Automotive HMI Market worth $40.2 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, June 7, 2023 /PRNewswire/ -- Automotive HMI Market is projected to grow from USD 23.9 billion in 2023 to USD 40.2 billion by 2028, at a CAGR of 11.0%. according to a new report by MarketsandMarkets™. An increase in awareness for driver safety, growing demand for easy accessibility solutions to multiple functions in vehicles, rise in demand for enhanced driving experience and increase in demand for technologies integrating with autonomous vehicles are some factors influencing the growth of the automotive HMI market.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=109625825

Browse in-depth TOC on "Automotive HMI Market".
281 - Tables
48 - Figures
270 - Pages

Automotive HMI Market Scope:

Luxury Passenger Cars are predicted to be the largest application for Automotive HMI.

The automotive HMI market is expected to be dominated by luxury passenger cars as the demand for premium vehicles has grown significantly in recent years. According to MarketsandMarkets Analysis, the overall share of passenger vehicles (Class D and above) stood at >30% in 2022, which was ~20% in 2018 in Asia Pacific, Europe, and North America. These premium vehicles strongly emphasize premium features, pay attention to customer needs, integrate cutting-edge features, and generally command higher price tags than mass-market vehicles. This higher pricing allows luxury car manufacturers to install advanced HMI solutions such as the high-resolution touchscreen display with multiple connected capabilities, speech recognition and voice command, gesture recognition, HUD, and voice recognition system. The Mercedes-Benz S-Class, BMW 7 Series, Audi A8, and Tesla Model S are examples of luxury passenger car models that feature various HMI products. Thus, rising consumer acceptance of premium vehicles, especially in developing nations, would enable OEMs to standardize multiple automotive HMI products in this segment to provide additional comfort and a premium feel.

The >10" display screen size is predicted to be the fastest-growing segment.

The > 10-inch display screen size is predicted to grow rapidly. This growth is driven by several factors, including the enhanced user experience provided by larger screens, the ability to integrate advanced functionalities and features, the contribution to design and aesthetics, technological advancements making larger screens more practical and affordable, and the competitive differentiation offered by larger screens. The growing premium car sales and increased adoption of a large central screen display in mid-priced passenger cars has also influenced the growth of >10" display screens. Tier 1 suppliers are developing cost-effective touchscreens with larger sizes without adding much difference to OEMs. This helps OEMs as a differentiating factor, especially in lower mid-priced cars where consumers are conscious about more features, which can drive their buying decision. Also, the large screen displays enhance safety with larger icons, fonts, and touch targets, allowing for better readability and reducing drivers' need to divert their attention from the road while driving. Volkswagen Golf, Kia Seltos, and LADA Priora are some mid-priced passenger cars offering>10" display screens.  Thus, the growth of high-end and mid-variant vehicles to enhance status quotient and aesthetic appeal would lead to the demand for large screen display sizes in coming years.

Asia Pacific is expected to account for the largest share of the Automotive HMI Market.

Advancements and developments in the field of vehicle manufacturing are driving the Asia-Pacific automotive HMI industry. Countries such as China, South Korea, Japan, and India, among others, are the major contributors to the growth of automotive HMIs in the region. The vehicle manufacturing industry in Asia Pacific is rapidly growing, particularly in countries like China, Japan, South Korea, and India. Economy and mid-range passenger vehicles hold the largest share in developing countries such as China and India. These are cost-sensitive markets, and to cater to this, tier-1 suppliers offer cost-effective HMI solutions such as central display, steering control, voice command, etc. are increasingly becoming popular in the economy to high-end cars in developing countries. As a result, they have produced high-quality automotive HMIs at lower costs than other regions. However, a gradual rise in the demand for feature-rich features with some additional cost would drive the demand for the automotive HMI market in the region.

Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=109625825

Automotive HMI Market Dynamics:

Drivers:

1. Growing demand for vehicles enabled with connectivity elements.
2. Rising production of luxury vehicles.
3. Demand for driver safety and government initiatives for automotive HMIs.
4. Advancements in artificial intelligence and machine learning.

Restraints:

1. High cost of advanced HMI technologies.
2. Limited HMI technology standardization and difficulties in integrating various components.

Opportunities:

1. Rising electric and hybrid vehicle sales with advanced HMI features.
2. Growing innovation in autonomous mobility solutions.

Challenges:

1. Complexity in design.

Key Market Players:

Major players operating in the automotive HMI companies are Continental AG (Germany), Luxoft (Switzerland), Aptiv (Ireland), HARMAN International (US), Synaptics Incorporated (US), and Visteon Corporation (US).

Recent Developments:

• In October 2022, Luxoft (Switzerland) and Hyundai MOBIS (South Korea) announced a collaboration to jointly develop the next-generation in-vehicle infotainment (IVI) platform for future mobility. The collaboration aims to provide drivers and passengers with advanced digital experiences by incorporating cutting-edge technologies such as artificial intelligence and augmented reality.
• In June 2022, Valeo (France) collaborated with BMW AG (Germany) to provide the ADAS domain controller, sensor, and software for parking and maneuvering of BMW's upcoming platform generation, "Neue Klasse," due to launch in 2025.
• In January 2022, Visteon Corporation (US) and Steradian Semiconductors Pvt. Ltd. (India) joined forces to develop an ADAS offering superior safety features for the global automotive market. Under a joint development agreement, Steradian will grant Visteon access to its cutting-edge 4D image radar sensor hardware and perception software technology. Imaging radars play a vital role in Level 2+ autonomous driving technology by facilitating the development of safety applications, AI-powered perception algorithms, and sensor fusion.
• In December 2021, Synaptics Incorporated (US) acquired DSP Group (US), a prominent provider of wireless chipset solutions and voice processing. The acquisition combines two leading companies with cutting-edge AI, voice processing, and wireless technologies to develop a diverse range of smart connected devices.

Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=109625825 

Browse Adjacent Market: Automotive and Transportation Market Research Reports & Consulting

Related Reports:

In-vehicle Infotainment Market - Global Forecasts to 2027

Automotive Smart Display Market - Global Forecasts to 2025

ADAS Market - Global Forecasts to 2030

About MarketsandMarkets™:

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/automotive-human-machine-interface-market.asp           
Visit Our Website: https://www.marketsandmarkets.com/
Content Source: https://www.marketsandmarkets.com/PressReleases/automotive-human-machine-interface.asp  

Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg

View original content:https://www.prnewswire.com/news-releases/automotive-hmi-market-worth-40-2-billion-by-2028---exclusive-report-by-marketsandmarkets-301844563.html

SOURCE MarketsandMarkets