ID: MRFR/AM/6286-HCR | 100 Pages | Published By Sejal Akre on March 2023
Automotive Digital Cockpit Market Size is expected to cross USD $31861.21 Million by 2030 at a CAGR of 9.5% during the forecast period 2022-2030
The global automotive digital cockpit market is estimated to witness a 9.5% CAGR during the forecast period.
A digital cockpit is an important vehicle part developed to provide safety to the driver by availing them the accurate information. It is installed in the vehicle to offer the best experience of a reliable vehicle for the customer. A driver can access media and map information through instrumental clusters installed inside the vehicle in this digital cockpit.
In addition, the digital cockpit is helpful for the driver to keep their attention on the road by improving their focus. It includes HUD augmentation that shows the relevant information related to driving in their direct vision field. Along with that, the automotive OEMs are getting pushed due to the introduction of adaptive driver assistance systems (ADAS) for the safety of drivers. These advanced features are compelling automotive OEMs to integrate safety systems with digital cockpits, increasing the advanced automotive cabins demands in the vehicles. Moreover, other advanced assistance features are developed for the better safety of the drivers where the digital cockpits are paired with infotainment systems and a cluster of digital instruments.
The automotive infotainment systems get access to different functions due to the digital cockpits, and these functions are the integration of third-party driver assistance system, 2D/3D map display, voice guidance, location search, marker sets, hybrid position, route guide, player, route planning, and route learning. Moreover, the intelligent cloud mirror is also comprised through the digital cockpit, which supports mainstream hardware platforms. This can be linked with different features such as entertainment (HD video player, online music appreciation, FM network radio, photo browser, and FM audio transmitter), convenience (online or offline navigation, one-key navigation, Bluetooth call, voice interact, drive recorder, one-key car insurance service, and road rescue), and safety (ADAS, anti-theft, face recognition, tired driving notification, rear car image, and radar speed warning).
The unprecedented COVID-19 pandemic has affected many marketing farms, and the global Automotive Digital Cockpit Market is one of them. The global pandemic has disrupted the supply chain and affected productive facilities. Along with that, the production volumes plummeted, and shipments got delayed, which has experienced the global market a huge loss. The overall growth volume of the Market has slowed down for the year 2020.
The Automotive Digital Cockpit Industry report mentions that the business dynamics changed in 2020. The key players have adopted new strategies to fuel the growth of the Automotive Digital Cockpit Industry. In the present scenario, the global market is expected to grow the market share for the forecast period.
These competitive market players are adopting different promotional and strategic ideas to boost the Automotive Digital Cockpit Market Growth in the upcoming years.
The automotive OEMs offer customized digital cockpits with steering-wheel-mounted controls or a voice-control touch screen to operate the vehicle, giving an effortless driving experience to the driver and giving better vehicle functionality. The advanced infotainment system features and the constant advancements in vehicle safety features are predicted to boost up the digital cockpits demand. Accordingly, it will grow the Automotive Digital Cockpit Market Growth for the forecast period.
On September 6, 2017, the H.B. 3388, Safely Ensuring Lives Future Development and Research in Vehicle Development (SELF DRIVE) Act have been passed by the U.S. House of Representatives, which has boosted the growth of the Automotive Digital Cockpit Industry for the forecast period.
Moreover, the global Market has more growth opportunities due to the increasing research and development and new product launches amongst major key players.
The global Market might experience restraints due to the drivers' lack of awareness about the advanced feature of the automotive digital cockpit.
Moreover, the higher cost of the automotive digital cockpit and increasing product demands might bring restraints to the global Automotive Digital Cockpit Market.
The global Market might face challenges due to the current pandemic situation. The global pandemic has affected productivity and disrupted the supply chains, bringing more challenges to the global Market.
The global Market has shown significant growth in the previous year's reports. It has further predicted to grow Market Size for the forecast period.
Further, the regional growth of the countries like Europe and the Asia Pacific can witness the higher Market Size for the assessment period.
The global Automotive Digital Cockpit Market is segregated based on vehicle type, equipment, and propulsion.
The global Market has been divided into light commercial vehicles, passenger cars, and heavy commercial vehicles based on the vehicle type segment.
Out of all, the passenger car segment is predicted to generate the higher Market Size in terms of value and volume for the research period.
The global Market has been classified into digital instrument cluster display type, advanced head unit, head-up display (HUD), and camera-based driver monitoring system based on the equipment segment.
The camera-based driver monitoring system segment is predicted to show the significant Market Share rate for the research period.
Based on propulsion, the global Market has been segregated into the hybrid electric vehicle (HEV), battery electric vehicle (BEV), plug-in hybrid electric vehicle (PHEV), and internal combustion engine (ICE).
All these propulsions are effective in their functionality and quality. Hence, these segments contribute moderately to growing the Automotive Digital Cockpit Market Share for the assessment period.
Based on geographical locations, the global Automotive Digital Cockpit Market has been segregated into various major regions like Asia-Pacific, North America, Europe, and the Rest of the World.
Out of all, the European regional market is expected to account for the prominent Market Share for the forecast period due to tier-1 suppliers and major automotive OEMs in the region. Moreover, these OEMs are developing the conventional automotive cockpit with their collective hard work. Apart from that, the Asia-Pacific regional market is expected to generate substantial Market Growth for the forecast period due to the constantly increasing demands of economy segment passenger cars and increasing advanced user experience demands by consumers in the mid-priced.
According to the Automotive Digital Cockpit Market Trends report, the global market has included extensive primary research methods to understand the market performance on a large scale. Moreover, the report has involved a detailed analysis of quantitative and qualitative aspects to get deeper insights into the industry and market performance. For this, various key leaders' opinion and industry experts' opinion has been taken further. The present Market scenario has been discussed clearly, including technological advancement, macroeconomic, forecasted market size in volumes and values, and the market's governing factors.
The Automotive Digital Cockpit Market Trends report has also highlighted some comprehensive information regarding the top company strategies across the industry. Apart from that, the report has covered different regions, market dynamics, and different market segments.
|Market Size||2030: USD 31861.21 Million|
|CAGR||9.5% CAGR (2022 to 2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Equipment, Vehicle Type, Propulsion|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Robert Bosch GmbH (Germany), Continental (Germany), Denso Corporation (Japan), Panasonic Corporation (Japan), Faurecia (France), Aptiv (Ireland), HARMAN International (US), Pioneer Corporation (Japan), Nippon Seiki Co., Ltd (Japan), and Visteon Corporation (US).|
|Key Market Opportunities||New product launches and R&D Amongst major key Players|
|Key Market Drivers||Consumer demand for advanced user experience in the mid-priced and economy segment passenger cars is constantly increasing|
9.5% is the growth rate the market can expect to achieve in the coming years.
Emergence of connected cars as well as hardware consolidation ensures that the market has a smooth run in the near future.
Faurecia (France), Visteon Corporation (US), Panasonic Corporation (Japan), HARMAN International (US), Continental (Germany), Pioneer Corporation (Japan), Robert Bosch GmbH (Germany), Aptiv (Ireland), Nippon Seiki Co., Ltd (Japan), Denso Corporation (Japan), are the top companies in the market.
Europe can emerge as the leading market for automotive digital cockpit.
The APAC market can note substantial growth in the given timeframe.