Pune India, Dec. 30, 2022 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the Automotive Digital Cockpit market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the Automotive Digital Cockpit market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as Equipment, Display Technology, Vehicle Type, and Regions. The key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the paragraphs below.
The significant players operating in the global Automotive Digital Cockpit market are Hyundai Mobis, Panasonic Corporation, Pioneer Corporation, Robert Bosch GmbH, Visteon Corporation, Continental AG, Denso Corporation, Faurecia, Garmin Ltd., and HARMAN International, among others. To achieve a substantial market, share in the worldwide Automotive Digital Cockpit market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
The market is anticipated to grow in order to support the complex automotive interiors that are required in automobiles. Increased features are driving automotive OEMs to combine safety systems with digital cockpits. Additionally, sophisticated support functions are also enhanced for the safety of the drivers when digital cockpits are paired with infotainment systems and a range of digital instruments. As customers demand and expectations has increased, original equipment manufacturers are under more pressure to continually deliver above-par performance while maintaining their market position. Businesses must take into account a wide range of factors, including product orientation, user expectations, R&D costs, and competitive tendencies for the market. The market for digital cockpits for vehicles may thus face challenges as a result of the constant demand to enhance user experience. Digital cockpits and linked infotainment systems are in high demand in the automotive sector. Additionally, because they are creating a number of lucrative opportunities for market expansion, the various cockpits will continue to gain momentum over the anticipated time frame. Rapid technology advancements have altered business practises across the board, and the automotive industry is no exception. The digital revolution has now impacted the automotive sector, but it has also made it vulnerable to malicious cybersecurity threats and attacks.
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Scope of Automotive Digital Cockpit Market Report
| Report Metric | Information |
| Study Period | 2022-2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Market Share Unit | USD Billion |
| Segments Covered | Equipment, Display Technology, Vehicle Type, and Regions. |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | Hyundai Mobis, Panasonic Corporation, Pioneer Corporation, Robert Bosch GmbH, Visteon Corporation, Continental AG, Denso Corporation, Faurecia, Garmin Ltd., HARMAN International among others |
Segmentation Analysis
The Driving Monitoring System segment is expected to be the fastest-growing segment in 2022.
The Equipment segment includes Digital Instrument Cluster, Driving Monitoring System, and Head-up Display (HUD). The Driving Monitoring System segment is expected to be the fastest-growing segment in 2022. Driving monitoring systems, sometimes referred to as infotainment systems, offer a range of interactive features, including entertainment, navigation, climate control in the cabin, and numerous safety and security features like cutting-edge driver assistance systems.
The TFT-LCD is expected to be the fastest-growing segment in 2022.
The Display Technology segment includes LCD, TFT-LCD, and OLED. The TFT-LCD is expected to be the fastest-growing segment in 2022. TFT LCDs are extensively used in digital cockpit displays for vehicles to meet the temperature and durability requirements of all prominent automotive displays. OEMs use a combination of LCD and TFT in displays based on the range temperature sensitivity in automobiles and the function of the display.
Passenger Cars is expected to be the fastest-growing segment in 2022.
The Vehicle Type segment includes Passenger Cars and Commercial Vehicles. The arrival of autonomous cars and increased customer demand for connected car technology in passenger automobiles are both expected to have an impact on the industry. Additionally, manufacturers are emphasising improved user experiences for their customers more, which has raised demand for digital cockpits in automobiles.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for Automotive Digital Cockpit include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The Asia Pacific region witnessed a major share over the forecast period. Due to the substantial demand and growing income levels of the local population, which increase interest in the area's mid-sized premium and luxury automotive market, the Asia Pacific region has a significant rise in share in the market. Premium automakers like Audi, Mercedes-Benz, BMW, Lexus, and Volvo have historically had rapid expansion in the China luxury vehicle market.
Country Analysis
Global Automotive Digital Cockpit Market- Country Analysis:
- Germany
Germany’s Automotive Digital Cockpit market size was valued at USD 1.06 billion in 2022 and is expected to reach USD 3.24 billion by 2030, at a CAGR of 15% from 2023 to 2030. Because of the growing need for improved comfort, safety, and convenience in vehicles, particularly in emerging and developed countries, the market is anticipated to grow. The increased use of autonomous car technology and the rising demand for luxury and high-end automobiles are both projected to boost market growth.
- China
China’s Automotive Digital Cockpit’ market size was valued at USD 1.20 billion in 2022 and is expected to reach USD 4.21 billion by 2030, at a CAGR of 17% from 2023 to 2030.
Chinese manufacturers are leading the way in the development of the intelligent cockpit, which is increasingly becoming a vital part of the modern driving experience. The entertainment and navigation systems, as well as speech recognition for vehicle directions, are all integrated with cutting-edge technology in intelligent cockpits, which are used for a range of driving responsibilities.
- India
India's Automotive Digital Cockpit market size was valued at USD 0.92 billion in 2022 and is expected to reach USD 2.44 billion by 2030, at a CAGR of 13% from 2023 to 2030.
Increased features are forcing automotive OEMs to integrate safety systems with digital cockpits in order to meet the need for advanced automotive interiors in automobiles, and the industry is predicted to grow as a result. When infotainment systems, digital instruments, and digital cockpits are merged, the safety of the drivers is further increased by extra sophisticated support features.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven by a worldwide increase in demand for luxury vehicles.
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