The Automotive Smart Display Market is estimated to be worth USD 7.2 billion in 2020 and is projected to reach USD 10.9 billion by 2025, at a CAGR of 8.8% during the forecast period. The market is driven by increased customer awareness about road and vehicle safety, demand for improved consumer experience in vehicles, and high growth in the luxury and high-end cars segments, mainly in the emerging markets.
Automotive smart displays help in two-way communication between a driver and a vehicle. Traditional automotive electronics included basic visual and analog interfaces, such as control buttons, analog and LCD instrument clusters, and basic central displays. However, modern automotive electronic components consist of multiple integrated advanced technologies that help create a seamless driving experience. Software providers play a vital role in the development of such advanced technologies. These providers help support the hardware part of these technologies by introducing innovative applications that support automobile manufacturers as well as OEMs to provide out of the box solutions to their customers. Some of the advanced automotive electronic components include advanced instrument clusters that are fully digital and/or 3-dimensional. Advanced center stack displays that integrate navigation and infotainment functions into a single screen platform, rear seat entertainment units, smart rear-view mirrors, gesture recognition solutions, and voice control, among others, are some of the applications of smart displays.
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The COVID-19 pandemic has presented an unprecedented challenge for the automotive smart display manufacturers as major OEMs partially or completely suspended vehicle production in major automotive markets. As the severity of the pandemic increases in Europe and North America, major automotive smart display manufacturers could lose significant chunks of revenue in 2020.
Europe is estimated to account for the largest market share by 2025, followed by North America and Asia Pacific. Technological advancements in current generation automotive cockpit electronics, along with the increasing trend of connected and autonomous vehicles, are further expected to drive the automotive smart display market. Increasing demand for a safe, efficient, and convenient driving experience; rising disposable income in emerging economies; and stringent safety regulations are also expected to contribute to the market growth. Increased production levels of automobiles, high adoption of advanced technologies in automotive electronics, and rapid progress of semi-autonomous and autonomous vehicles are also expected to boost the demand for automotive smart display in this region.
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Passenger car segment is expected to be the largest automotive smart display market. A smart display system is required in a vehicle to enhance the functioning of cockpit electronics and safety features, among others. To cater to the high demand for safety, convenience, and comfort in the passenger car segment, advanced features are needed to be configured in the vehicles. OEMs are increasing the adoption of smart displays in the passenger car segment as a product differentiation strategy. The above-mentioned factors are expected to drive the automotive smart display market in the passenger car segment.
The luxury car segment is projected to be the fastest segment of the automotive smart display market during the forecast period. The leading vehicle manufacturers introduced their innovative and advanced features in this segment to stand out from the rest, which eventually fuels the growth of this segment. The growth of this segment can be attributed to the use of HUDs, which provide enhanced optical quality and increased brightness on a smaller display placed on the dashboard. This technology helps to meet compact space requirements, which in turn increases its adoption by OEMs.
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