Rising Demand for Safety Systems in Vehicles to Fuel Revenue Explosion of Automotive Human Machine Interface Market From 2020 to 2030

The global automotive human-machine-interface (HMI) market generated a revenue of $18,822.3 million in 2019 and is predicted to attain a value of $55,318.4 million in 2030, advancing at a CAGR of 10.8% between 2020 and 2030. The key factors augmenting the growth of the market are the rapid advancements in IoT, virtual reality (VR), and augmented reality (AR), and connectivity technologies, their increasing integration in HMI solutions, and the rapid digitization in vehicles.

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The failure to main concentration and pay attention at all times while driving, driving at inappropriate speeds, and keeping inadequate distance from the cars moving in front are the most common types of human errors that cause car accidents. According to the findings of the World Health Organization (WHO), road accidents claim more than 1.35 million lives across the world every year. Further, the organization concludes that road accident is the eighth major cause of death all over the world.

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Because of the aforementioned reason, the governments of many countries are increasingly implementing regulations that mandate the incorporation of safety systems in automobiles. As the automotive HMI solutions offer numerous safety features such as touch screens, mobile devices, and voice interactions that assist drivers in understanding important information related to road traffic, they are increasingly being integrated in vehicles all over the world by the automakers. Moreover, customers are nowadays preferring vehicles equipped with these systems over the conventional ones.

These displays project essential information and stats such as system warnings, multimedia information, and driving status on the windshield of the car, which improves the overall safety of the vehicle and enhances the driving experience. Geographically, the Asia-Pacific (APAC) automotive HMI market generated the highest revenue in the years gone by. Further, the market will exhibit the highest CAGR in the forthcoming years, as per the estimates of P&S Intelligence, a market research company based in India.

The main factor driving the expansion of the automotive HMI market in the APAC region is the rising requirement for passenger cars in the APAC countries. The surging disposable income of people, on account of the rapid economic growth of these countries, is increasing their purchasing power, which is, in turn, boosting the sales of automobiles in these countries. Due to these reasons, the market will grow at an explosive pace in this region in the upcoming years.

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