Automotive Display Market Size

Automotive Display Market Size

Automotive Display Market size exceeded USD 13 billion in 2021 and is projected to grow at a CAGR of over 9% between 2022 and 2028. Rising investments in the automotive sector by industry players are supporting the business demand.

Automotive displays when integrated into the infotainment systems offer an extensive range of intriguing services such as music, videos, vehicle health monitoring, and other connected services. The integration of advanced hardware & software systems, such as Apple CarPlay, Android Auto, and Spotify, is further driving the market expansion.
 

Increasing sales of electric and hydrogen fuel cell vehicles across the globe are creating a favorable environment for the market. Various governments, such as the UK, India, Canada, and South Korea, are adopting various strategies to accelerate the EV sales in the region. For instance, in December 2021, the UK Government announced to provide a scheme of grant for electric vehicles in the country. With this plan, the government will provide a grant of USD 2,063, with a selling price of up to USD 44,100 for the passenger cars. Additionally, the government is providing a grant of USD 687.7 for mopeds and motorcycles with a selling price of up to USD 13,755.
 

The growing demand for automobiles is encouraging passenger car manufacturers to expand their manufacturing facilities. Established automobile OEMs, such as Maruti Suzuki India Limited, BMW AG, and Zhejiang Geely Holding Group Co., Ltd., are significantly investing in production facilities. Automotive displays are witnessing high growth owing to various innovations by market players to attract consumers. Established manufacturers, such as HARMAN International, Yazaki Corporation, and Magnachip Semiconductor Corporation, are investing in their R&D for advanced automotive display innovations.
 

One of the vital factors affecting the automotive display market growth is high-cost prices associated with automotive display. To establish the automotive display manufacturing facility, high investment is required, limiting the industry demand. Additionally, minute defects in screen results in the replacement of full display, thereby increasing the maintenance costs. LED displays need to maintain the brightness content to enhance readability.
 

Industry statistics was negatively affected due to the novel COVID-19 outbreak worldwide. The automotive display sales were declined in the first three quarters of 2020 owing to various factors including manufacturing suspension and disruption in the global supply chain. However, the rising demand for automobiles from mid-2021 is expected to observe a steady growth recovery after the pandemic.