Automotive Digital Cockpit Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The Automotive Digital Cockpit Market is anticipated to register a CAGR of about 13%, during the forecast period (2020 - 2025).
The demand of cars is expected to rise during the forecast period owing to the factors such as rise in income level of the people around the world, this is allowing them to spend more on devices and services that provides luxury and safety. In India, the sales of luxury cars were around 40,000 in the year 2018. The rise in demand for applications and devices that are technologically advanced and provides ease while driving and better connectivity and visual graphics for navigation during driving are driving the market. The system also provides better safety to the passenger as it notifies the driver of any possible collision. The digital cockpit provides indication while driving regarding any abnormality in engine which avoids any major breakdown in the engine.
In April 2019, Samsung Electronics revealed the Digital Cockpit 2019, a revamped version of the platform incorporating insight from research and consumer feedback.
With the majority of population resident in the region about 65%, the vehicle production in the region is expected to be the highest in the world, because of the high demand and increasing income levels of the people living in the region, which enhance the demand in mid-sized premium and luxury car segment in the region.
The premium car makers, such as Audi, Mercedes-Benz, BMW, Lexus, and Volvo have always maintained positive growth in the Chinese luxury car market. In 2019, luxury cars in the country accounted for more than 9% of the overall passenger cars sales. There are many sensors which includes the digital display cockpit systems. Hence, during the forecast period it is expected that the Asia pacific region will be the largest growing market. Many OEMs are present in the region which are implementing latest technology to attract new customers and forming strategic partnership with major players in the market to gain strategic advantage.
The Automotive Digital Cockpit market is moderately fragmented, with several players accounting for significant amounts of shares in the market. Some of the prominent companies in the Automotive Digital Cockpit market are Robert Bosch, Denso, Visteon, Aptiv, Hyundai Mobis and others. The major players are investing heavily in R&D of products and incorporation of new technologies
In July 2019, Faurecia announced a collaboration with Microsoft to create disruptive, connected and personalized services inside the Cockpit. This type of technology will be one of its kind and premium car manufacturers will want their cars to have such technology which will enhance their customers' driving experience.
In January 2020, Visteon introduced next-generation digital cockpit technology platforms at CES 2020. This system includes infotainment solution for connected cars which is an Android infotainment solution for seamless connectivity including seamless integration with Android Auto and Apple CarPlay technologies for smartphone projection.