Automotive Digital Cockpit Market Value Predicted To Reach US$ 40.5 Billion By 2028 Covering COVID-19 Impact: Acumen Research and Consulting

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The Global Automotive Digital Cockpit Market is expected to grow at a CAGR of around 14.2% from 2021 to 2028 and expected to reach the market value of around US$ 40.5 Bn by 2028.

Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled "Automotive Digital Cockpit Market- Global Industry Analysis, Market Size, Opportunities and Forecast, 2021-2028".

Asia Pacific is expected to hold the lion’s share of the automotive digital cockpit market. China dominates the Asia Pacific provinces in terms of revenue in the automotive digital cockpit market. Emerging startups are one of the key factors influencing the growth of automotive digital cockpits in China. For example, a Chinese electric vehicle startup called “WM Motor” raised a significant investment that will fuel the market’s growth. The startup raised US$1.47 Bn in funding, which will be used for R&D, branding, marketing, and sales channel expansion. The funds raised will be used to hire 3,000 engineers to work on 5G-powered smart cockpits, level-4 driving, and other futuristic auto technologies. These factors are driving the growth of the automotive digital cockpit market.

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Europe has a reasonable revenue share in the automotive digital cockpit market. Because the region is primarily an automotive hub with the presence of prominent OEMs, it accounts for the largest segment that contributes to the growth of the automotive digital cockpit market in the European region. Europe will take the lead in the automotive digital cockpit market in the coming years, thanks to the presence of prominent OEMs and leading suppliers.

Market Drivers

Personalization acts as one of the prominent factors that stimulate the growth of global automotive digital cockpit market

The number of pixels in passenger vehicles has increased significantly in recent years as a result of the incorporation of power train technology, and this trend is expected to continue. This is assessed by incorporating larger displays and significantly increasing the number of displays in the vehicle. Automakers are developing new ways to incorporate display vehicles on nearly every interior surface of the vehicle, which will benefit the large consumer base’s personalization experience.

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Technological advancements in autonomous driving, the development of advanced cockpit platforms, and digital interfaces are propelling the automotive digital cockpit market forward. One of the major factors driving the adoption of automotive digital cockpits is an improvement in socioeconomic conditions. Massive technological advancements and consistent growth in the automobile industry have had a positive impact on the growth of the global automotive digital cockpit market.

COVID-19 impact on the automotive digital cockpit market

Disruptions in Chinese automotive parts exports quickly resulted in widespread manufacturing disruptions around the world. In the United States, the closure of assembly plants put additional strain on an increasingly disrupted global supply chain base, where companies were vulnerable to defaulters. The unexpected pandemic of the Corona virus caused a drop in the global market. Companies have used strategies such as M&A to capitalize on opportunities and emerge as a group of equity players.

Some of the leading competitors are Robert Bosch GmbH, Continental AG, HARMAN International (A Samsung Company), Visteon Corporation, Faurecia, Sintrones, Marelli Holdings Co., Ltd., DRAXLMAIER GROUP, HYUNDAI MOBIS, Grupo Antolin, and among others.

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Some of the key observations regarding Automotive Digital Cockpit Market include:

  • In May 2021, Robert Bosch GmbH announced the launching of a new platform namely, “PHANTOM EDGE”. The newly launched platform is based on the AIoT platform that combines the power of AI and the IoT to offer a real-time view of electrical energy consumption, operating usage, electrical parameters, and appliance-level information.
  • In January 2021, Qualcomm Technologies, Inc., announced the introduction of next generation digital cockpit solutions with the integration of the 4th Generation Qualcomm Snapdragon Automotive Cockpit Platform. The newer technology is engineered such that it is capable of addressing transition to a zonal architecture, serving as a central hub for high-performance compute, computer vision, AI, and multi-sensor processing with flexible software.

Segmental Analysis

The global automotive digital cockpit market is segmented as equipment, display technology, and vehicle type. Based on equipment, the market is segmented as Digital Instrument Cluster, Driving Monitoring System, and Head-up Display (HUD). By display technology, the market is segmented as LCD, TFT-LCD, and OLED. Vehicle type is bifurcated into passenger cars and commercial vehicles.

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Content Source: https://www.globenewswire.com/news-release/2021/07/20/2265264/0/en/Automotive-Digital-Cockpit-Market-Value-Predicted-To-Reach-US-40-5-Billion-By-2028-Covering-COVID-19-Impact-Acumen-Research-and-Consulting.html

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