Market Research Future (MRFR) projects the global automotive display market to reach USD 16.2 billion at a CAGR of 7.48% from 2022 to 2030 (forecast period).
Several Factors Contributing
to Market Growth
An automotive display is a
touch-screen display device with navigation capabilities. It guides you through
the roots without distracting you and includes driver safety features such as
engine heat indicators and tire pressure indicators. The company also offers
solutions to security issues, entertainment and connection issues, battery
innovation, and service issues such as audio services, autonomic services, any
connectivity service electronics, and so on.
The global market is expanding
rapidly, and this expansion is being driven by a variety of factors. These
factors include an increase in demand for connected vehicles, an increase in
reliance on navigation systems, and an increase in demand for infotainment in
automobiles. The demand for infotainment in automobiles is the primary driver
driving market growth over the anticipated years.
The global market is expanding.
There are numerous opportunities to enhance revenue. These opportunities
include increasing vehicle safety and comfort, acquiring modules and
automobiles, electric cars, and in-car navigation. Furthermore, this automotive
display includes a touch screen display device with distraction-free
navigation. There is also a driver safety feature and a multimedia function for
automobiles that includes engine heat indicators and pressure, among other
things.
The Global Market to Grow Post
COVID-19 Pandemic
According to the current
coronavirus situation, it is difficult to predict when and how the situation
will return to normal. During the lockdown, every business, no matter how
small, medium, or large, will suffer losses. It is mostly due to the
availability of labor for manufacturing and production; yet, because everything
is shut down, there is no availability of customers. However, it is expected
that by 2022, conditions would have improved due to the start of the vaccine
campaign.
High Cost of Advanced
Automotive Display Systems
The global market is expanding at
a rapid pace. However, there are some constraints to its expansion. These
constraints include the high expense of advanced automotive display systems,
which causes us to be concerned about safety. The replacement of mechanical
controls with touch screen displays poses a safety risk. In addition, connectivity
issues, vehicle infotainment issues, and cyber threats can all be problematic.
Market Segmentation
The global automotive display
market has been segmented into applications, types, and display sizes.
By applications, the global
automotive display market has been segmented into telematics, navigation, and
infotainment.
By type, the global automotive
display market has been segmented into TFT LCD, PMOLED, and AMOLED.
By display size, the global
automotive display market has been segmented into 3”-5”, 6”-10”, >10.
Regional Analysis
Europe to Dominate the Global
Market
Europe is likely to dominate the
market revenue. Due to a significant number of automobile manufacturers such as
Audi, BMW, Porsche, and Lamborghini, Europe will have the highest market growth
during the expected period. All of these branded vehicles are projected to
boost market value higher and higher. Countries such as Germany, France, and
the United Kingdom are expected to exert some dominance in the European
automotive display solutions market.
Key Players
The most prominent major key
players in the automotive display market are as follows LG Display Co. Ltd
(South Korea), Panasonic Corporation (Japan), Delphi Technologies (UK), Robert
Bosch GmbH (Germany), Visteon Corporation (US), Continental AG (Germany), 3M Company
(US), Nippon Seiki Co. Ltd (Japan), Magneti Marelli S.p.A (Italy), Qualcomm
Technologies Inc (US).
APAC to Witness Fastest Growth
The reason for this is that the
Asia Pacific is expected to grow at a quicker rate during the anticipated
period. Countries such as Japan, China, and South Korea are also likely to
dominate the automotive
display solutions market size. Due to the presence of telecommunications
businesses such as Huawei, China Telecom, and Bharti Airtel, this market
dominance is expected. These well-known industries drive the market in the Asia
Pacific regions.
Competitive Landscape
These market's most prominent
significant important players employ a variety of techniques to meet the
growing customer demand. They employ a variety of policies and methods, such as
collaborations, mergers, and acquisitions, forming a joint venture, developing
a new manufacturing technique, innovating an existing product, extending the
firm, and partnering. These strategies assist the market in increasing its
consumer base.
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