Pune, India, Aug. 20, 2021 (GLOBE NEWSWIRE) -- The global automotive human machine interface (HMI) market is set to gain traction from the surging investment by renowned companies in the development of state-of-the-art technology. This is because the demand for connected and autonomous cars featuring numerous systems is growing rapidly worldwide. The Waymo self-driving car statistics, for instance, showed that autonomous cars can reduce around 94% of road fatalities. This information is given by Fortune Business Insights™, in a published report, titled, “Automotive HMI Market, 2021-2028.” As per the report, the market stood at USD 10.47 Billion in 2020. It is projected to grow from USD 10.71 Billion in 2021 to USD 18.64 Billion in 2028 at a CAGR of 8.2% in the forecast period.
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COVID-19 Pandemic: Declining Sales of Passenger Cars Globally to Hinder Growth
The outbreak of the COVID-19 pandemic has severely impacted this industry because of the declining sales of automotive, especially passenger cars. The supply chain of various companies was also disrupted and hence key companies are striving persistently to get back production to normalcy. Manufacturing facilities were also temporarily closed in several countries because of the strict norms by governments to curb the spread of the coronavirus. We are providing elaborate research reports to help you overcome this difficult situation by implementing our innovative strategies.
Segments-
Instrument Cluster Segment Held 45.16% Share in 2020: Fortune Business Insights™
Based on type, the market is segregated into infotainment system, instrument cluster, RSE display, and HUD. Out of these, the instrument cluster segment earned 45.16% in terms of the automotive HMI market share in 2020. This growth is attributable to the high cost of HUD, which would compel people to opt for instrument clusters.
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Report Coverage-
The research report aims to analyze the market by considering contributions, prospects, and growth trends. It presents detailed profiles of every key player operating in the market to assess their core competencies in each segment. Besides, it would help our clients better understand the competitive developments, such as mergers & acquisitions, new product launches, joint ventures, and collaborations.
Drivers & Restraints-
Increasing Need to Drive Safely and High Demand for HUD will Aid Growth
The rising demand for head-up display (HUD) in automobiles is expected to propel the automotive HMI market growth in the upcoming years. HUDs provide a real-time augmented reality experience to drivers by combining in-car sensors. It helps the driver to visualize the potential movement of persons or vehicles on the road. It also sends vital information, such as speed limit changes or upcoming cornering strategies for safe driving. This further enables the driver to focus more on the road, and not on additional dashboard displays. However, the high risk of hacking in automotive HMI solutions may obstruct their demand.
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Regional Insights-
High Demand for Electric Vehicles to Favor Growth in Europe
Geographically, Europe earned USD 2.38 billion in terms of revenue in 2020. Italy, France, and Germany are considered to be the leading auto manufacturers in the region. According to Statista, in 2018, Germany procured approximately 426 billion euros in total sales of automobiles. At the same time, the increasing demand for electric vehicles would propel regional growth. On the other hand, North America is anticipated to be one of the leading regions because of the surging import of commercial vehicles and passenger cars equipped with automotive HMI platforms.
Competitive Landscape-
Key Players Focus on Launching Innovative Solutions to Compete with Their Rivals
The global market contains a large number of big, small, and medium companies that are presently focusing on launching novel products to cater to the high demand from customers worldwide. A few others are partnering up with local companies to co-develop and share their technologies. Below are the two latest industry developments:
- June 2021: Varroc Engineering Limited signed a MoU with Candera GmbH to gain access to its HMI technology for the former’s TFT Instrument Cluster. It would allow Varroc to develop the software and hardware of the product. Both companies would be able to keep up with the TFT Instrument Cluster opportunities in the global and Indian markets with affordable solutions for automotive applications.
- April 2021: Grupo Antolin exhibited INSPIRE, its latest smart cockpit demonstrator. It revealed its cutting-edge technology associated with electronics, lighting, active surfaces, and automotive HMI.
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A list of renowned automotive HMI providers operating in the global market:
- Continental AG
- Visteon Corporation
- Denso Corporation
- Harman
- Alpine Electronics
- Panasonic Corporation
- Valeo
- Bosch, Inc.
Major Table of Content for Automotive HMI Market:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Porter’s Five Forces Analysis
- SWOT Analysis
- Technological Developments
- Distribution of Automotive HMI Market - By Vehicle Type (in Value)
- Impact of COVID-19
- Global Automotive HMI Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product Type
- Infotainment System
- Instrument Cluster
- RSE Display
- HUD
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
TOC Continued…
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