interface is fueling the adoption of automotive smart displays globally. Additionally, developments in augmented reality technology, growing in-vehicle infotainment systems demand and increasing autonomous & semi-autonomous vehicle production are some of the major growth drivers for automotive smart display market.

PEST Analysis

Political: Government regulations regarding fuel efficiency and emissions standards are driving technological innovation in the automotive industry. Most countries and states have implemented stricter emission norms over the years to reduce environmental pollution.

Economic: Rise in disposable incomes and growing demand for luxury and high-end vehicles is positively impacting the demand for advanced in-vehicle features and technologies. However, economic slowdowns may negatively impact automobile sales and demand for smart displays.

Social: Younger customers prefer connected vehicles with advanced digital interfaces and entertainment/infotainment features. Improved connectivity and access to information/apps while driving is an important criteria for many buyers today.

Technological: Advancements in display technologies like AMOLED, multi-touch support, higher resolution and ability to support various connectivity options like WiFi, Bluetooth etc. are fueling innovation in automotive displays. Vehicle connectivity with smartphones and emerging technologies like autonomous driving will further drive demand.

In terms of value, the automotive smart display market in Asia Pacific region is estimated to be the largest concentrated. Countries like China, Japan, and South Korea host major automotive production facilities of OEMs and tier-1 display suppliers. Growing vehicle demand and presence of leading electronic component manufacturers make APAC highly lucrative.

North America is projected to be the fastest growing regional market during the forecast period. This can be attributed to rising autonomous and electric vehicle sales in the US and Canada. Continuous technology upgrades by US-based automakers and demand for advanced in-cabin features from customers will support regional market expansion.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it