According to the UnivDatos Market Insights, the rise of electric vehicles, growing demand for high-quality display units and consumers increasingly seeking connectivity features would massively transform the global scenario of display unit of the vehicle infotainment and as per their “Display Unit Of The Vehicle Infotainment Market” report, the global market was valued at USD 2.3 billion in 2022, growing at CAGR of 8.79 % during the forecast period from 2022 - 2030 to reach USD XX billion by 2030. India is emerging as a significant player in the global display unit in vehicle infotainment market, showcasing strong potential for rapid growth. This blog delves into the key factors propelling this advancement, highlighting recent developments and notable news across recent years.
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Understanding the Potential
India presents a unique landscape for growth in the display unit in vehicle infotainment market, driven by several key factors:
Ø Exponential Growth in Vehicle Sales: India boasts one of the world's fastest-growing automotive markets. With rising disposable incomes and a rapidly expanding middle class, an increasing number of Indian consumers are purchasing their first vehicles, driving up demand for automotive components, including display units.
Ø Increasing Demand for Enhanced Features: Indian consumers are increasingly demanding sophisticated infotainment systems in their vehicles. Large displays, touchscreen controls, navigation, connectivity, and other advanced features enhance convenience and appeal. This demand is driving the market for high-quality display units.
Ø Expanding Focus on Technology and Innovation: India is known for its technological prowess and a large pool of skilled engineers. This expertise is being leveraged by both domestic and multinational display manufacturers who are establishing development and manufacturing facilities within the country, boosting display unit production capabilities.
Ø "Make in India" Government Initiative: The Indian government's "Make in India" initiative emphasizes domestic manufacturing and local value addition through favorable policies and infrastructure support. This is strongly attracting investments into the electronics and automotive component industries, leading to increased display unit production within the country.
Ø Thriving Startup Ecosystem: India has a burgeoning startup ecosystem, fostering innovative ideas that lead to advancements in automotive technologies, including display units. Startups are playing a crucial role by developing cutting-edge display solutions with unique features.
Recent Developments and News by Year
Let's explore some significant developments that underscore India's growth trajectory in the display unit in vehicle infotainment market:
2022:
o Visteon, a leading global automotive supplier, inaugurated a new manufacturing unit in Chennai, India, focusing on the production of advanced digital instrument clusters and display units.
o Samsung announced a partnership with an Indian automaker to develop a next-generation infotainment system for a popular mid-range car model, featuring a large touchscreen display with integrated navigation and voice control.
o The Indian government unveiled a Production-Linked Incentive (PLI) scheme for the electronics manufacturing sector, providing financial incentives for producing display components, thus encouraging domestic manufacturing.
2023
o LG Display invested in expanding its OLED panel production facility in Pune, India. The company aims to cater to the growing demand for high-quality OLED displays in the Indian automotive market.
o A major Indian automotive manufacturer unveiled its electric SUV, equipped with an advanced infotainment system featuring a dual-screen display setup offering a seamless user experience.
o Several Indian automotive startups showcased their concepts for smart dashboard displays integrating augmented reality, gesture control, and personalized driver information.
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The Road Ahead
India's future in the display unit in vehicle infotainment market looks incredibly promising. The automotive market is poised for continued expansion with increasing vehicle ownership, while the overall business environment promotes manufacturing and innovation. The following trends could further propel India's growth:
Increased penetration of connected car features: As connectivity becomes more widespread in India, the demand for advanced displays capable of utilizing connected technologies is likely to escalate.
o 5G Adoption: The implementation of 5G could open up broader avenues for display units to provide a more immersive in-car experience.
o Growth of the EV Market: Increased adoption of electric vehicles in India will bolster demand for sophisticated display units with features like energy efficiency monitoring and range analysis.
o Government Support: Continued focus on policies such as the "Make in India" initiative and PLI schemes will further stimulate domestic display technology and manufacturing capabilities. Contact UnivDatos Market Insights, a rapidly growing dynamic market research firm led by a core of dedicated professionals for further information.
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