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Automotive Display System Market 2031 | Rising Investments from Numerous Investor Firms to Add Value to Growth Trajectory | TMR Study
A rise in demand for autonomous and semi-autonomous vehicles, as well as the increasing desire for enhanced user experience in automobiles, are likely to drive the global automotive display system market, particularly in developing regions.The global automotive display system market was valued over US$ 14.4 Bn in 2021. It is estimated to expand at a CAGR of 7.5% from 2022 to 2031. The global automotive display system market is expected to cross value of US$ 29.7 Bn by the end of 2031.
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The epidemic of COVID-19 has slowed the demand for car smart displays. Reduced car sales are expected to reduce demand for vehicles as well as passenger safety measures. The testing of semi-autonomous driving systems, as well as enhanced safety features, has been postponed due to nationwide lockdowns and suspensions of significant commercial activity by OEMs. For the next one or two years, OEMs' lack of interest in spending on sophisticated technology is expected to be a big setback for manufacturers of smart automotive, which is likely to slow down the growth of the global automotive display system market in the years to come.
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Rise in Traffic Accidents and Increasing Awareness about Drivers' Safety to Augur Well for the Global Market
As the number of on-road cars grows, so does the incidence of traffic accidents, raising awareness regarding passenger and driver safety. The majority of these collisions are the result of driver distraction. This necessitates systems that present the driver with all relevant information within his line of vision, which is likely to work in favor of the global automotive display system market. By giving information such as speed, navigation direction, time, distance traveled, and many other vital driving information, automotive display systems installed on dashboards and instrument clusters reduce the complexity encountered by vehicle drivers whilst driving. As a result, the global automotive display system market is being driven by rising safety awareness.
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Due to rising consumer spending power, the demand for next-generation automobiles is expanding. As a result of shifting customer demands, OEMs are equipping their cars with innovative technology that boosts driver and passenger convenience by improving ride quality and safety. Multiple displays are installed in the rearview mirror, dashboard, instrument cluster, headrests, and other locations around the car interior. The integration of several screens in the smart cabins of next-generation automobiles is likely to drive the global automotive display system market. The advertising and media category is likely to dominate the global market in the years to come.The rising AI marketing apps with strong momentum are responsible for such high growth of the segment.
Most recent automobiles come with advanced wireless technology elements, which is likely to increase the potential of hacking. The rise in vehicle connectivity via cellphones, tablets, and music players has also raised the vehicle's cyber vulnerability. Malware and viruses couldtarget automobile electronic parts through vehicle information terminals or vehicle entertainment systems whilst carry-in devices are connected to the vehicle. Hacking is also made easier by excessive connectivity.
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Presence of Key OEMs and Increasing Integration of Advanced Features in Vehicles to Boost the North America Market
Automotive behemoths and premium automobile makers converge in Europe. OEMs such as BMW, Jaguar Land Rover, VW, Daimler, Honda, and Nissan have made substantial investments in the region, which is likely to boost production activity. Automobile behemoths like Jaguar Land Rover produce high-end vehicles with cutting-edge technologies. The Europe automotive display system market is likely to be driven by the fact that the majority of regional OEMs install innovative features in vehicles. HUDs, or head-up displays, are augmented reality integrated smart display systems that are compatible with modern operating systems and are used in numerous advanced connected automobile services in Europe. Advanced technology also fosters the development of semi-autonomous and autonomous vehicles, as seen by the production processes of major European OEMs.
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