The automotive digital cockpit market has experienced rapid growth in recent years, expanding from $23.82 billion in 2023 to $26.52 billion in 2024 at a compound annual growth rate (CAGR) of 11.3%. This growth in the historic period can be attributed to increased consumer demand for connectivity and in-car entertainment, government regulations, competitive differentiation, and the globalization of automotive markets. Looking ahead to 2028, the market is projected to reach $39.85 billion, with a CAGR of 10.7%. Key factors influencing this forecasted growth include rising concerns about cybersecurity, the integration of health and wellness monitoring, the emergence of mobility-as-a-service (MaaS), a focus on sustainable mobility, and the integration of smart city technologies. Major trends in the forecast period encompass advanced driver-assistance systems, augmented reality (AR) head-up displays (HUDs), customization and personalization, digital assistants, voice recognition, biometric sensor integration, and haptic feedback with touch controls.
Major Driver In The Automotive Digital Cockpit Market
The automotive digital cockpit market is poised for substantial growth, driven by the increasing number of connected vehicles. Connected vehicles, equipped with built-in connectivity systems, enable internet access and wireless connections to nearby devices. The automotive digital cockpit facilitates future connected car experiences, representing a pivotal technology trend. For example, according to the Scania Report 2021, Scania boasted approximately 560,000 connected vehicles, constituting 64% of its 10-year rolling fleet, with this number rapidly increasing. Hence, the rising prevalence of connected vehicles fuels the expansion of the automotive digital cockpit market. The market size for 2023 indicates a promising trajectory, with expectations of significant growth by 2024 and a substantial projection by 2028.
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Automotive Digital Cockpit Market Competitive Landscape
Volkswagen Group, Bayerische Motoren Werke AG, Daimler AG, Robert Bosch GmbH, Pioneer Corporation, LG Electronics Inc., Panasonic Corporation, ZF Friedrichshafen AG, Denso Corporation, Continental AG, Hyundai Mobis Co. Ltd., Magna International Inc., NVIDIA Corporation, Valeo S.A., Geely Automobile Holdings Limited, Texas Instruments Incorporated, Aptiv PLC, Yazaki Corporation, Renesas Electronics Corporation, Harman International Industries Incorporated, Alps Alpine Co. Ltd., Garmin Ltd., Visteon Corporation, Altran Technologies SA, Nippon Seiki Co. Ltd., Preh GmbH, Gentex Corporation, Faurecia Clarion Electronics, Tata Elxsi, Clarion Co. Ltd., Adient plc, Sony Corporation, BorgWarner Inc., HARMAN International Industries Incorporated, E-Lead Electronic Co. Ltd., Tata Consultancy Services Limited, SBD Automotive Limited, Microchip Technology Inc., Toshiba Electronic Devices & Storage Corporation, Ricardo plc
Key Automotive Digital Cockpit Market Trend
Technological advances are the key trend gaining popularity in the automotive digital cockpit market. Major companies operating in the automotive digital cockpit market are introducing technological innovations such as 5G low latency technologies to sustain their position in the automotive digital cockpit market. For instance, in April 2022, Canalys, a Singapore-based technology market analyst firm, launched the Digital Cockpit Analysis service. The next generation of cars will be increasingly autonomous, connected, electric, and software-dependent. The in-car experience in new vehicles is being reimagined and built around a digital cockpit and an automotive OS. The digital cockpit is an all-digital, software-defined, in-vehicle dashboard system to aid drivers and passengers in performing crucial driving functions. The digital cockpit incorporates instrument clusters, infotainment, navigation, ADAS, proactive AI, comfort controls, and more using multi-modal interfaces on one platform.
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Automotive Digital Cockpit Market Segmentation
The automotive digital cockpit market covered in this report is segmented –
1) By Vehicle Type: Passenger Vehicle, Commercial Vehicle
2) By Equipment: Digital Instrument Cluster, Driving Monitoring System, Heads-Up Display
3) By Display: LCD, TFT-LCD, OLED
By Geography:The regions covered in the automotive digital cockpit market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the automotive digital cockpit market in 2023.
The Automotive Digital Cockpit Global Market Report 2024 furnishes information about the global automotive digital cockpit market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
