Future Market Insights (FMI) recently released a new report titled "Automotive Display Unit Market: Global Industry Analysis 2017-2021 and Opportunity Assessment 2022-2029". The global automotive display unit market is valued at approximately USD 14,502.9 million in 2021. The automotive display unit market is expected to grow at a significant CAGR of approximately 8.3% during the forecast period. According to FMI's analysis, fully digital and navigation display systems will play a vital role in generating market revenue in the automotive display unit market.
Head-up displays signal an emerging trend
Automakers are focusing on head-up displays and navigation systems in their vehicles to improve safety due to the growing popularity of navigation display systems, software and various display technologies in vehicles.
Automotive display manufacturers have developed technologies such as TFT LCD and AMOLED for use in low ambient light conditions and to improve vehicle safety. These technologies offer various advantages such as vehicle safety, high resolution, larger display size, high heat resistance, and are functionally lighter than liquid crystal displays (LCDs).
In addition, stringent safety rules and regulations in countries such as Germany, the United States, France, and Italy have forced automakers to increase the safety standards of their vehicles. To improve vehicle safety, automakers are trying to implement digital rearview mirrors and pillar mirrors to reduce vehicle blind spots, which is expected to support the demand for TFT, LCD, and AMOLED displays in the automotive display unit market.
Increasing sales of high-end LCVs and HCVs in developed and developing economies is estimated to drive the growth of the automotive display unit market. China is expected to be a significant market in the global automotive display market during the forecast period owing to the rising demand for passenger vehicles from the middle class.
Moreover, government initiatives to promote manufacturing in developing countries such as India are expected to further create opportunities in the automotive display unit market. These factors are expected to directly influence the growth of the automotive display unit market during the assessment period.
China and India create significant growth opportunities
This global automotive display market report observes that East Asia is expected to hold a prominent share in the global automotive display unit market during the assessment period. Globally, the demand for automotive display units is increasing owing to increasing vehicle production and increasing automotive safety standards.
China is estimated to hold a significant share of the East Asia automotive display market and drive growth in the region, while growing at a CAGR of nearly 10% in value during 2022-2029.
Global Automotive Display Market: Competitive Landscape
Some of the key players involved in the manufacturing of automotive displays include Robert Bosch GmbH, LG Displays, Panasonic Corporation, Denso Corporation, Magna International, Valeo SA, Delphi Automotive, Continental, Kyocera Corporation, Japan Display Corporation, Au Optronics and Pioneer companies, etc.