Demand Speeding Up for Automotive Display Systems
The worldwide automotive electronics industry is witnessing rapid growth due to a number of factors.
The global market for automotive display systems is expected to grow at a compound annual growth rate (CAGR) of close to 18% from 2018-2022, according to a recent market research study from Technavio. The global automotive electronics industry is witnessing rapid growth due to the increased use of advanced and lightweight materials, miniaturization, and the advent of intelligent technologies. The integration of advanced driver-assistance systems (ADAS), connected vehicle technologies, and energy-efficient technologies in automobiles are further driving the growth of automotive electronics, and thus the associated display systems.
“North America, Europe and Japan are considered the major market regions in the global automotive electronics market,” said a senior analyst at Technavio for automotive electronics research. “These geographies are characterized by stringent fuel safety norms. The ongoing developments in the consumer electronics space have increased the demand for advanced entertainment systems, connectivity solutions, and automotive display solutions. Electrification of vehicle systems and components facilitates the use of advanced materials for automotive displays. These factors positively impact the demand for automotive display systems.”
The development of autonomous vehicles has resulted in an increased need for camera-based rearview mirrors. Camera-based outside rearview mirror technology is gaining popularity among automakers because it aids in weight reduction and lowers the drag coefficient. The technology has been commercially adopted in some of the advanced, developed automotive economies.
Rising advancements in display and connectivity solutions indicate a corresponding increase in the cost of development for display systems. The development of advanced display solutions for automotive applications leads to increased R&D investments, product development costs, and testing costs.
For more information, visit www.technavio.com.