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Automotive Digital Cockpit Market Size is Predicted to Grow USD 29.14 billion by 2031 Due to Rise of Mobile Services

04-03-2024 03:36 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: SNS Insider Pvt Ltd

/ PR Agency: SNS Insider
Automotive Digital Cockpit Market

Automotive Digital Cockpit Market

Automotive Digital Cockpit Market Overview:

The SNS Insider report indicates that the Automotive Digital Cockpit Market was valued at  USD 15.98 billion in 2023, and it is projected to achieve a market size of USD 29.14 Billion by 2031 with a compound annual growth rate CAGR of 7.87% expected over the forecast period from 2023 to 2030.

The automotive digital cockpit market indeed continues to witness significant growth, driven by advancements in technology and increasing consumer demand for enhanced functionality and connectivity within vehicles.

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Market Report Scope:

Increased automotive sales have resulted in the customization of digital cockpits for convenience, driving the market CAGR for automotive digital cockpit. Most automotive OEMs offer customizations in digital cockpits based on buyer demands and preferences, with controls mounted on steering wheels or a voice control touch screen to operate the vehicle, focusing on providing the driver with an effortless driving experience with smoother vehicle functionality.

Consumers are becoming more interested in autonomous vehicles and connected vehicles, which are expected to gain wider acceptance during the forecast period. The end users are increasingly spending on the most recent technologies, which enhance driving experience and improve safety, as technological progress in the motor vehicle industry increases with increased purchasing power parity.

Key Players:

• Robert Bosch GmbH (Germany)
• Continental AG (Germany)
• LG Display Co. Ltd (South Korea)
• Panasonic Corporation (Japan)
• Magneti Marelli S.p.A (Italy)
• Delphi Technologies (UK)
• Visteon Corporation (US)
• 3M Company (US)
• Nippon Seiki Co. Ltd (Japan)
• Qualcomm Technologies Inc (US)

Market Growth Factors:

The automotive digital cockpit market continues to grow rapidly. Digital cockpit systems are evolving to offer vehicle occupants new functions and safety capabilities, as well as improved entertainment options, in a changing mobility market. Digital interfaces that allow OEMs to overcome the limitations of an analogue instrument cluster are part of a digital cockpit solution in a vehicle. In the car, it offers a virtual experience consisting of Digital Assistants, Multiple
Displays and Different Input Devices. With digital interfaces, automotive original equipment manufacturers and suppliers are free to develop interfaces that provide a more appropriate representation of real time data. The scope for supporting a wide range of safety critical features, such as ADAS, is also extended through the Digital Interfaces.

Segmentation Analysis:

Based on vehicle type, the automotive digital cockpit market is broken down into light Commercial Vehicles, Passenger Cars and Heavy Trucks. The automotive digital cockpit market accounted for more than 80.0% of revenue in 2022, dominated by passenger cars. Market growth is likely to be driven by increasing demand for telematics technologies in passenger cars, as well as the introduction of autonomous vehicles. The segmentation of the automotive digital cockpit market on the basis of equipment includes the type of digital instrument cluster display, advanced head unit, head up display, HUD and camera based driver monitoring system. The automotive digital cockpit market was dominated by the camera-based driver monitoring system segment, accounting for 48.3% of total volume in 2022. Infotainment systems that deliver a range of user interfaces such as entertainment, navigation and the cabin are vehicles monitoring systems.

Key Market Segments:

By Display Size:
• Smaller than 5"
• 5" to 10"
• Greater than 10"

By Display Technology:
• LCD
• TFT-LCD
• OLED

By Application:
• Centre stack
• Digital instrument cluster
• Head-up display
• Rear entertainment

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Key Regional Development:

Due to the high production and sales of passenger vehicles in this region, Asia Pacific has a large market share for digital cockpits around the world. Moreover, the segment of medium sized premium and luxury cars in the region is likely to be stimulated by the growing demand for cars and by the increasing disposable income of the population, which in turn will increase the growth of the regional market. As Europe is considered to be a hub of premium automotive manufacturers and vehicle producers, it is expected that the European market for digital cockpits will become the fastest growing region worldwide. In the coming years, a significant proportion of car manufacturers in this region are expected to introduce features such as enhanced vehicle display that will significantly increase market growth over time.

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Key Takeaway's:

In the automotive market there is a growing demand for connectivity solutions and digital cockpits. According to estimates, by the end of 2022, more than 90% of passenger cars will have internet connectivity thanks to 3G/4G technology. For luxury, comfort, safety and security benefits, passenger cars use technologies such as advanced infotainment systems, head up displays, gesture controls, central controllers, telematics, and steering mounted control. Regulations on vehicle safety and security are being put in place by governments in a number of countries around the world. This has led to an increase in demand for automotive electronics, including digital cockpits around the world.

Recent Developments:

In April 2023, Volkswagen's software venture in China with Thunder soft, through its subsidiary CARIAD. The partnership aims to develop and enhance digital cockpit technologies for Volkswagen's vehicles in the Chinese market. This move aligns with the growing demand for advanced digital cockpit solutions in China, as automakers prioritize connectivity, infotainment, and user experience to cater to the evolving preferences of Chinese consumers.

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Table of Contents - Major Key Points
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
5. Value Chain Analysis
6. Porter's 5 Forces Model
7. PEST Analysis
8. Global Automotive Display Market Segmentation, By Display Size
9. Global Automotive Display Market Segmentation, By Display Technology
10. Global Automotive Display Market Segmentation, By Application
11. Application
12. Regional Analysis
13. Company Profiles
14. Competitive Landscape
15. Conclusion

Akash Anand - Head of Business Development & Strategy,
info@snsinsider.com
Website: https://www.snsinsider.com/
Phone: +1-415-230-0044 (US) | +91-7798602273 (IND)

SNS Insider has been a leader in data and analytics globally with its authentic consumer and market insights. The trust of our clients and business partners has always been at the center of who we are as a company. We are a business that leads the industry in innovation, and to support the success of our clients, our highly skilled engineers, consultants, and data scientists have consistently pushed the limits of the industry with innovative methodology and measuring technologies.

We assist our clients to anticipate industrial, economic, and consumer trends to drive disruptive change by fusing global experience with local information from experts throughout the world. We bring context to strategic and tactical data by bridging approaches based on data science and field research, assisting you in addressing your most pressing problems and spotting possibilities.

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