Report Code : A31593
The global automotive LCD display market was valued at $7,179.3 million in 2021, and is projected to reach $12,185.2 million by 2031, registering a CAGR of 5.56% from 2022 to 2031.
Vaishnavi Mate-Lead Analyst
Semiconductor and Electronics at Allied Market Research
According to a new report published by Allied Market Research, titled, “Automotive LCD Display Market," The automotive LCD display market size was valued at $7.2 billion in 2021, and is estimated to reach $12.2 billion by 2031, growing at a CAGR of 5.6% from 2022 to 2031.
Automotive LCD displays plays a key role in the infotainment systems which offers an extensive range of intriguing services such as music, videos, vehicle health monitoring, and other connected services. The need for LCD display in the automotive industry is predicted to increase due to the rising demand for advanced features including navigation, multimedia systems, driving assistance, and connected car features as well as the better driver-to-vehicle communication. Furthermore, it is predicted that during the forecast period, the market would increase due to the rising need for improved safety, comfort, and convenience in vehicles, particularly in emerging and developed nations.
The market is also anticipated to benefit from the rising demand for autonomous and semi-autonomous vehicle technologies and the expansion of the high-end and luxury automobile sectors, particularly in emerging economies. Furthermore, the number of automotive LCD monitor using touch sensors have gained high traction in automotive LCD display industry. The usage of a LCD modules for automotive is required for touch-based devices, which encourages the development of display technology. Because of this, a wide variety of household appliances, including refrigerators, microwaves, washing machines, chimneys, and others, have touch-sensitive screens. Additionally, the usage of cutting-edge display technologies in cars has increased. Companies in the market are pursuing new technologies, such as the development of IoT-based devices, thereby boosting the automotive LCD display market growth.
Automotive LCD displays are key differentiators for modern vehicle interiors and the most important interface for the interaction of driver and the vehicle. Changes in consumer demands and introduction of new technologies are the key factors expanding the growth of the automotive LCD displays market. According to global automotive LCD display market analysis, the upto 7 inch segment was the highest revenue contributor to automotive LCD display market share, in 2021, owing to increase in combination of electronic systems with safety and security features and rise in use of in-vehicle smart display applications are the factors leading toward the adoption of autonomous and semiautonomous vehicles ranging between 6” and 7” inches accelerating the segment’s demand.
The outbreak of COVID-19 has significantly impacted the growth of the global automotive LCD display sector in 2020, owing to significant impact on prime players operating in the supply chain. On the contrary, the market was principally hit by several obstacles amid the COVID-19 pandemic, such as lack of skilled workforce availability and delay or cancelation of projects due to partial or complete lockdown, globally.
Country wise, China holds a significant share in the global automotive LCD display market trends, owing to the presence of prime players. Major organizations and government institutions in the country are intensely putting resources into these global automotive LCD display these prime sectors has strengthened the growth of the global automotive LCD display market in the region.
KEY FINDINGS OF THE STUDY
The key players profiled in the automotive LCD display market analysis are Continental AG, LG Display Corporation, Denso Corporation, Socionext, Yazaki, Japan Display Inc., Visteon Corporation, Samsung, Panasonic Corporation, Robert Bosch, and Sharp Corporation. These players have adopted various strategies such as product launch and merger & acquisition to increase their market penetration and strengthen their position in the industry.
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Automotive LCD Display Market by Display Size (Upto 7 inch, More than 7 inch), by Vehicle Type (Passenger Car, Light Commercial Vehicle, Heavy Commercial Vehicle): Global Opportunity Analysis and Industry Forecast, 2021-2031
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