Market Definition
The Automotive Digital Cockpit is the collection of digital instruments, the infotainment system, and one or two digital displays used in automobiles to enhance the driving experience by providing better access to maps and media using wireless vehicle connectivity infotainment devices & HMI applications. It is a software-defined, all-digital, and in-vehicle dashboard system to help drivers & passengers commute safely, and it performs crucial driving functions.
Market Insights & Analysis: Global Automotive Digital Cockpit Market (2023-28)
The Global Automotive Digital Cockpit Market is projected to grow at a CAGR of around 14.0% during the forecast period, i.e., 2023-28. The market growth is attributed to the surged 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 and disposable incomes, has pushed the market forward for the past few years.
Additionally, the availability of customization in digital cockpits to exclude or include certain features according to customers' preferences has further strengthened industrial growth. Also, with the rise in research and development in the safety features and added components of the modern car by manufacturers due to people's rising interest in technology, accessibility, and luxurious convenience, the industry is likely to expect bolstering expansion.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2018-21 |
| Base Year: 2022 | |
| Forecast Period: 2023-28 | |
| CAGR (2023-2028) | 14% |
| Regions Covered | North America: US, Canada, Mexico |
| Europe: Germany, The UK, France, Belgium, Italy | |
| Asia-Pacific: China, India, Japan, ASEAN, Australia, New Zealand | |
| South America: Brazil, Argentina, Peru | |
| Rest of World | |
| Key Companies Profiled | Aptiv, Continental AG, Denso Corporation, Faurecia, Harman International, Luxoft, Nvidia, Pioneer Corporation, Robert Bosch, Visteon |
| Unit Denominations | USD Million/Billion |
However, the higher cost of the automotive with added digital cockpit system, consumers' preference for conventional systems, and inexperience with newer technology could hinder the industry expansion. On the contrary, the emerging demand for better driving assistance, convenience, and automatic systems and vehicle could enhance the Global Automotive Digital Cockpit Market size.
Market Dynamics
Key Driver: Surging Automotive Sales led to the Customization of Digital Cockpits for Convenience
Most automotive OEMs offer customizations in digital cockpits depending on buyers’ demands and preferences, with controls mounted on steering wheels or a voice control touch screen to operate the vehicle, focusing on providing an effortless driving experience to the driver with smoother vehicle functionality.
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The advanced infotainment features with the constant advancements in vehicle safety features and assistance to the driver have been driving the market enlargement. In addition, the emergence of self-driving cars and further technological advances in cars and other vehicles, digitalization of compatible components, and the surging sales of vehicles, especially passenger vehicles and luxury cars, are expected to exponentially further the automotive digital cockpit industry growth.
Possible Restraint: Lack of Technical Know-How Regarding Advanced Digital Cockpit Features
Consumers’ lack of experience with digital cockpits, disinterest in learning or comfort, and preference for conventional, older-designed cockpits could lead to a dip in the adoption, discouraging further consumer inclination. Thus, the complicated interface of technologically advanced software systems could hinder industrial expansion. Additionally, increasing product demands at more affordable prices could lead to the rejection of advanced digital cockpits.
Growth Opportunity: Technological Advancement in Automotive with the Popularity of Connected or Autonomous Vehicles
The automotive enthusiasts' community has increased exponentially with access to more information and technologically advanced components, gadgets, and information with global internet access. Inspired by this, manufacturers are investing in further research and developments in automotive by further digitalizing the cockpit system, safety features, and driver assistance system, which presents a growth opportunity to the software solutions providers, including human-machine interface (HMI). Thus, the positive graph of automotive sales with further scope for advancement in digital cockpits could fuel industry expansion in the forecast period.
Key Trend: Rising Appetite for Privately-owned Cars Specially SUVs
The rise in disposable income, the standard of living, and the modern infrastructures compatible with spreading urbanization have collectively raised the demand for automobiles by allowing consumers to spend more on devices and services. As such, a swift surge has been witnessed in the sales of SUVs over the past few years, especially in emerging economies. The consumer inclination is primarily due to the elegant design, high ground clearance & seating position, and spacious and flexible interiors. This has led to the adoption of technologically advanced features, gadgets, devices, and services like navigation or voice navigation while driving, better safety features, and more, which has fueled the industry's growth.
Market Segmentation
Based on Equipment:
Here, Camera-based Driver Monitoring is estimated to gain the dominating share of the Automotive Digital Cockpit Market. Such growth is attributed to the increasing trend of human-machine interfaces in vehicles to assist in driving, navigation, and convenience. In addition, the surging number of accidents due to driver fatigue and drowsiness has also raised the importance of better, advanced safety and prevention systems, further fueling the segment's growth.
Based on Display Technology:
Among the three, TFT-LCD is expected to win the largest market share, as they are extensively used in digital cockpit displays for vehicles to meet the temperature and durability requirements of all digital cockpit displays. Furthermore, based on the range temperature sensitivity in cars and the display function, OEMs use a combination of LCD and TFT in displays. On the other hand, the OLED segment is also expected to experience significant growth, as is the adoption of certain vehicles with OLED display technology.
Regional Projection
Geographically, the Global Automotive Digital Cockpit Market expands across:
Globally, Asia-Pacific dominated the market during the historical period and is expected to continue in the same trend during the forecast period. The region’s growth is attributed to the 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.
Moreover, 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. Additionally, after Covid 19, the desire of people to own personal vehicles instead of using public transport has surged. Therefore, the presence of major regional players and exceeding demands for passenger and luxury vehicles has positively influenced the industry.
On the other hand, European market is also expected to experience considerable surge due to the region being the manufacturing hub for prominent premium vehicles and automotive OEMs, as most premium car manufacturers install advanced automotive display features. The supportive government policies and investments further strengthen the key players’ foothold.
Recent Developments in the Market
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Frequently Asked Questions
A. The Automotive Digital Cockpit Market is projected to grow at a CAGR of around 14.0% during 2023-28.
A. Customization in digital cockpits and surging automotive sales are driving the Automotive Digital Cockpit Market.
A. Aptiv, Continental AG, Denso Corporation, Faurecia, Harman International, Luxoft, Nvidia, Pioneer Corporation, Robert Bosch, and Visteon are the top players in the automotive digital cockpit market during 2023-28.
A. Camera Based Driving Monitoring is anticipated to emerge as an area of remunerative opportunities for the leading players in the automotive digital cockpit market during the forecast period.
A. Globally, Asia Pacific would provide lucrative prospects for the automotive digital cockpit market in the years ahead.
A. Rising appetite for privately-owned cars specially SUVs is shaping the growth of the automotive digital cockpit market.
A. Technological advancement in automotive with popularity of connected or autonomous vehicles are the growth opportunities driving the automotive digital cockpit market through 2028.
A. Higher cost of the digital cockpit and lack of experience of consumers are the possible restraints affecting the growth of the Automotive Digital Cockpit Market during 2023-28.
