Press Release Description
Boom in the Installation of Multifunction Display Owing to the Rolling Out of Smart Vehicles
The Global Automotive Multifunction Display market is projected to grow at a CAGR of around 5.57% during the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. The increasing penetration of smart vehicles embedded with artificial intelligence (AI), the internet of things (IoT), and other technologies are driving the demand for a display board for center stack or driver information. Drivers benefit from the ease of navigation, entertainment, and safety control, as well as the real-time monitoring of connected devices.
However, one potential impediment to industry expansion is the high expense of regular software changes. Users have the option of using other devices for similar purposes, such as smartphones & voice assistants, which offers a threat to market growth. Furthermore, as more individuals relocate to cities & earn greater wages, the number of vehicles owned by households grows. With more automobiles on the road, there tends to be more traffic congestion & accidents, making road safety a major problem in the automobile business.
Additionally, to address this issue, new automobiles include sensors, brakes, and displays that inform drivers in the event of an emergency. Multifunction displays can also assist drivers in parking their vehicles in confined spaces. Some smart cars are even equipped with AI & IoT, allowing them to link to the driver's smart gadgets & display their heart rate & oxygen levels. If the driver goes into cardiac arrest, the vehicle would stop automatically. Hence, these advancements are projected to raise demand for vehicle multifunction displays & generate favorable prospects for growth during the forecast period, further states the research report, “Global Automotive Multifunction Display Market Analysis, 2023.”
LED Would Garner the Largest Market Share, Followed by OLED, an Emerging Display Technology
Based on the Display Technology, the market is further divided into LCD (Liquid Crystal Display), TFT-LCD (Thin Film Transistor-Liquid Crystal Display), OLED (Organic Light Emitting Diode), and LED (Light Emitting Diode). LCD (Liquid Crystal Display)-based multifunctional displays are among the most common due to their brilliant image display, superior touch performance, and effectiveness.
Nevertheless, as with technological advancements, the OLED (Organic Light Emitting Diode) has become the next innovation in the market. Consumers would presumably migrate to OLED-based screens in forthcoming years due to their energy efficiency. Thus, OLED-based vehicle multifunction displays are expected to be the most prominent, succeeding LCD technology in the forthcoming years.
Digital Instrument Cluster to Lead the Overall Market
Based on Application, the market bifurcates into Digital Instrument Cluster, Center Stack, Head-up Display, and Rear Seat Entertainment. Of them, the Digital Instrument Cluster takes the lead, as it is an essential part of every vehicle, from cars to SUVs, etc. This particular kind of display offers essential details for drivers, such as fuel consumption & navigation, making it a vital component. With more vehicles being launched worldwide in the ensuing years, this application is projected to maintain its position as the market's premier application. This favorable outlook probably assists in the growth of the market over the forecast period.
North America to Remain as the Leading Region Due to Existing Automobile Manufacturing Industry
Geographically, North America takes the lead as it already has a well-established automotive industry with the production of cars, trucks, and even military vehicles. This has led to a high demand for automotive multifunction displays in the region. Experts predict that this trend is predicted to continue in the coming years, i.e., 2023-28, further supporting the growth of the market.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Continental AG, Denso, Gramin Ltd., Aspen Avionics, Samtel Group, Japan Display Inc., Nippon Seiki Ltd. Pioneer Corporation, Futaba, Yazaki, LG Display, etc., 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 product 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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