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
New York, Nov. 03, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Automotive HMI Market Research Report: By Product, Interface Access, End-Use - Global Industry Analysis and Growth Forecast to 2030" - https://www.reportlinker.com/p05982503/?utm_source=GNW
The global automotive human-machine-interface (HMI) market generated a revenue of $18,822.3 million in 2019 and is predicted to attain a value of $55,318.4 million in 2030, advancing at a CAGR of 10.8% between 2020 and 2030. The key factors augmenting the growth of the market are the rapid advancements in IoT, virtual reality (VR), and augmented reality (AR), and connectivity technologies, their increasing integration in HMI solutions, and the rapid digitization in vehicles.
The soaring disposable income of people and the rising sales of premium vehicles are the other major factors fueling the expansion of the automotive HMI market across the globe. Another key factor causing the surge of the market is the increasing incorporation of safety features in automobiles all over the world. This is mainly because of the rising prevalence of road accidents in several countries, because of various human errors.
The failure to main concentration and pay attention at all times while driving, driving at inappropriate speeds, and keeping inadequate distance from the cars moving in front are the most common types of human errors that cause car accidents. According to the findings of the World Health Organization (WHO), road accidents claim more than 1.35 million lives across the world every year. Further, the organization concludes that road accident is the eighth major cause of death all over the world.
Because of the aforementioned reason, the governments of many countries are increasingly implementing regulations that mandate the incorporation of safety systems in automobiles. As the automotive HMI solutions offer numerous safety features such as touch screens, mobile devices, and voice interactions that assist drivers in understanding important information related to road traffic, they are increasingly being integrated in vehicles all over the world by the automakers. Moreover, customers are nowadays preferring vehicles equipped with these systems over the conventional ones.
The automotive HMI market,depending on product, is divided into instrument clusters, rear-seat entertainment units, voice recognition systems, heads-up displays, central displays, steering-mounted controls, gesture recognition systems, and multifunction switches. Out of these, the heads-up displays category is set to register the highest volume CAGR in the market during the coming years, mainly because of the rising incorporation of heads-up displays in vehicles by automobile manufacturers for enhancing vehicular and passenger safety.
These displays project essential information and stats such as system warnings, multimedia information, and driving status on the windshield of the car, which improves the overall safety of the vehicle and enhances the driving experience. Geographically, the Asia-Pacific (APAC) automotive HMI market generated the highest revenue in the years gone by. Further, the market will exhibit the highest CAGR in the forthcoming years, as per the estimates of P&S Intelligence, a market research company based in India.
The main factor driving the expansion of the automotive HMI market in the APAC region is the rising requirement for passenger cars in the APAC countries. The surging disposable income of people, on account of the rapid economic growth of these countries, is increasing their purchasing power, which is, in turn, boosting the sales of automobiles in these countries. Due to these reasons, the market will grow at an explosive pace in this region in the upcoming years.
Hence, it can be said with certainty that the market will prosper all over the world in the forthcoming years, on account of the rising incorporation of safety systems in vehicles and the increasing consumer preference for premium vehicles equipped with advanced safety features and other technologies over the conventionally used cars.
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