In order to elevate the driver experience and avail better assistance to the driver, a set of devices is installed in vehicles, providing the information required while driving, including navigation systems. This is commonly referred to as automotive display systems, which can offer an elevated consumer experience.
WILMINGTON, Del., July 18, 2024 /PRNewswire/ — The projected advancement of the automotive display system market is set to reach USD 29.7 billion by 2031. The last recorded valuation of the ecosystem was measured at USD 15.3 billion in 2022. Owing to the poised development of the competitive landscape through the forecast period at a CAGR of 7.7%, key players in the industry are likely to experience lucrative prospects.
Owing to the rising electric vehicle segment, the demand for vehicular displays and other assisting systems is likely to increase. With the growing demand for driver assisting systems in such vehicles, the scope for such displays is likely to enhance.
The development of autonomous driving vehicles is expected to augment the competitive landscape of automotive displays. Transportation solutions have observed a significant shift toward better services, including enhanced driver safety. Owing to such trends in the automobile industry, growth opportunities for the ecosystem are expected to increase.
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The connectivity of automobiles with different gadgets, including smartphones and other devices, is set to be a pivotal factor in terms of accelerating the growth of the competitive landscape. Navigation systems are gaining momentum in the automotive segment. Owing to the rising integration of such systems in vehicles, leading manufacturers are integrating displays for better consumer comfort. This factor is another crucial industry driver. To enhance the accessibility and usability of the technology, key players in the ecosystem have been innovating and integrating features like voice assistance in systems. Such innovations are augmenting the size of the competitive space.
The focus on the enhancement of infotainment systems is expected to shape the future of the said sector. The regulatory landscape is another pivotal factor, which supports the growth of the industry. Owing to the growing disposable income levels of individuals, the preference for premium and luxury models is observed to have increased. Consumers choose high-end models, which are equipped with advanced technology. This trend is driving the demand for digital displays in vehicles, driving the ecosystem.
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Analyst Insights: Driving Trends in the Automotive Display Market
The compounded annual growth rate of 7% till 2034 for the global automotive display market can be attributed to growing consumer preferences for connected vehicles and technologically advanced in-vehicle systems such as infotainment systems, and others. Increasing demand for automotive displays in major car-producing countries in Asia Pacific created revenue of USD 15 Bn in 2023 for the global automotive displays market.
Consumers prefer new display technology including OLED and AMOLED displays owing to better color contrast and versatility. Adoption of display systems is higher in luxury/ premium vehicles and since 2020 the production of luxury vehicles has increased at Y-o-Y of 5%. Earlier, luxury car manufacturers including BMW, Lexus, and Audi, have integrated technologically advanced large display systems in their vehicles. However, the trend of large-size displays is normalized in mid-range vehicles as well increasing the average size of the display in 2024 to 8.4 inches, a sudden increase of 16.7% from 2018.
Major automotive manufacturing hub such as China, the U. S., Germany, and Japan has a presence of many display manufacturers leading to low bargaining power of suppliers. However, product differentiation through improved performance and increased features could be advantageous to cater to growing demand. In January 2024, LG display introduced switchable privacy mode (SPM), which enables adjustment of display viewing sight away from the driver’s line of sight while allowing front passenger access to content and ensuring the driver’s alertness to avoid any fatal accidents.
Key Findings from the Market Report
The ecosystem of the automotive display system market is segmented based on various significant parameters. Based on the display technology segment, the TFT-LCD display category is set to drive the sector due to the widened applicability of displays.Based on the size of the display, 6″ to 10″ size displays are likely to gain momentum due to the affordability of displays.Owing to the rising demand for high-resolution visuals, high-definition (HD) displays are likely to govern the growth of the sector.Based on the vehicle type segment, passenger vehicles are likely to propel the growth of the ecosystem.
Regional Profile
Owing to the technological infrastructure in North America, various prospects for key players in the automotive display system industry are created. This drives the size of the sector in the country.The evolution of the automobile industry in Europe is expected to drive the size of the competitive landscape in the country. Leading organizations can use the opportunity to penetrate into the said industry segment.Owing to the growing preference for premium and luxury vehicles in Asia-Pacific is another factor augmenting the size of the competitive landscape. Such a key factor drives the growth of the market.
Automotive Display Market Report Scope:
Report Coverage
Details
Forecast Period
2023-2031
Base Year
2017-2021
Size in 2022
US$ 15.3 Bn
Forecast (Value) in 2031
US$ 29.7 Bn
Growth Rate (CAGR)
7.7 %
No. of Pages
190 Pages
Segments covered
By Display Technology, By Display Size, By Display Resolution, By Application, By Vehicle Type, By Sales Channel
Competitive Landscape
Leading players in the automotive display system market expand using many key strategies, including mergers, acquisitions, collaborations, and partnerships. New entrants, on the other hand, expand using strategic alliances, innovations, and differentiation.
Robert Bosch GmbH is a key player offering several products like e-bikes, auto services, mobility products, and many more.Continental AG is another important player operating in verticals like ContiTech, Automotive, and Tires.Denso Corporation offers solutions for thermal management, air conditioning, power-train systems, and many more.
Key Players
Robert Bosch GmbHContinental AGDenso CorporationAlpine Electronic, Inc.AptivValeoLG Display Co., Ltd.Panasonic CorporationNippon Seiki Co., Ltd.AU Optronics Corp.Visteon CorporationYAZAKI CorporationMagna International Inc.Pioneer CorporationOther Key Players
Key Developments in the Automotive Display System Market
In March 2024, Robert Bosch GmbH expanded the vehicle functionality by integrating cloud computing technology.In July 2024, Continental AG partnered with DT Swiss and Swiss Side to innovate tires for vehicles.
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Market Segmentation
Display Technology
LCDTFT-LCDOLEDDigital Lighting Processing (DLP)Plasma Panels
Display Size
Less than 5″Between 6″ to 10″Greater than 10″
Display Resolution
Standard Definition (SD)High Definition (HD)Ultra-High Definition (UHD)
Application
Exterior DisplaySide Mirror DisplayVehicle Signage/ Display BoardsPixelated Lights for Exterior LightingInterior DisplayHead-up Display (HUD)Center Stack DisplayRear Seat Entertainment DisplayRear View Mirror DisplayInstrument Cluster
Vehicle Type
Passenger VehicleHatchbackSedanUtility VehicleLight Commercial VehicleBuses & CoachesTrucks
Sales Channel
OEMAftermarket
Region
North AmericaEuropeAsia PacificMiddle East & AfricaLatin America
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