Press Release Description
Automotive Digital Cockpit Market to Witness a Surge at A CAGR of 14 % Through 2028
The Global Automotive Digital Cockpit Market is projected to grow at a CAGR of 14.0%in the forecast period of 2023-28, cites Markntel Advisors in the recent research report. The market growth is aided by the surging adoption of in-vehicle telematics, safety systems, infotainment systems, navigation, pollution sensors, and other technologically advanced features and services. Besides the rising demand for comfort, safety, and convenience in vehicles in emerging economies with the rise in living standards, disposable income, due to spreading urbanization, has been fueling the market growth.
With the rise in research and development in the safety features and added components of the modern car by manufacturers as a result of people’s rising interest in technology, accessibility, and luxurious convenience, the industry is likely to expect bolstering growth, further states the research report, “Automotive Digital Cockpit Market Analysis, 2023.”
The market is highly fragmented and segmented based on Display Technology, Application, Equipment, Vehicle Type, and Electric Vehicle Type. On the basis of Display Technology, the market is segmented into LCD, TFT-LCD, and OLED. Additionally, based on Application, the market is divided into Semi-Autonomous Vehicles, and Advanced Driver Assistance Systems. Depending on Vehicle Type, the market is segmented between Passenger Vehicles and Commercial Vehicles. Finally, on the basis of Electric Vehicle Type, the market is fragmented into Plug-in Hybrid Electric Vehicles, Battery Electric Vehicles, and Hybrid Electric Vehicles.
TFT LCD dominates the market fulfilling durability requirements
TFT-LCD is expected to win the largest market share among LCD, TFT-LCD, and OLED in the Display Technology segment, as they are extensively used in digital cockpit displays for vehicles to meet the temperature and durability requirements of all digital cockpit displays. In addition, OEMs use a combination of LCD and TFT in displays based on vehicle range temperature sensitivity and display function. On the other hand, the OLED segment is also expected to experience significant market growth, as is the adoption of certain vehicles with OLED display technology.
Asia-Pacific’s expanding automotive industry rewards it with the highest market share
Asia Pacific dominated the market during the historical period and is expected to continue in the same trend during the forecasting period. The market growth is attributed to the region's increasing production and consumption of automobile vehicles. The presence of China as the global automotive hub with major manufacturing activities has significantly contributed to the market expansion. Additionally, with the increasing income levels with the emergence of urbanization, especially in emerging economies, the disposable habits of consumers have experienced a hike, leading to a hike in the sales of automobiles in the region.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Aptiv, Continental AG, Denso Corporation, Faurecia, Harman International, Luxoft, Nvidia, Pioneer Corporation, Robert Bosch, and Visteon are looking forward to strengthening their market position.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends that have shaped the industry to its current form?
- What key factors would propel and impede the industry across the region?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition shaped across various countries, followed by their comparative factorial indexing?
- How have buying behavior, customer inclination, and expectations from Automotive Digital cockpit manufacturers evolved during 2018-28?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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