Automotive Digital Cockpit Market Overview:
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 (2023 – 2032). Rising uptake of
digital cockpit systems in high-end cars boosts the market size.
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.
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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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