Market Analysis
Market Research Future (MRFR) predicts the global automotive smart display market to reach around USD 10 billion, exhibiting a CAGR of 13% (forecast period).
A smart display is a wireless touch screen device designed for use in automobiles to provide distraction-free access to multimedia functions, driver safety features, navigation, and real-time vehicle diagnostics such as fuel capacity, battery temperature, tire pressure, and engine heat indicators. The growing consumer awareness of safety features can be contributed to the growth of the global automotive smart display market. Furthermore, the global growth of luxury and premium cars is a crucial element driving the growth of the automotive smart display market. The elimination of the distraction created by glancing around for details required by an automotive smart display can reduce accidents. The high power consumption, the cybersecurity threat posed by vehicle telematics, expensive display cost, and lack of brightness are viewed as the primary reasons limiting the market's growth. However, the global market is expanding due to a growing population, changing lifestyles, increased demand for autonomous vehicles, and in-car infotainment systems.
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Key Players
The forefront players of the global automotive upholstery market are Haartz Corporation (U.S.), Adient PLC (U.S), Lear Corporation (U.S.), Toyota Boshoku (Japan), Faurecia (France), Katzkin (U.S.), Johnson Controls International Plc (Ireland), Grammer AG (Germany), Borgers Se & Co. KGaA (Germany), Acme Mills Company (U.S.), Grupo Antolin (Spain), and Seiren Co. (Japan).
COVID-19 Impact on the Global Automotive Smart Display Market
The global economy has suffered a significant setback as a result of the COVID-19 outbreak, which has had a detrimental influence on vehicle production. The COVID-19 pandemic has caused supply chain difficulties, with some manufacturing sites shutting down. The outbreak has had a severe influence on the sale of passenger and commercial vehicles, lowering the demand for smart displays.
Market Segmentation
The automotive upholstery market has been bifurcated on the basis of type of material, type of fabric, application, and vehicle type.
The market by application is bifurcated into visor linings, carpet flooring, trunk space, sidelining, carpet flooring, and seat cover. Among these, the seat covers application segment will spearhead the market over the forecast period.
The market by type of fabric is bifurcated into handcrafted varieties, woven, and knit.
The market by type of material is bifurcated into resin, vinyl, handwoven material, leather, cotton, and synthetic leather. Among these, the synthetic leather material segment will stay at the forefront in the market over the forecast period.
The market by vehicle type is bifurcated into commercial & passenger cars. Among these, the passenger car vehicle type segment will lead the market during the forecast period.
Regional Analysis
Geographically, the global automotive upholstery market has been bifurcated into the Asia Pacific (APAC), Europe, North America, & the Rest of the World (RoW). Of these, North America will dominate the market over the forecast period for the growing preference for large SUVs, rising sales as well as production of cars, and trend to own personalized cars in the US.
In Europe, the automotive upholstery market will have the second-largest share during the forecast period for burgeoning demand for upholstery, preference for luxurious cars having flashing components, need for aesthetically appealing upholstery, and demand for high-end and big cars.
In the APAC region, the automotive upholstery market is predicted to have notable growth over the forecast period for surging need for upholstery in China and India, Japan being the worldwide car superpower, strong inclination towards high-end upholstery, demand for cars that are technologically advanced, increased purchase power, increased production of cars, and need for luxury cars. In the RoW, the automotive upholstery market is predicted to have steady growth during the forecast period.
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