The global automotive smart display market size was valued at USD 13.92 billion in 2022. The market is projected to grow from USD 14.72 billion in 2023 to USD 23.37 billion by 2030, exhibiting a CAGR of 6.8% during the forecast period. Fortune Business Insights™ mentioned this in a report titled “Automotive Smart Display Market, 2023-2030.”
The automotive smart display ensures vehicular safety by providing driver safety functions, tire pressure, fuel capacity, and real-time battery and engine temperature diagnostics. Moreover, the smart displays support smartphone integration, including Android Auto and Apple CarPlay, to enhance the driving experience. The increasing demand for smart display systems is projected to drive market growth during the forecast period.
|Forecast Period 2023 to 2030 CAGR||6.8 %|
|2030 Value Projection||USD 23.37 billion|
|Market Size in 2022||USD 13.92 billion|
|Historical Data for||2019-2021|
|No. of Pages||200|
Market Drivers & Restraints-
Rising Integration of Smartphone Connectivity into Vehicles to Aid Market Growth
The growing integration of smartphone connectivity into vehicle infotainment systems, such as Android Auto, Spotify, and Apple CarPlay, will boost automotive smart display market growth. Several automobile manufacturers are adopting and developing this technology by allowing these functions as an option in their vehicles’ infotainment systems, propelling the market growth.
However, increasing the risk of hacking as vehicles get more connected via various electronic devices may impede market growth.
Shutdown of the Manufacturing Plants During Pandemic Affected Market Growth
The market severely hampered the market growth due to the negative impact on the automotive industry as the closure of auto assembly plants. The shutdown of the manufacturing plants led to a reduction in the demand for the vehicles leading to a reduction in the demand for vehicle displays.
5” to 10” Segment Dominates due to Surging Demand from Autonomous Vehicles for Display Systems
By size, the market is divided into up to 5”, 5” to 10”, and above 10”. The 5” to 10” segment dominates the market. Furthermore, the rising implementation of smart display systems in autonomous vehicles and the incorporation of electronic systems with improved safety features contribute to the growth of the segment.
Rising Demand from Automotive Sector to Boost TFT-LCD Segment Growth
Display technology segments the market into LCD, TFT-LCD, and LED. The TFT-LCD segment dominates the market. The automobile industry attributed the growth to the global demand for TFT-LCDs.
Center Infotainment Segment Leads due to the System’s Multi-Monitoring Capability
By application, the market is classified into digital instrument cluster, centre infotainment, head-up display, and rear seat entertainment. The centre infotainment segment accounts for the largest market share due to the increasing adoption of advanced infotainment systems and telematics and the elimination of multiple screens.
Mid-Segment Growth Helms in a Price-Sensitive Market by Offering Essential Functions
The automotive smart display market bifurcates into a standard segment, mid-segment, and luxury segment based on vehicle class. During the forecast period, the mid-segment expected to dominate the market. Mid-segment vehicles offering essential features in a price-sensitive market in Asia Pacific drive the growth of the segment.
Geographically, the market is studied across North America, Europe, Asia Pacific, and the rest of the world.
The report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- The latest industry developments include product launches, partnerships, mergers, and acquisitions.
Increasing Automobile Production to Boost Market Growth in Asia Pacific
During the forecast period, the market is dominated by the Asia Pacific, which is estimated to hold the highest share in the automotive smart display market. High automobile production in South Korea, India, Japan, and China drives the growth. Moreover, the presence of key manufacturers, such as Faurecia SA and BHTC also drives the market growth in the region.
During the projected period, Europe expected to experience substantial growth due to the increasing adoption of advanced technology and automotive smart displays in the region.
Key Players Focus on Expansion to Augment Market Growth
Key players in business expansion are expects to maintain competitiveness in the smart display market by actively focusing on strategies. This includes semiconductor suppliers, automotive OEMs, and technology providers. Moreover, Continental AG is leading the market by offering structural parts, components, and electronics, for autonomous mobility.