Automotive Digital
Cockpit Market Overview:
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, automotive digital cockpit market is expected to grow from
USD 175.7 Billion in 2023 to USD 363.2 Billion by 2032, exhibiting a CAGR of
9.50% during the forecast year 2023 - 2032. Rising uptake of digital cockpit systems in high-end cars boosts
the market size.
Key players active
in the Automotive Digital Cockpit 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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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 Automotive
Digital Cockpit 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.
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.
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