SAN FRANCISCO, July 1, 2021 /PRNewswire/ -- The global automotive digital cockpit market size is expected to reach USD 36.1 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.8% from 2021 to 2028. The rising demand for automotive cockpit electronics, autonomous vehicle technology, and advanced safety features such as advanced driver assistance systems is expected to drive market growth. The changing consumer buying behavior and increasing demand for enhanced in-vehicle experience, coupled with the global growth of the high-end, premium, and luxury car segments, are also expected to fuel the growth of the market.
Key Insights & Findings:
- The head-up display segment is expected to register the highest CAGR of over 15.0% from 2021 to 2028 owing to the integration of augmented reality for enhanced safety and driving experience
- The LCD-TFT segment dominated the market in 2020 and is anticipated to generate revenue over USD 19.0 billion by the end of the forecast period, owing to the temperature and durability standards provided by LCD-TFT displays
- The passenger car segment accounted for the largest revenue share of around 80.0% of the overall market in 2020. The increasing demand for connected car features in passenger vehicles and the onset of autonomous vehicles is expected to drive the segment
- In Asia Pacific, the market is accounted for the largest revenue share in 2020. This growth can be attributed to the increased production and sales of passenger vehicles in the region
Read 110 page market research report, "Automotive Digital Cockpit Market Size, Share & Trends Analysis Report By Equipment, By Display Technology, By Vehicle Type (Passenger Cars, Commercial Vehicles), By Region, And Segment Forecasts, 2021 - 2028", By Grand View Research.
The surge in demand for vehicle connectivity and navigation system in the automotive sector has led to the increasing usage of visualization technology. Modern-day cars are highly influenced by unique consumer demands and advancements in digital technologies. The automotive industry is focused on offering more personalized experiences to drivers and vehicle occupants. Moreover, companies are developing innovative solutions to ensure seamless connectivity between the vehicle and external devices. The integration of vehicle systems can be considered as the most significant development. The digital cockpit architecture has become more capable and robust owing to the integration of the Advanced Driver Assistance Systems (ADAS) functionality for enhanced safety and security and cloud-based services.
The automotive digital cockpit technology is expected to gain significant demand as major automotive component and solution providers are engaging in the development of complete automotive cockpit solutions. For instance, in January 2021, Qualcomm Technologies, Inc. announced the launch of the 4th Generation Qualcomm Snapdragon Automotive Cockpit Platforms. The new digital cockpit platforms offer software scalability and flexibility to support several real-time and high-level operating systems. The platforms also support multiple ECUs and domain integration, including digital instrument clusters, digital monitoring systems, Augmented Reality Heads-Up-Display (AR-HUD), e-Mirror, and rear-seat displays.
In the wake of the coronavirus pandemic, lockdowns and social distancing norms have been implemented globally. The overall automotive production volumes have declined globally on a year-on-year basis, mainly due to decreased production volumes in North America and Europe, among other regions. According to Organisation Internationale des Constructeurs d'Automobiles (OICA), automobile production globally dropped by more than 15%, i.e., 77.6 million units in 2020 compared to 91.7 million units in 2019. However, as restrictions ease in various economies, the market can expect a period of respite for the short-term owing to the increased demand for passenger cars from the middle-class population, in turn, is increasing the demand for automotive digital cockpit over the forecast period.
Grand View Research has segmented the global automotive digital cockpit market on the basis of equipment, display technology, vehicle type, and region:
- Automotive Digital Cockpit Equipment Outlook (Volume, Units; Revenue, USD Billion, 2016 - 2028)
- Digital Instrument Cluster
- Driving Monitoring System
- Head-up Display (HUD)
- Automotive Digital Cockpit Display Technology Outlook (Volume, Units; Revenue, USD Billion, 2016 - 2028)
- LCD
- TFT-LCD
- OLED
- Automotive Digital Cockpit Vehicle Type Outlook (Volume, Units; Revenue, USD Billion, 2016 - 2028)
- Passenger Cars
- Commercial Vehicles
- Automotive Digital Cockpit Regional Outlook (Volume, Units; Revenue, USD Billion, 2016 - 2028)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- Spain
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- Mexico
- Middle East and Africa
List of key players of Automotive Digital Cockpit Market
- Continental AG
- Denso Corporation
- Faurecia
- Garmin Ltd.
- HARMAN International
- Hyundai Mobis
- Panasonic Corporation (Panasonic Automotive Systems Europe GmbH)
- Pioneer Corporation
- Robert Bosch GmbH
- Visteon Corporation
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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