In-depth Automotive Multifunction Display Market Analysis: Size, Share, Trends, and CAGR 5.57% Forecast for 2023-2028
The?Global Automotive Multifunction Displays Market?is projected to grow at a CAGR of around 5.57% during the forecast period, i.e., 2023-28. This detailed analysis offers valuable insights into the key growth drivers, geographical dynamics, and emerging trends that are poised to shape the market's trajectory in the coming years.
The major factor attributing to its growth is the rising adoption of smart vehicles embedded with the latest technology, such as artificial intelligence (AI), the internet of things (IoT), etc.
These advancements have led to automation & advanced monitoring within the automotive domain, which, in turn, requires the installation of a display board for center stack or driver information. Along with it, the emergence of a safety issue for drivers & passengers has also aided in increasing the demand for a multifunction display to provide on-road information to the driver while parking the car in limited space, helping in monitoring the health status of the driver, and taking timely action to prevent any road accident.
Further, the growing concerns over energy efficiency products have also led to the transition of the automotive industry towards the new categories of multifunction displays, which are energy efficient & equipped with all the latest technology for enhanced performance. These reasons have emerged as a key factor resulting in the adoption of multifunction displays, thereby creating a positive market outlook for growth in the coming years.
Exploring the Market Dynamics: What’s Driving the Growth of Automotive Multifunction Display Market?
Convenient Driving is a Major Factor Pushing Multifunction Display Adoption: The use of a multifunction display within the automotive sector has resulted in convenient riding for drivers. It enables the driver to get all the information displayed easily through the fingertips, thereby enabling navigation, entertainment, and safety control for the driver. Along with it, the rising concern over road safety & safe driving has also boosted the adoption of multifunction displays, as it allows drivers real-time information & helps prevent accidents. For instance:
In 2022, BeyonCa, a China-based electric vehicle startup, unveiled to launch of its smart premium EV car. The car is equipped with smart features, including the installation of a multifunction display to help the driver park the car. The system can also monitor & display the driver’s real-time health status & can automatically stop the vehicle to prevent accidents.
Further, with the advancement in technology, there has been growing usage of artificial intelligence (AI) & the internet of things (IoT). These tech advancements enable integration with other smart devices such as air conditioners, refrigerators, mobile phones, CCTV cameras, etc. This, in turn, generates the requirement for installing multifunction displays in cars & other automobiles to enable real-time monitoring of the connected devices. Thus, the advancement in technology has provided more convenience to the driver while riding a vehicle, resulting in the increased adoption of multifunction displays within the automotive sector. Consequently, creating a positive outlook for future growth in the market.
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Key Takeaways from the Market Study:
·?????? Historical Data: 2018-21
·?????? Base Year: 2022
·?????? Forecast Period: 2023-28
·?????? CAGR (2023-2028): 5.57%
·?????? Key Players to Watch: Innolux Corp., Continental AG, Denso, Garmin Ltd., Nippon Seiki Ltd., Aptiv Inc., Pioneer Corporation, Aspen Avionics, Samtel Group, Visteon Corporation, Japan Display Inc., Futaba, LG Display, Socionext Inc., Yazaki are expected to play a pivotal role in driving market growth through strategic investments, partnerships, and innovation.
Latest News in the Automotive Multifunction Display Industry:
Market Segmentation of Automotive Multifunction Display Industry
The Automotive Multifunction Display market is segmented as follows:
According to report , the rechargeable segment holds a larger share of the Global Automotive Multifunction Display Market mainly due to their lower costs.
According to reports, offline retail holds the largest market share.
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Automotive Multifunction Display Market Geographical Analysis
North America
South America
Europe
Middle East & Africa
Asia-Pacific
According to reports, North America holds a prominent share of the Automotive Multifunction Display Market
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