Pune, May 15, 2023 (GLOBE NEWSWIRE) -- As per SNS Insider, "The Automotive Digital Cockpit Market had a value of USD 23.87 billion in 2022, and it is projected to attain USD 50.42 billion by 2030, with a compound annual growth rate (CAGR) of 9.8% during the forecast period from 2023 to 2030".
Market Report Scope
An automotive digital cockpit is a modern and advanced interface that has replaced the traditional dashboard of a vehicle. It integrates all the necessary components, such as the speedometer, fuel gauge, navigation system, entertainment system, and climate control, into one unified display, typically in the form of a large touchscreen. The digital cockpit is essentially a computer system that collects, processes, and presents data from various sensors and devices in the vehicle.
Market Analysis
The growing luxury and high-end car segment have also contributed significantly to the growth of the automotive digital cockpit market. Luxury car manufacturers are increasingly incorporating advanced digital cockpits into their vehicles to differentiate themselves from competitors and attract customers looking for high-end, tech-savvy vehicles. The trend towards autonomous driving technology has also played a role in driving demand for automotive digital cockpits, as these systems require advanced displays and controls that can seamlessly integrate with the vehicle's sensors and software.
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Impact of Recession
A recession can have a significant impact on the automotive digital cockpit market. The demand for digital cockpits can decrease due to budget constraints and a shift in consumer behavior towards essential goods and services. Additionally, the decline in production in the automotive industry can affect the supply chain and lead to a delay in the production of digital cockpits. Companies operating in this market should be prepared to adapt to the changing market conditions and adjust their strategies accordingly to overcome the challenges presented by a recession.
Key Regional Development
The Asia Pacific region has emerged as a dominant player in the automotive digital cockpit market in recent years. One of the key factors driving this growth is the increasing production and sales of passenger vehicles in the region. With a population of over 4.5 billion people, the region is home to some of the world's largest and fastest-growing economies. The high demand for automobiles in these countries has resulted in a significant growth in the automotive sector. The rising income levels of the people in the region have also contributed to the growth of the mid-sized premium and luxury car segments.
Key Takeaway from Automotive Digital Cockpit Market Study
- The passenger cars segment is expected to dominate the market in the coming years, driven by factors such as the increasing demand for luxury and premium vehicles, the growing preference for connected and autonomous vehicles, and the rise of electric vehicles.
- The digital instrument cluster segment is set to dominate the market in the coming years. Their advanced capabilities, adaptability, and affordability make them an attractive option for car manufacturers and drivers alike.
Recent Developments Related to Automotive Digital Cockpit Market
- ECARX, a leading provider of intelligent connected vehicle technologies, has recently announced a collaboration with SiEngine and FAW, two renowned players in the automotive industry, to develop a cutting-edge digital cockpit platform for next-generation vehicles.
- Visteon, a global leader in automotive cockpit electronics, and Qualcomm, a world-renowned provider of cutting-edge wireless technologies, have announced a collaboration to develop the next generation of digital cockpits for the automotive industry.
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Automotive Digital Cockpit Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 23.87 Billion |
| Market Size by 2030 | US$ 50.42 Billion |
| CAGR | CAGR of 9.8% From 2023 to 2030 |
| Key Segments | • by Equipment (Digital Instrument Cluster, Driving Monitoring System, Head-up Display (HUD)) • by Display Technology (LCD, TFT-LCD, OLED), by Vehicle Type (Passenger cars, Commercial vehicles) |
| Regional Analysis | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Continental AG; Robert Bosch GmbH, Faurecia; Garmin Ltd.; Denso Corporation; HARMAN International; Hyundai Mobis; Panasonic Corporation, Pioneer Corporation; Visteon Corporation |
| Market Drivers | •Increasing the number of vehicles produced. •Electric vehicles are experiencing a surge in popularity. •An increasing need for vehicles with a better user experience. |
Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global Automotive Digital Cockpit Market Segmentation, By Equipment
9. Global Automotive Digital Cockpit Market Segmentation, By Display Technology
10. Global Automotive Digital Cockpit Market Segmentation, By Vehicle Type
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Conclusion
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