The automotive digital cockpit market is garnering significant traction. The introduction of innovative driver assistance systems (ADASs) that demand the integration of digital cockpits with safety systems is a major driving force. Moreover, the rising demand for advanced automotive cabins escalates the digital cockpit market size. The scaling demand and AI evolutions integrated with digital cockpit systems drive the market growth.
With the proliferation of
infotainment systems, the market is projected to reach significant heights. In
this regard, Market Research Future (MRFR) states that the global automotive
digital cockpit market is estimated to create a substantial revenue pocket by
2027, growing at a phenomenal CAGR during the assessment period (2020 – 2027).
Rising uptake of digital cockpit systems in high-end cars boosts the market
size.
Rising Sales of Luxury &
Premium Cars Upend Market Demand
Digital cockpits are installed to
gain reliable safety information by accessing maps and media with instrumental
clusters installed within a vehicle. In addition, these cockpits enable the
driver to improve focus and attention on the road by utilizing HUD to access
relevant driving information in their direct field of vision.
Digital cockpits, along with a
cluster of digital instruments and infotainment systems, provide better safety
features to drivers, featuring one or more displays. Similarly, stringent
government norms for automotive safety features impact the adoption trends
positively. Moreover, technological advances and the increasing awareness for
safety features influence the growth of the market.
Technical Complexities Hamper Market
Growth
Despite vast prospects, the
market still faces some underlying setbacks, such as complex structures and the
low efficiency of optical systems. Also, the high costs associated with the
installation and maintenance of digital cockpits are some of the major factors
impeding the market growth.
Nevertheless, constant
advancements in infotainment systems would support market growth throughout the
assessment period. Advanced automobiles and luxury car industries worldwide
define the growing market landscape. Continually increasing demand for
personalized comfort features in a vehicle is expected to allow the market to
register a high growth rate.
COVID- 19 Impacts
The COVID- 19 pandemic affected
the automotive digital cockpit industry severely. Pandemic-led logistics
problems posed major challenges to industry players, such as obtaining raw
components required to develop an automotive voice recognition system,
attracting workforce from quarantine, and delivering end products. However, the
automotive digital cockpit market is gradually picking up and is expected to
grow exponentially during the assessment period.
Segmentation
The report is segmented into
equipments, vehicle types, propulsion, and regions. The equipment segment is
sub-segmented into head unit display (HUD), camera-based driver monitoring
system, digital instrument cluster, and others. The vehicle type segment is
sub-segmented into light commercial vehicles (LCV), heavy commercial vehicles (HCV),
and passenger cars (PC).
The propulsion segment is
sub-segmented into battery electric vehicle (BEV), hybrid electric vehicle
(HEV), internal combustion engine (ICE), plug-in hybrid electric vehicle
(PHEV), and others. The region segment is sub-segmented into Europe, Americas,
Asia Pacific, and the Rest-of-the-World.
Regional Analysis
Europe accounts for the largest
automotive digital cockpit market value globally. The region is the global hub
for luxuries, and high-end car manufacturers drive the automotive digital
cockpit market growth. Besides, the surging demand for luxury/ premium cars and
SUVs equipped with automotive digital cockpit systems substantiates the market
growth.
The vast presence of major
automotive OEMs and tier-1 suppliers positively impacts the automotive digital
cockpit market share. Additionally, OEMs constantly working on enhancing the
conventional cockpit fosters regional market growth. Germany accounts for the
largest automotive digital cockpit industry in the region, housing the world's
largest luxury car brands.
Competitive Landscape:
The automotive
digital cockpit market size appears highly competitive and fragmented, with
several well-established players forming a competitive landscape. These players
incorporate approaches such as strategic partnerships, mergers & acquisitions,
expansion, collaboration, and product/technology launch to gain a larger
competitive share.
For instance, on Aug.16, 2021,
Faurecia (France), a leading automotive supplier, announced the acquisition of
the majority 60% equity stake in Hella, a lighting and electronics specialist. Thus,
the two companies would become the seventh-largest global automotive supplier,
combining their technologies and power. Faurecia also plans to acquire the
remaining equity share, which makes the 100% of Hella.
By combining their respective
strengths, Faurecia and Hella aim to further expand their market position,
particularly in the area of the cockpit of the future and key growth areas
such as electric mobility, automated driving, and vehicle interior design. The
combined entity would also further strengthen its position across customers and
regions.
Key players active in the market
are Robert Bosch GmbH (Germany), Continental (Germany), Denso Corporation
(Japan), Panasonic Corporation (Japan), Faurecia (France), Aptiv (Ireland),
Harman International (US), Pioneer Corporation (Japan), Nippon Seiki Co., Ltd
(Japan), and Visteon Corporation (US), among others.
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