The global automotive display market, according to Market Research Future (MRFR), is expected to acquire a substantial market valuation of USD 23 billion by 2023, at a moderate CAGR of 13% during the assessment period.
Drivers and Restraints
The global automotive industry is broadly held to be on the verge of incredible change, in terms of sales, manufacturing, and the overall commercial model. This is attributed to the rapid advancement of modern technologies such as autonomous driving, augmented reality, and big data. Subsequently, several ancillary verticals of the industry are also likely to witness an essential transformation due to these technological developments. The automotive display market is one of these vertical that has incorporated these technologies effortlessly, consequently enhancing its commercialization projections.
There are numerous factors driving the growth of the global automotive display market over the review period, including the growing demand for connected vehicles, increasing reliability on navigation systems like GPS, and the rising demand for infotainment in automotive vehicles. Moreover, the increasing consumer demand for in-vehicle safety and comfort is also expected to drive the market over the review period. As a result, the integration of interactive displays that are highly reactive to touch and visual impetus is poised to become a crucial feature of manufacturing processes being deployed by major automakers.
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The significant market players identified by MRFR in the global automotive display market are Panasonic Corporation (Japan), LG Display Co. Ltd (South Korea), Delphi Technologies (UK), Visteon Corporation (US), Continental AG (Germany), Robert Bosch GmbH (Germany), 3M Company (US), Magneti Marelli S.p.A (Italy), Nippon Seiki Co. Ltd (Japan), and Qualcomm Technologies Inc (US).
Besides the key players, other market players such as Synaptic Incorporated (US), Denso Corporation (Japan), and Nidec Corporation (Japan), among others, are also expected to contribute towards market growth over the assessment period.
The global market for automotive display is segmented into type, technology, display size, applications, and region. The types of automotive displays available in the market are advanced instrument cluster display, center stack touchscreen display, rear-seat entertainment touchscreen display, and others. The technologies deployed in the global automotive display market are AMOLED, PMLCD, PMOLED, TFT LCD, and others. Based on the display size, the automotive display market is segmented into 6”-10”, 3”-5”, and >10”. The applications of automotive displays are found in infotainment, navigation, telematics, and others.
The global automotive displays market, on the basis of region, is segmented into Europe, North America, the Asia Pacific,and the rest of the world.
The North American market for automotive displays is slated to reach a substantial market share over the review period. This is attributed to the well-established automotive industry in the region, the presence of significant market players, and the consumer demand for advanced automotive displays for various applications.
The European region is poised to lead the global automotive display market over the review period. The developed countries in the region, such as Germany, France, and the UK are the major contributors to the market share. The higher concentration of a large number of automotive manufacturers, such as Audi, BMW, Lamborgini, Porche, and others, is also expected to fuel the market growth over the assessment period.
The asia pacific region is one of the most significant markets for automotive displays and is slated to witness tremendous growth over the review period. The asia pacific has the largest automotive industry across the globe, thus has a massive demand for automotive display systems. Moreover, the improving economic dynamics, increasing industrialization and modernization in the region, especially in emerging economies such as India and China, has improved the adoption of advanced technologies, offering favorable conditions for market growth over the review period.
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