Automotive Smart Display Market Is Projected to Expand At A CAGR Of 7.5% Between 2023 And 2031

08 Aug 2023

During the period between 2023 and 2031, the automotive smart display market is anticipated to expand at a robust CAGR of 7.5%. This evolution is driven by a confluence of factors that have significantly shaped the automotive industry. Due to their pivotal position in enhancing driving experiences, facilitating connectivity, and augmenting safety features, intelligent displays have gained significant popularity. Nonetheless, obstacles associated with driver distraction and cybersecurity cast a shadow over this growth. Collaboration between automakers, technology providers, and regulatory bodies is essential for addressing these issues and assuring the continued integration of intelligent displays as a pillar of automotive innovation.

The unrelenting pursuit to improve user experiences is one of the key factors propelling the expansion of the Automotive Smart Display Market. Smart displays have revolutionized in-car entertainment and infotainment systems, providing drivers and passengers with an intuitive interface for accessing a variety of applications, including navigation, multimedia, and connectivity. The ability to seamlessly incorporate smartphones and external devices with automotive displays has revolutionized in-car entertainment, allowing passengers to remain connected, entertained, and informed while traveling.

The proliferation of connected vehicles and developments in telematics serves as another potent factor driving the Automotive Smart Display Market. Smart displays are an integral part of the ecosystem of connected vehicles, serving as a conduit for the exchange of real-time data between the vehicle, the driver, and external systems. These displays enable remote vehicle diagnostics, over-the-air updates, and predictive maintenance, thereby improving vehicle performance, comfort, and safety. The increasing demand for enhanced connectivity features in automobiles is anticipated to spur the adoption of intelligent displays across all vehicle segments.

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The emphasis on driver assistance systems and improved safety features significantly contributes to the growth of the automotive smart display market. Modern intelligent displays serve as a central repository for vital information and warnings pertaining to driver assistance systems such as adaptive cruise control, lane departure warning, and collision avoidance. Smart displays improve situational awareness, reduce driver distraction, and increase safety standards by consolidating vital information within the driver's line of sight.

While the adoption of intelligent displays promises transformative benefits, the potential for driver distraction poses a significant restriction. The proliferation of interactive features and applications on intelligent displays raises concerns regarding driver distraction. A critical challenge remains to ensure that intelligent displays strike a balance between providing useful information and maintaining driver concentration. In addition, the increased integration of technology exposes vehicles to cybersecurity risks, necessitating the implementation of stringent safeguards against cyberattacks.

Display size-based segmentation of the automotive smart display market illustrates the diverse preferences of consumers and their influence on the market landscape. 5''-10'' intelligent displays dominated the market in 2022, accounting for the largest revenue share. This size range achieves a balance between ergonomics and providing sufficient screen space for interactive applications. During the period between 2023 and 2031, smart displays larger than 10 inches are anticipated to exhibit the highest CAGR. Larger displays are anticipated to acquire popularity due to their ability to provide immersive experiences and support advanced features, such as augmented reality (AR) navigation.

The segmentation of the automotive smart display market by display technology highlights the importance of technology in shaping user experiences. LCD technology held the greatest revenue share in 2022, primarily due to its widespread adoption in automotive applications. LCDs provide a balance of performance, affordability, and energy efficiency. However, Organic Light Emitting Diode (OLED) technology is expected to record the maximum CAGR over the forecast period. OLED displays offer unrivaled contrast, vibrant colors, and design flexibility, making them increasingly desirable for the next iteration of intelligent displays.

Geographically, the Automotive Smart Display Market demonstrates regionally distinct trends. The automotive industry, technological advancements, and consumer demand for advanced infotainment systems propelled North America to the top of the market in 2022. Due to accelerated urbanization, expanding middle-class populations, and rising disposable incomes that fuel the demand for advanced automotive technologies, the Asia-Pacific region is anticipated to experience the highest CAGR during the forecast period.

The Automotive Smart Display Market is characterized by intense competition between key market participants for market share. Among the main participants is Samsung Display Co., Ltd. The LG Display Co. Continental AG, Panasonic Corporation, Visteon Corporation, Denso Corporation, Aptiv PLC Yazaki Corporation, Magna International, Inc., and Nippon Seiki Co., Ltd. Companies are committed to continuous innovation in smart display technology, such as improvements in display quality, touch sensitivity, and the incorporation of augmented reality. Aiming to enhance the user experience, automakers, display manufacturers, and technology providers are collaborating to develop seamless integration solutions. To capitalize on the rising demand for advanced automotive technologies and connected vehicles, market participants are expanding their presence in emerging markets.

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