Cockpit Electronics Market Market Size
[170+ Pages Research Report] Cockpit Electronics Market to surpass USD 129.8 billion by 2031 from USD 56 billion in 2021 at a CAGR of 8.8% throughout the forecast period 2021-31.
Steering, brakes, audio system, HVAC, and navigation systems are all controlled manually by the driver in previous automobiles' cockpits. When we consider all of these controls, we can see how they can operate as distractions for drivers, raising the danger of an accident. The new integrated cockpit features advanced multiple screens that display all necessary information in one location, as well as a human-friendly HMI (Human-Machine Interface) and a variety of other components, making it easier for the user to communicate and control the vehicle.
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Market Highlights
Global Cockpit Electronics Market is expected to project a notable CAGR of 8.8% in 2031.
Global Cockpit Electronics Market to surpass USD 56 billion by 2021 from USD 129.8 billion in 2031 at a CAGR of 8.8% in the coming years, i.e., 2021-2031. The increased consumer desire for improved user experience and convenience features is driving the market for cockpit electronics. Furthermore, the market is driven by the rise of linked vehicles and the integration of cellphones with automobiles. Previously, the electronics system in a car accounted for only 1 to 2% of the entire vehicle cost. However, as the need for improved user experience and convenience features grows, the cost of such systems has risen to up to 12% of the entire vehicle cost.
Figure - Market Analysis of Cockpit Electronics Market
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Global Cockpit Electronics Market: Segments
Head-up Display segment is anticipated to hold considerable market share in the near future
In terms of volume and value, head-up displays are expected to be the fastest-growing product segment in the world. This segment's growth can be ascribed to rising demand for premium and luxury passenger automobiles, as these vehicles are more likely to include head-up displays. In terms of value, the infotainment and navigation segment is expected to be the largest. OEMs are increasingly using integrated infotainment and navigation systems, which is driving this segment's growth.
Luxury Cars segment is predicted to capture the highest CAGR over the period 2021-31
By end market, luxury passenger cars are expected to be the fastest-growing section of the automotive cockpit industry. In terms of electronic systems, luxury passenger automobiles have a lot to offer. In their premium passenger automobiles, several manufacturers are adding high-end infotainment and windshield head-up displays. In the fuel type segment, the global market for battery electric vehicles (BEV) is expected to develop at the quickest rate. The growing production of electric automobiles is responsible for this growth.
Figure - Market Analysis of Global Cockpit Electronics Market
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Market Dynamics
Drivers
Increasing number of cutting-edge technologies in Cockpit Electronics is driving the market
Growing demand for innovative technology such as head-up displays, as well as an increase in safety consciousness, is driving the expansion of vehicle cockpit electronics. The expansion is also fueled by rising consumer per capita income and increasing demand for improved autonomous vehicles, as well as shifting demand for modern electronics gadgets. It displays all necessary information for the driver in the line of sight, such as navigation and other pertinent data. The driver must take his eyes off the instrument panel for a few moments, but not the head-up display.
Demand for safety and convenient features
Cockpit electronics are predicted to grow during the forecast period, owing to increased safety provided by novel technology in vehicle cockpit modules. Other important market drivers include increased customer desire for improved user experience and convenience features, connected vehicle expansion, and smartphone integration with vehicles.
Restraint
Time consuming certification processis hampering the Cockpit Electronics Market
The lengthy certification procedure raises suppliers' time costs, which limits industry expansion. It also establishes stricter standards for suppliers' day-to-day operations, such as the company's automation level, product quality control, and financial capability, among other things, all of which must match the automobile factory's needs.
Global Cockpit Electronics Market: Key Players
- Visteon Corporation
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
- Alpine Electronics Inc.
- Panasonic Corporation
- Continental AG
- Harman International Industries Inc.
- Delphi Automotive (Aptiv PLC)
- Clarion Co. Ltd
- Luxoft Holding Inc.
- Other Prominent Players
Global Cockpit Electronics Market: Regions
Individuals in North America have more disposable cash, which has increased the demand for high-end features such as touchscreen-based navigation systems and multimedia entertainment in vehicles. Changes in consumer tastes, as well as increased demand from the LCV industry, have accelerated the adoption of car navigation systems. From 2015 to 2018, the country's passenger car sales were on the decline. Total vehicle sales, on the other hand, have been increasing due to increased demand for light commercial vehicles.
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Impact of COVID-19 on Cockpit Electronics Market
The COVID-19 epidemic has had a significant impact on the global automotive sector. The declaration of COVID-19 as a global pandemic in March 2020 led in lockdowns in a number of countries. These lockdowns have resulted in the temporary closure of manufacturing companies and the imposition of curfews, resulting in a sharp drop in the production of numerous vehicle products around the world. Furthermore, disruptions in supply chains, as well as a lack of raw materials and manpower, have hampered the production of automobiles.
Global Cockpit Electronics Market is further segmented by region into:
- North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Brazil and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Russia, Turkey and Rest of Europe
- Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, and Rest of APAC
- Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Middle East and Africa
Global Cockpit Electronics Market report also contains analysis on:
Cockpit Electronics Market Segments:
- By Product Type
- Head-up Display
- Information Display
- Infotainment & Navigation
- Instrument Cluster
- Telematics
- Others
- By Technology Type
- Advanced
- Basic
- By Vehicle Type
- Commercial Vehicle
- Passenger Car
- By End Market
- Luxuy Cars
- Economic Passenger Car
- Mid-Scaled Priced Vehicle
- Cockpit Electronics Market Dynamics
- Cockpit Electronics Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies Involved in the Market
- Value Chain of the Market
- Market Drivers and Restraints
Cockpit Electronics Market Report Scope and Segmentation
REPORT ATTRIBUTE |
DETAILS |
|
Market size value in 2021 |
USD 56 billion |
|
Revenue forecast in 2031 |
USD 129.8 billion |
|
Growth Rate |
CAGR of 8.8% from 2021 to 2031 |
|
Base year for estimation |
2020 |
|
Quantitative units |
Revenue in USD million and CAGR from 2021 to 2031 |
|
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
|
Segments covered |
Product Type, Technology Type, Vehicle Type, End Market and Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
|
Key companies profiled |
Visteon Corporation, Alpine Electronics Inc., Panasonic Corporation, Continental AG, Harman International Industries Inc., Delphi Automotive (Aptiv PLC), Clarion Co. Ltd, and Luxoft Holding Inc. |
Frequently Asked Questions (FAQ):
Cockpit Electronics Market size was estimated at USD 56 billion in 2021 and is expected to reach USD 129.8 billion in 2031.
An integrated cockpit system is a substitute of earlier car cockpits, which have traditional instrument cluster attached with dashboard of the car, which was used for controlling the vehicle.
The Head-up display segment accounted for the largest Cockpit Electronics Market share.
Key players in the market include Visteon Corporation, Alpine Electronics Inc., Panasonic Corporation, Continental AG, Harman International Industries Inc., Delphi Automotive (Aptiv PLC), Clarion Co. Ltd, and Luxoft Holding Inc.
Increase in the per capita income of the customers, growing demand for the advanced autonomous cars, along with changing demand for advanced electronics devices are the key drivers of the market.
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