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Automotive Display System Global Market Analysis, Trends, Growth, Research And Forecast 2033
Automotive Display System Global Market Analysis
According to The Business Research Company's, The automotive display system market size has grown rapidly in recent years. It will grow from $21 billion in 2023 to $24.22 billion in 2024 at a compound annual growth rate (CAGR) of 15.3%. The growth in the historic period can be attributed to rise in consumer demand for infotainment, safety and driver assistance requirements, regulatory standards and guidelines, in-car connectivity, consumer preferences for premium features, market competition and differentiation.
The automotive display system market size is expected to see rapid growth in the next few years. It will grow to $41.58 billion in 2028 at a compound annual growth rate (CAGR) of 14.5%. The growth in the forecast period can be attributed to rise in electric and autonomous vehicles, integration of augmented reality, focus on user experience (ux), continued connectivity demands, smart city and infrastructure integration. Major trends in the forecast period include lightweight and flexible display technologies, advancements in automotive technology:, augmented reality (ar) head-up displays (huds), increasing adoption of digital cockpits, rise of curved and flexible displays, increased use of transparent displays.
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Market Drivers and Trends:
Growth in vehicle production is expected to propel the growth of the automotive display system market going forward. Production of vehicles refers to the process of manufacturing cars or other vehicles that are identical models that have been built in large quantities. Automotive display system refers to the setup of display that presents information related automobile in order to communicate vital information to the driver. Due to such benefits, there is a increase in demand for automotive display system to enhance the safety of vehicle. For instance, in September 2023, according to a report published by MarkLines Co. Ltd., a Japan-based advertising agency company, the month of August saw a 12.7% increase in passenger car sales, with a total of 280,223 units sold, resulting in a market share of 20.9% in U.S. Sales of new cars in the US totaled 1.341.169 units in August, which was a 2.0% increase from July 2023 and a 16.2% increase from August 2022. Therefore, the growth in vehicle production is driving the growth of the automotive display system market.
Technological advancements are a key trend gaining popularity in the automotive display system market. Major companies operating in the automotive display system market are focused on introducing technological advancements to sustain their position in the market. For instance, in June 2021, Visteon Corporation, a US-based automotive electronics company, launched microZone, an innovative OLED alternative and the first display technology to provide superior optical performance without compromising dependability or longevity. MicroZone technology is the first of its kind in the automotive sector and a cutting-edge alternative to organic light-emitting diodes (OLEDs). Visteon developed MicroZone in response to a market demand for a premium experience-delivery display that meets demanding automotive-specific specifications. MicroZone is recognised as the first car display to achieve remarkable optical performance without compromising vehicle durability, based on existing LCD technology and having satisfied high automotive qualification standards.
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Major Key Players of the Market:
Continental AG; Visteon Corporation; Panasonic Holdings Corporation; DENSO Corporation; Nippon Seiki Co. Ltd.; Robert Bosch GmbH; Magneti Marelli S.p.A.; Yazaki Corporation; Delphi Technologies; Alpine Electronics Inc.; LG Display Co. Ltd.; AUO Corporation; Barco NV; Pioneer Corporation; Garmin Ltd.; Japan Display Inc.; Elektrobit Automotive GmbH; SmartKem Ltd.; 3M Company; Alps Alpine Co.; Aptiv Inc.; AVX Corporation; BOE Technology Group Co. Ltd.; Chunghwa Picture Tubes Ltd.; HannStar Display Corporation; Hyundai Mobis; Innolux Corporation; Japan Aviation Electronics Industry Ltd.; KEMET Corporation; Kyocera Corporation; Magna International Inc.; Murata Manufacturing Co. Ltd.; NEC Corporation; Nichicon Corporation
Automotive Display System Market 2024 Key Insights:
• The automotive display system market will grow to $41.58 billion in 2028 at a compound annual growth rate (CAGR) of 14.5%.
• Surging Vehicle Production Fuels Automotive Display System Market Growth
• Technological Advancements Fuel The Automotive Display System Market
• North America was the largest region in the automotive market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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