Smart Display Market Analysis
Smart Display Market Size was valued at USD 80.6 billion in 2022. The Smart Display market industry is projected to grow from USD 94.3 Billion in 2023 to USD 331.1 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 17.0% during the forecast period (2023 - 2032). A smart display is a wireless touch screen device designed for use in automobiles to provide distraction-free access to multimedia functions, driver safety features, navigation, and real-time vehicle diagnostics such as fuel capacity, battery temperature, tire pressure, and engine heat indicators. The growing consumer awareness of safety features can be contributed to the growth of the global automotive smart display market. Furthermore, the global growth of luxury and premium cars is a crucial element driving the growth of the automotive smart display market. The elimination of the distraction created by glancing around for details required by an automotive smart display can reduce accidents. The high power consumption, the cybersecurity threat posed by vehicle telematics, expensive display cost, and lack of brightness are viewed as the primary reasons limiting the market's growth. However, the global market is expanding due to a growing population, changing lifestyles, increased demand for autonomous vehicles, and in-car infotainment systems.
Smart Display Market Key Players
The major player operating in the global automotive smart display market are Visteon Corporation (US), Delphi Automotive PLC (UK), Denso Corporation (Japan), Magna International Inc. (Canada), LG Display (South Korea), Alpine Electronics Inc. (Japan), Valeo SA (France), Robert Bosch GmbH (Germany), Panasonic Corporation (Japan), Nippon Seiki Co. Ltd (Japan), Yazaki Corporation (Japan), AU Optronics Corporation (Taiwan), Gentex Corporation (US), Garmin Ltd. (US), and Continental AG (Germany).
COVID-19 Impact on the Global Automotive Smart Display Market
The global economy has suffered a significant setback as a result of the COVID-19 outbreak, which has had a detrimental influence on vehicle production. The COVID-19 pandemic has caused supply chain difficulties, with some manufacturing sites shutting down. The outbreak has had a severe influence on the sale of passenger and commercial vehicles, lowering the demand for smart displays.
Smart Display Market Segmentation
The global automotive smart display industry has been segmented based on product type, driving level, display size, vehicle type, propulsion, and sales channel.
By product type, the global automotive smart display market has been segmented into liquid crystal display (LCD), thin-film transistor liquid crystal display (TFT-LCD), and others. The LCD segment is projected to register substantial growth over the assessment period due to increasing demand for in-vehicle center stack displays.
Based on driving level, the global automotive smart display market has been segmented into conventional and semi-autonomous. Increasing demand for autonomous and semi-autonomous vehicles globally propels the growth of the semi-autonomous driving level segment over the forecast period.
Based on display size, the global automotive smart display industry has been segmented into up to 5", 5"-10", and above10". The 5"-10" segment is predicted to grow at a rapid pace over the review period due to growing demand from consumers for larger display applications in vehicles.
Based on vehicle type, the global automotive smart display market has been segmented into passenger cars and commercial vehicles. The passenger car segment is anticipated to account for the larger share of the global market over the assessment period due to the growing deployment of augmented reality displays over the windscreens of cars.
Based on propulsion, the global automotive smart display market has been segmented into ICE and electric vehicle. The ICE segment is expected to hold a larger share of the global market over the assessment period due to increasing demand for engine monitoring and display of engine information systems.
Based on the sales channel, the automotive smart display market has been segmented into OEM and aftermarket. The aftermarket segment is seeing a higher growth over the forecast period due to the growing aftersales service market and expansion of aftermarket service centers in developing countries such as China, India, Brazil, Saudi Arabia, Mexico, and Argentina.
The global automotive smart display market is set to reach around USD 10 billion, exhibiting a CAGR of 13% from 2019 to 2025 (forecast period). Growing population, changing lifestyles, increasing demand for autonomous vehicles, and in-car infotainment systems are all offering opportunities for the global market to develop.
Geographically, the global automotive smart display industry has been segmented into four major regions—North America, Asia Pacific, Europe, and the rest of the world.
Due to increased demand for connected vehicles and the development of electric vehicle infrastructure across the region, Asia Pacific is estimated to dominate the worldwide automotive smart display market and to post the highest growth over the forecast period, followed by Europe and North America. Because of the region's increasing development of connected cars, the market in North America is expected to rise at a rapid pace over the forecast period. Europe, on the other hand, is expected to develop rapidly in the worldwide market over the forecast period, owing to a growing need for a safe and secure driving experience.
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