The Automotive Digital Cockpit Market Is Set To Reach $36.7 Billion By 2027 At A CAGR Of More Than 11% As Per The Business Research Company's Automotive Digital Cockpit Global Market Report 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Oct. 04, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Automotive Digital Cockpit Global Market Report 2023, the global automotive digital cockpit market is accelerating at a remarkable pace, achieving a market size of $23.71 billion in 2023, compared to $21.13 billion in 2022. This robust growth, representing a Compound Annual Growth Rate (CAGR) of 12.2%, is outlined in the latest market report for 2023. The report predicts further expansion, with the automotive digital cockpit market projected to reach $36.72 billion in 2027, maintaining a steady CAGR of 11.6%.
Connected Vehicles Fueling Market Surge
The key driving force behind this surge is the ever-increasing number of connected vehicles. These vehicles, equipped with built-in connectivity systems that enable internet access and wireless connectivity, are at the forefront of automotive innovation. According to Smartcar Inc., a leading mobility developer platform, connected vehicles constituted a staggering 41% of total new car sales globally in 2020, with 91% of cars sold in the United States being connected vehicles. This significant rise in connected vehicles is a prime catalyst for the automotive digital cockpit market's exponential growth, as these systems unlock future connected car experiences.
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https://www.thebusinessresearchcompany.com/report/automotive-digital-cockpit-global-market-report
Major Players in the Automotive Digital Cockpit Market
Prominent players contributing to the market's success include Denso Corporation, Aptiv PLC, Faurecia Clarion, Harman International, Pioneer Corporation, Valeo, Mobis India Ltd., Nippon Seiki Co Ltd., Desay Industry, Japan Display Inc., Marelli Holdings Co Ltd., Toshiba Digital Solution Corporation, WayRay AG, and Magna International.
Technological Advancements Leading the Way
In the automotive digital cockpit market, technological advancements are the primary trend shaping the industry. Leading companies in this sector are introducing cutting-edge innovations, such as 5G low latency technologies, to maintain their competitive edge. For instance, Samsung, in collaboration with Harman International, introduced the pioneering Digital Cockpit 2020, leveraging 5G technology to seamlessly connect features both inside and outside the vehicle. This innovation provides connected experiences to drivers and passengers alike, further enhancing the driving experience.
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Asia-Pacific Emerges as Market Leader
In 2022, Asia-Pacific emerged as the largest region in the automotive digital cockpit market, underlining the region's dominance in this industry.
Segmentation of the Global Automotive Digital Cockpit Market
The global automotive digital cockpit market is segmented as follows:
-
By Vehicle Type:
- Passenger Vehicle
- Commercial Vehicle
-
By Equipment:
- Digital Instrument Cluster
- Driving Monitoring System
- Heads-Up Display
-
By Display:
- LCD
- TFT-LCD
- OLED
Automotive Digital Cockpit Global Market Report 2023 by The Business Research Company provides insights on the automotive digital cockpit market size, automotive digital cockpit market segments, automotive digital cockpit market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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