The growing emphasis by governments and regulatory bodies on incorporating standard safety features in automobiles, coupled with the development of connected, electric, and autonomous vehicles, is driving the global automotive human–machine interface (HMI) market. Due to these factors, the market is expected to grow from $18,822.3 million in 2019 to $55,318.4 million in 2030, at a CAGR of 10.8% during the forecast period (2020–2030).
Heads-Up Display Category To Grow at Highest Rate during Forecast Period
The automotive HMI market is classified into central displays, heads-up displays, instrument clusters, steering-mounted controls, rear-seat entertainment units, multifunction switches, voice recognition systems, and gesture recognition systems, on the basis of product. Of these, the heads-up displays category is expected to witness the highest CAGR in terms of volume during the forecast period. This would be because a rising number of premium and mid-priced carmakers are adopting heads-up displays and providing them as a safety feature to consumers. These displays project vital stats and data, such as the driving status, system warnings, and multimedia information, on the windshield of the vehicle.
The premium cars category, on the basis of end use, dominated the automotive HMI market in 2019, in terms of value. This was mainly due to the high sales of these cars in developed countries, such as the U.S., Canada, Germany, the U.K., and Japan. Moreover, the development cost for advanced HMI systems is high; therefore, they are majorly installed in luxury and premium vehicles.
On the basis of access, the automotive HMI market is bifurcated into multimodal HMI and standard HMI. Of these, the multimodal HMI bifurcation is expected to witness faster growth during the forecast period, due to the increasing demand for premium and comfort features in passenger cars. Original equipment manufacturers (OEMs) and other automotive parties are progressively deploying complex multimodal HMIs, which work together to prioritize information and reduce drivers’ workload.
Globally, the Asia-Pacific (APAC) automotive HMI market is expected to witness the fastest growth during the forecast period. Furthermore, the region also contributed the highest revenue to the automotive human-machine interface (HMI) market during the historical period (2014–2019). This can chiefly be attributed to the higher demand for passenger cars in APAC compared to other regions. With the growing purchasing power of the population in the region, it is predicted that the demand for automobiles will see considerable growth here in the near future.
During an unusual period in recent history, the COVID-19 pandemic has unleashed a series of unprecedented effects on the automotive industry. The initial effects of COVID-19 began in January 2020, as China was put under lockdown to stop and contain the virus. This resulted in the shutdown of a major part of the Chinese automotive industry, in general, which is why part and component shortage began impacting the revenue and production targets of automotive HMI market players, globally.
Partnerships Are Strongest Strategic Measure Taken by Players in Industry
In the automotive HMI market, a single vendor/company/service provider does not necessarily offer everything. Many vendors collaborate with each other for software and hardware components, to form the end product and gain a competitive edge in the industry.
In October 2019, HARMAN International Industries Inc. announced that it has entered into a partnership with Volkswagen AG, in order to provide its audio solutions for Volkswagen AG’s vehicles across the world. The partnership was debuted with the global launch of Volkswagen AG’s Golf 8 at an event in the new Hafen 1 location in Wolfsburg, Germany.
Browse report overview with detailed TOC on "Automotive HMI Market Research Report: By Product (Voice Recognition System, Central Display, Head-Up Display, Gesture Recognition System, Rear Seat Entertainment Unit, Steering Mounted Control, Multifunction Switches, Instrument Cluster), Interface (Visual Interface, Mechanical Interface, Acoustic Interface) Access (Standard HMI, Multimodal HMI), End-Use (Mid-priced Cars, Premium Cars, Economic Cars) - Global Industry Analysis and Growth Forecast to 2030" at:https://www.psmarketresearch.com/market-analysis/automotive-hmi-market
In July 2019, Faurecia, announced a collaboration with Microsoft to create a cockpit for future automobiles. The combined expertise of both the companies in edge computing, artificial intelligence, cloud-based services, cockpit system integration, and consumer insights is expected to enhance the on-board experience.
Some of the major players operating in the global automotive HMI market are Continental AG, DENSO CORPORATION, EAO AG, Harman International Industries Inc., Nippon Seiki Co. Ltd., Panasonic Corporation, Robert Bosch GmbH, Valeo S.A., Visteon Corporation, and YAZAKI Corporation.