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. In Asia Pacific, the market accounted for the largest revenue share in 2020
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 per cent 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,” read the report.
Asia Pacific highest contributor
The head-up display segment is expected to register the highest CAGR of over 15 per cent 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.
In Asia Pacific, the market 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. The passenger car segment accounted for the largest revenue share of around 80.0 per cent 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.
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.
According to Organisation Internationale des Constructeurs d’Automobiles (OICA), automobile production globally dropped by more than 15 per cent, 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.
