Automotive Digital Cockpit Market Size, Industry Share, Analysis Report to 2030
Posted by Devanand on September 23rd, 2022
The automotive digital cockpit market Size is garnering significant traction. The introduction of innovative driver assistance systems (ADASs) that demand the integration of digital cockpits with safety systems is a major driving force. Moreover, the rising demand for advanced automotive cabins escalates the digital cockpit market size. The scaling demand and AI evolutions integrated with digital cockpit systems drive the market growth.
With the proliferation of infotainment systems, the market is projected to reach significant heights. In this regard, Market Research Future (MRFR) states that the global automotive digital cockpit market is estimated to create a substantial revenue pocket by 2030, growing at a phenomenal CAGR during the assessment period (2022 – 2030). Rising uptake of digital cockpit systems in high-end cars boosts the market size.
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Rising Sales of Luxury & Premium Cars Upend Market Demand
Digital cockpits are installed to gain reliable safety information by accessing maps and media with instrumental clusters installed within a vehicle. In addition, these cockpits enable the driver to improve focus and attention on the road by utilizing HUD to access relevant driving information in their direct field of vision.
Digital cockpits, along with a cluster of digital instruments and infotainment systems, provide better safety features to drivers, featuring one or more displays. Similarly, stringent government norms for automotive safety features impact the adoption trends positively. Moreover, technological advances and the increasing awareness for safety features influence the growth of the market.
Technical Complexities Hamper Market Growth
Despite vast prospects, the market still faces some underlying setbacks, such as complex structures and the low efficiency of optical systems. Also, the high costs associated with the installation and maintenance of digital cockpits are some of the major factors impeding the market growth.
Nevertheless, constant advancements in infotainment systems would support market growth throughout the assessment period. Advanced automobiles and luxury car industries worldwide define the growing market landscape. Continually increasing demand for personalized comfort features in a vehicle is expected to allow the market to register a high growth rate.
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Automotive Digital Cockpit Market COVID- 19 Impacts
The COVID- 19 pandemic affected the automotive digital cockpit industry severely. Pandemic-led logistics problems posed major challenges to industry players, such as obtaining raw components required to develop an automotive voice recognition system, attracting workforce from quarantine, and delivering end products. However, the automotive digital cockpit market is gradually picking up and is expected to grow exponentially during the assessment period.
Automotive Digital Cockpit Market Segmentation
The report is segmented into equipments, vehicle types, propulsion, and regions. The equipment segment is sub-segmented into head unit display (HUD), camera-based driver monitoring system, digital instrument cluster, and others. The vehicle type segment is sub-segmented into light commercial vehicles (LCV), heavy commercial vehicles (HCV), and passenger cars (PC).
The propulsion segment is sub-segmented into battery electric vehicle (BEV), hybrid electric vehicle (HEV), internal combustion engine (ICE), plug-in hybrid electric vehicle (PHEV), and others. The region segment is sub-segmented into Europe, Americas, Asia Pacific, and the Rest-of-the-World.
Automotive Digital Cockpit Market Regional Analysis
Europe accounts for the largest automotive digital cockpit market value globally. The region is the global hub for luxuries, and high-end car manufacturers drive the automotive digital cockpit market growth. Besides, the surging demand for luxury/ premium cars and SUVs equipped with automotive digital cockpit systems substantiates the market growth.
The vast presence of major automotive OEMs and tier-1 suppliers positively impacts the automotive digital cockpit market share. Additionally, OEMs constantly working on enhancing the conventional cockpit fosters regional market growth. Germany accounts for the largest automotive digital cockpit industry in the region, housing the world's largest luxury car brands.
Automotive Digital Cockpit Market Competitive Landscape:
The automotive digital cockpit market appears highly competitive and fragmented, with several well-established players forming a competitive landscape. These players incorporate approaches such as strategic partnerships, mergers & acquisitions, expansion, collaboration, and product/technology launch to gain a larger competitive share.
For instance, on Aug.16, 2021, Faurecia (France), a leading automotive supplier, announced the acquisition of the majority 60% equity stake in Hella, a lighting and electronics specialist. Thus, the two companies would become the seventh-largest global automotive supplier, combining their technologies and power. Faurecia also plans to acquire the remaining equity share, which makes the 100% of Hella.
By combining their respective strengths, Faurecia and Hella aim to further expand their market position, particularly in the area of the cockpit of the future and key growth areas such as electric mobility, automated driving, and vehicle interior design. The combined entity would also further strengthen its position across customers and regions.
Key players active in the market are 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), among others.
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About the AuthorDevanand
Joined: July 26th, 2022
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