Smart Display Market Size to Grow at a CAGR of 11.5% During the Forecast Period 2021-2026
Smart Display Market size was valued at $6.5 billion in 2020 and is estimated to grow at a CAGR of 11.5% during 2021-2026. The growth is mainly attributed to the increasing adoption of smart signage displays in automotive and consumer electronic industries and is poised to drive the smart display industry. Growing demand of remote devices and integration of smart displays in them set to provide opportunities to smart display market during forecast period. High demand for smart mirrors from the automotive industry, new and innovative features offered by smart mirrors, an increasing number of internet users and growing adoption of smart devices according to consumer preferences, surging demand for AI-powered and IoT-enabled smart home appliances, increasing trend of context-aware signage, and growing adoption of smart signage in retail sector are the key driving factors for the smart display market.
Smart Display Market Segment Analysis – Vehicle Type
Light Duty Vehicle held the major market share of 52.91% in 2020 owing to the rapid increase in the adoption of safety and comfort systems in passenger cars which is set to drive the smart display market in this sector. Additionally increasing investments of production of electric cars, autonomous vehicles with advancements in technology have further increased the demand for smart displays, thereby driving the market.
Smart Display Market Segment Analysis – Level of Autonomous Driving
Semi-Autonomous Vehicles is the fastest growing segment in Smart Display market and estimated to grow at a CAGR of 14% during the forecast period 2021-2026. Advancements and increase in research and development activities in automobile industry set to provide opportunities for smart displays in semi-autonomous vehicles. The growth is mainly attributed to the increase in electrification of vehicle components and use of smart components that assist the drivers in safe drive, thereby driving the market during forecast period.
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Smart Display Market Segment Analysis – By Geography
APAC dominated the Smart Display market in 2020 with a market share of 45%, followed by North America and Europe. As APAC is the manufacturing hub for automotive and consumer electronics industries, there is high adoption of smart displays in these industries which set to drive the market. For instance, In 2019 July, LG Display Co., Ltd announced an investment of $2.6 billion in OLED panel plant in South Korea. According to International Organization of Motor Vehicle Manufacturers (OICA), sales of new vehicles has been increasing in countries such as China, India and other countries. Increasing investments on smart home devices such as smart TVs and other home appliance have been driving the smart display market in this region.
Smart Display Market Drivers
Implementation of AI in smart home devices and increasing demand for IoT enabled smart appliances
With the adoption of advanced technologies including automation in automobile industry, there has been growing demand of advanced vehicles which are equipped with latest components such as Smart Display systems. The installation of advanced Smart Display system in commercial vehicles has increased comfort level while driving and assists in reducing driver fatigue during long journeys. According to International Organization of Motor Vehicle Manufacturers (OICA), the production of commercial vehicles at global level has been increased from 22.87 million to 24.63 million during 2016-2019 period. These factors has increased the demand for commercial vehicles sales thereby driving Smart Display market.
Upsurge in Demand for Smart Mirrors in Automotive Industry
The growing demand for higher safety, comfort and convenience is boosting the demand for connected vehicles with advanced technologies. Smart Mirrors are used in automotive for a variety of applications including temperature display, Bluetooth and hands-free connectivity, navigation, turn signals, and microphone. Increasing demand for smart display mirrors in the automotive industry is driving the global smart display market. The connected cars are largely using this device due to availability of other supporting equipment. Hence with growing number of connected cars, the demand for smart mirrors are likely to shoot up during forecast period. The sales of connected car increased by approximately 45% during 2018-2019 to reach 51.1 million unit in 2019.
Smart Display Market Challenges
Higher cost and compatibility issues of smart display to hamper the market growth
The increasing demand from consumers for driving comfort and safety features in cars has created an opportunity for automakers to embed the display panel in the rearview and side-view mirrors. Currently, rearview mirrors are offered in both aftermarket and OEM-fitted cases. However, a majority of the smart display mirrors are shipped in the aftermarket segment and a minor portion is in OEM-fitted segment. Advanced Technologies as such integrated in automotive is way more expensive. Every Smart Home display gadgets may not be compatible with other home devices. These drawbacks are likely to slow down the Smart Display Market
Market Landscape
Product Launches, Acquisitions, and R&D activities are key strategies adopted by players in the Smart Display market. Smart Display top 10 companies include Continental AG, Denso Corporation, Magna International Inc, Valeo SA, Samsung, LG Electronics, Panasonic Corporation, Japan Display Inc, Nippon Seiki Co., Ltd, Alpine Electronics, Robert Bosch GmbH and others.
Acquisitions/Technology Launches
In December 2019, Samsung had launched its new MicroLED display. It is India’s most expensive led Screen which costs approximately $1.58 million. Development of advanced products set to increase the smart display market share.
In November 2019, LG had launched smart display LG XBoom AI ThinQ Wk9. This display has 5 MP camera for video calling and other services. This is poised to drive the market.
Key Takeaways
APAC dominated the Smart Display market in term of revenue in 2020 owing to high adoption of smart displays in automobile and smart home appliances.
The display function, combined with other active and passive safety systems, assists vehicle drivers in avoiding crashes and protects passengers during accidents.
Growing demand for portable LCD displays, touch screen, and voice command devices have increased the smart home appliances which further drive the smart display market.
High cost of smart displays and offering luxurious automotive electronics at low price becomes a major challenge and hampers the growth of the market.
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