At 11.5 % CAGR, Smart Display Market Size Worth USD 6.5 Billion by 2026: IndustryARC
September 23, 2022
Implementation of AI in smart home devices and increasing demand for IoT enabled Smart Display MarketHYDERABAD, TELANGANA, INDIA, September 23, 2022 /EINPresswire.com/ -- IndustryARC, in its latest report, predicts that 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. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
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This IndustryARC report on the Smart Display Market highlights the following areas -
1. 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.
2. The display function, combined with other active and passive safety systems, assists vehicle drivers in avoiding crashes and protects passengers during accidents.
3. 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.
4. 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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1. 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.
2. 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.
3. 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 top 5 players in the Smart Display industry are -
1. Continental AG
2. Denso Corporation
3. Magna International Inc
4. Valeo SA
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