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Automotive Digital Cockpit Market to See 24% CAGR 2018-2022
December 6, 2018 | Business WireEstimated reading time: 2 minutes
Technavio analysts forecast the global automotive digital cockpit market to grow at a CAGR of over 24% during the forecast period, according to their latest market research report.
The increasing introduction of holographic display is one of the major trends being witnessed in the global automotive digital cockpit market 2018-2022. The automotive holographic display is the 3D image of the object that uses light diffraction to create it. It is a full-color display generated by reflections on the dashboard of the vehicle. When compared to conventional displays, it is completely different as it uses projection to display information and images on the screen. The display appears like a free-floating form and is only visible to the driver and not the co-passengers or the other occupants. The leading automotive OEMs are working on this very advanced display technology.
Hardware cost remains a primary consideration for OEMs, and by keeping a close eye on consumer electronics, the OEMs can adopt new technology in a cost-effective manner. Moreover, in the consumer electronics segment, when any technology is adopted, its volume grows, thus reducing its prices in the market and benefitting other segments. For example, the cost of LCD panels reduced because of their adoption in smartphones as the number of smartphones shipped worldwide is in millions. This allowed the suppliers to reduce the cost of LCDs, thereby reducing the overall cost of the HMI system. Similarly, smartphones have technologies such as graphics, haptics, and speech recognition, which are used in the display- and non-display-based HMI systems.
According to a senior analyst at Technavio for research on automotive components, “In the global automotive digital cockpit market, the falling prices of LCD/TFT display and OLED is an added advantage. This is because OEMs may find it less pressurizing from the cost point for the introduction of the same in the mass market at least toward the end of the forecast period. This will offer extensive growth opportunities in the automotive digital cockpit market. In developed regions, the market is already witnessing hybrid cockpit displays entering the mid-level cars segment. This is due to factors such as customer demand and affordability enabled for the OEMs due to the falling prices of LCD/TFT displays.”
Global Automotive Digital Cockpit Market: Segmentation Analysis
The global automotive digital cockpit market research report provides market segmentation by application (luxury cars and mid-segment cars) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The luxury cars segment held the largest market share in 2017, accounting for over 78% of the market. This application segment is expected to dominate the global market throughout the forecast period.
EMEA led the market in 2017 with a market share of nearly 36%. However, by 2022, the Americas is expected to surpass EMEA to become the leading region, accounting for a market share of nearly 38%.
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