Automotive Smart Display Market Trends

Growth Drivers

• Growing Sales of Vehicles with Rising Spending Capacity of People – in which smart displays are used to provide comfort and convenience with access to the latest technology. An automotive head-up display is any transparent display that presents data to the vehicle user without requiring users to look away from their usual viewpoints. The rising demand for vehicles is expected to boost the automotive smart display market in the forecasted period. It was found that the global sales of vehicles in 2021 reached 82 million.
• Rising Trend of Electric Vehicles with Increasing Fuel Cost – for instance, in the European Union, the share of new passenger car registrations with all-electric propulsion reached just below 9% in 2021.
• Upsurge in the Consumer Demand for Smart Cars Across the World – for instance, all smart vehicles sold globally with different levels of automation in Europe reached over 25% in 2022.
• Increasing the Number of Connected Vehicles to Support Passenger Transport – which for instance is expected to exceed 300 million in 2035 in the United States, making it the biggest market for connected vehicles.

Challenges

• Increased Overall Cost of Vehicle - Autonomous cars are usually very costly owing to the self-driven technology which includes the use of many advanced sensors, AI, and machine learning technology. This high price of all these technological components increases the price of vehicles. Along with this, the installation of smart displays rises the price of vehicles which is not affordable for everyone.
• Integration of Complex Functions
• High Cost of Research & Development