Automotive Display Market size is set to cross USD 24 billion by 2028, according to a new research report by Global Market Insights Inc.
The shifting consumer focus toward private transportation is scaling up the demand for bikes and cars across the globe, driving automotive display industry growth. Car OEMs are strengthening their production capabilities to optimize their inventory. For instance, in September 2021, Ford Motor Company announced to invest USD 11.4 billion to build its largest automobile manufacturing plant Blue Oval City in Tennessee. The company has partnered with SK Innovation for building this plan, which will foster the demand for automotive components in the region.
The automotive display market participants are adopting various business strategies to improve their product portfolio and increase their consumer base. Manufacturers, such as Faurecia SE, Simco, Ltd., and Blaupunkt, are focusing on acquisitions to expand their dealer as well as client network.
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Analyst view: “The rising demand for electric cars, buses, and bikes across the globe is augmenting automotive display market growth. The companies are focusing on integrating multiple technologies and features to enhance their product capabilities.”
The significant integration of advanced technologies into automobiles, such as ADAS, autonomous driving, vehicle health monitoring system, and fleet connectivity, will spur market revenue. The automotive screen acts as a bridge between the user and these technologies, boosting the industry expansion. These screens enable the user to control the technologies efficiently, which are majorly used in all types of EVs.
The limited availability of skilled technicians for designing and configuring automotive display circuitry is impacting the R&Ds. Automotive displays are fragile and may possess the risk of driver distraction, hampering the industry statistics. The emergence of counterfeit products at low cost is one of the key market factors impacting the business growth.
The automotive display market was drastically affected in 2020 and 2021 by the significant transmission of COVID-19 virus & its variants. The demand was considerably declined due to the temporary shutdown of display as well as vehicle manufacturing facilities, disturbance in global imports & exports, and limited availability of workers. Various car and bus OEMs either cancelled or postponed their automotive component orders amid pandemic, restricting the market demand. The global chip shortage owing to the pandemic is anticipated to affect the automotive display sales for next one year.
Browse key industry insights spread across 230 pages with 345 market data tables & 24 figures & charts from the report, “Automotive Display Market Size By Product (Center Stack Display, Instrument Cluster Display, Head-Up Display, Rear- Seat Entertainment Display), By Screen Size (<5”, 5”-10”, >10”), By Display Technology (TFT-LCD, OLED), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 - 2028” in detail along with the table of contents:
Market players’ innovations in the heads-up displays
The head-up display segment is projected to grow at a CAGR of about 13% through 2028. Heads-up display plays a key role in showing location as well as other vehicle health information for the driver reliably. These displays can show the images, videos, and other digital content in 4K resolutions with improved accessibility. Established industry leaders are focusing on partnerships and collaborations for new heads-up display innovations equipped with AI.
Integration of advanced multiple features into OLED displays
The OLED automotive screen segment is estimated to reach nearly USD 4 billion by 2028. Features, such as high display resolution and lightweight compared to the conventional displays, are propelling the demand for OLED displays worldwide. This OLED display technology equipped screen can be incorporated with various features, such as foldability, lightweight, multiple screen interface, transparent, and ultra-thin, increasing its market share.
Manufacturers are focusing on gaining high value orders for OLED automotive displays to increase their revenue stream and stay competitive in the market. For instance, in November 2021, Continental AG received an order of USD 1.17 billion from undisclosed car OEMs for Organic Light Emitting Diodes (OLED displays). These OLED displays are curved, and the company is likely to start its product by early 2023.
The presence of established market leaders and passenger car manufacturers in Europe
The Europe automotive display market size accounted for around USD 4 billion in 2021 due to rising demand for new cars. The presence of numerous automobile manufacturers and larger potential consumer base is fueling the sale of automotive displays in the region. Various European countries are accelerating their transition toward electric vehicles, thereby creating robust market opportunities.
Regional companies are participating in exhibitions to display their latest innovations in the automotive sector to attract potential business clients and increase their net sales. Industry participants are highly emphasizing on collaborating with manufacturers for high valued orders, supporting the market trend.
The major players operating in the automotive display market include YAZAKI Corporation, Alpine Electronics, Visteon Corporation, Blaupunkt, Stoneridge Inc., Continental AG, Simco, Ltd., Denso Corporation, Robert Bosch GmbH, HARMAN International, Pricol Ltd., Hyundai Mobis, Panasonic Automotive Systems, Magneti Marelli, Nippon Seiki, MTA S.p.A., and Mitsubishi Electric.