The global automotive display system market is expected to display higher growth rate over the next seven years. The market is subject to witness a substantial growth due to the growing concerns of driver and passenger safety. Furthermore, rising demand for luxury and high-tech vehicles is expected to propel the market growth in the forecast period. The adoption of modern-day electronic techniques and devices has made the automotive systems more reliable, accurate, and fuel-efficient.
Growing competition in automotive sector with substantial increase in the number of automotive original equipment manufacturers (OEMs), dealers, and additional stakeholders inside the supply chain are anticipated to drive market growth in the upcoming years. Globally, the market is predicted to grow at a significant CAGR of 17.84% for the given forecast period, providing numerous opportunities for market players to invest for research and development in the automotive display systems market.
In addition, the rising competition in automotive sector has led to instigate latest technology trends, ultimately influencing the market growth further. Numerous market players are focusing on research and development of advanced technologies such as holographic dashboard displays. Automotive display system are part of in-vehicle display technologies that ensure driver safety, and are expected to find space in variable vehicles categories in upcoming years.
With development of holo-active touch systems that are more economically viable in terms of cost of the product, are gaining considerable momentum. The growing adoption of latest automation technologies such as human machine interface (HMI) are providing enough market opportunities in the automotive sectors. Number of key players in the market are putting focus on the financial viability of the three dimensional graphics and digital imaging technology for automotive applications. The automotive industry mainly depends on the imminent trends in autonomous vehicles that involves the vehicles with advanced electronics systems.
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However, the key factors restricting the market expansion are system security and risk associated with driver’s capabilities to utilize the system properly. In addition, possible hacking concerns of the automated systems are creating major concerns for customers. Yet, the growing use of automation in automotive sectors is responsible for delivering safety, comfort, and convenience in luxury cars. Numerous In-vehicle components are witnessing rapid electrification to deliver required level of comfort and convenience. The adoption of modern-day electronic techniques and devices has made the automotive systems more reliable, accurate, and fuel-efficient.
The market is broadly categorized into three major segments based on the product type such as Center Stack Display, Instrument Cluster Display and Head-Up Display systems. The Center Stack Display is considered as one of the fastest growing segment in the automotive display systems market with substantial revenue generation in the last few years. Growing popularity of Center Stack Display segment is attributed to the higher market penetration and increasing demand for luxury vehicles. The Instrument Cluster Display segment has also witnessed substantial growth owing to the increase in the number of research & development activities in North America region.
The market is divided into regional market segment such as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise implementation of latest technologies in automobile sector, increase in the number of research & development activities and existence well-established automotive manufacturing infrastructure in the region.
Asia-Pacific is predicted to hold higher market share in the automotive display system market with massive growth in forecast period. Countries such as Japan, China and Russia are leading the market with robust growth automotive industry, rising personal disposable income, higher demand for luxury vehicles, growing investment by market players due to potential opportunities.
The key players in the automotive display system market are BMW AG, Cognitive AI Technologies Incorporated, Shenzhen Sunway Industry Ltd., Exploride Incorporated, WayRay Pvt. Ltd., and Delphi Automotive Systems LLC.
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