The smart parking market for automotive is projected to grow at a CAGR of 12.77% during the forecast period, to reach USD 9.80 billion by 2022. The improving per capita income of consumers and growing awareness of in-vehicle advanced technologies have led to the increase in demand for technologically advanced cars. OEMs are adopting in-vehicle advanced electronics in economic and mid-size vehicles, which is projected to drive the growth of the smart display market for automotive. Other factors impacting the smart display market for automotive are the increase in trend of connected cars and progress in developing semi-autonomous and autonomous vehicles.
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Automotive display applications such as center stack touchscreen display, rear seat entertainment touchscreen display, and analog digital instrument clusters have been adopted widely across the globe. Additionally, the introduction of functions such as driver information displays, advanced navigation systems, connected car features, and increasing ability to connect smartphones to infotainment units has increased the consumer demand for in-vehicle comfort and convenience features. In the coming years, the display market for automotive applications will show a stronger inclination toward fully digital advanced instrument cluster displays and prominent center stack displays. These displays with 3D graphics visuals will integrate varied functions into one touchscreen platform. Display panel manufacturers across the developed markets of North America and Europe use TFT-LCD technologies for automotive display applications. Display panel manufacturers have developed display panels with advanced technologies for automotive applications. Technologies such as LED, OLED, and AMOLED offer the flexibility of design. However, due to stringent temperature resistance norms and durability standards, these advanced display technologies will see a significant surge in demand only in the next decade. The penetration of such advanced display technologies is expected to be seen in markets such as the U.S, U.K., and Japan where there is a high demand for advanced vehicles.
With the rapid growth of vehicle production in the region, Asia-Oceania is estimated to be the largest market, by value, for automotive smart display applications. Also, the Asia-Oceania market is projected to grow at the fastest CAGR during the period under study. China has been the world's largest automotive market since the last few years. Most of the leading automotive original equipment manufacturers (OEM) have expanded their operations in this region. OEMs in China are offering smaller displays in instrument clusters and center stack units, which has increased the market for automotive displays among the mid-size car segment. Meanwhile, in-vehicle connectivity and infotainment features are boosting the demand for advanced center stack touchscreen displays, advanced instrument clusters, and rear seat touchscreen displays in premium cars. Automotive display applications that are becoming increasingly relevant with reducing driver distraction are driving the market for smart displays in premium cars in China. In 2016, Visteon Corporation (U.S.) demonstrated the company's advanced vehicle cockpit electronics products that feature 3- D gesture technology for driver information and infotainment display systems that can reduce driver distraction and make driver-vehicle interaction safer.
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Factors such as stringent safety regulations, consumer demand for in-vehicle safety and convenience features, and technological advancement of automotive electronic components are expected to drive the growth of automotive smart display applications. OEMs are adopting advanced display features and increasing the role of displays in mid-size vehicles. This has compelled automotive display panel manufacturers to carry out extensive R&D activities to develop advanced products that cater to the required standards.
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