Automotive HMI Market to Reach $39,695 Million by
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NEW YORK, July 31, 2017 (GLOBE NEWSWIRE) -- According to a new market research report titled “Automotive Human Machine Interface (HMI) Market by Product (Instrument Clusters, Central Display, HUD, Voice Control System, Steering Mounted Controls, RSE Display, Multifunction Switches), by Technology (Visual Interface, Mechanical Interface, Haptic Interface, Acoustic Interface, Others), by Access Type (Multimodal, Standard), by End-Use (Mid-Price Passenger Cars, Luxury Passenger Cars, Economic Passenger Cars) – Global Market Size, Share, Development, Growth and Demand Forecast, 2013-2023” published by P&S Market Research, the global automotive human machine interface (HMI) market is projected to reach $39,650.0 million by 2023, growing at a CAGR of 14.1% during 2017 - 2023.
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As per the research, the global automotive human machine interface market is expected to grow from $16,784.0 million in 2016 to $39,695.0 million by 2023. The rapidly growing automotive industry, especially in emerging countries including India, China, Brazil and South Africa, is generating significant demand for vehicles with human machine interface systems. Increasing number of road accidents and awareness regarding advanced technology are also driving the market. Vehicle safety regulations and initiatives by various associations and trade unions are backing the increasing installations of human machine interface systems in vehicles. Governments and associations across the globe have been increasingly formulating multi-dimensional policies toward vehicle and passenger safety, which is expected to drive the market for HMI.
Based on product, instrument clusters accounted for the largest share in automotive HMI market, with over 24% share in 2016. Whereas, head-up display has been witnessing the fastest growth in this market. The major factor driving the growth of HMI market is its increasing adoption by original equipment manufacturers (OEMs) and technological advancements. Mid-priced passenger cars were the largest user of automotive human machine interface in 2016. Visual interface and mechanical interface are expected to be the leading technologies in HMI during the forecast period.
Asia-Pacific and Europe collectively accounted for more than 69% in the global automotive human machine interface market in 2016. The major factors contributing to the market growth are the increase in vehicle production, stringent safety norms toward vehicle safety and technological advancements.
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The major factor driving the growth of the human machine interface market is rise in the demand of passenger cars worldwide. India and China have exhibited tremendous growth in vehicle production in past five years and the trend is likely to continue during the forecast period. In North America, both the U.S. and Canada market remained promising and achieved high sales figures in 2016. In the rest of the world region, automotive industry has grown significantly in Brazil, Chile, Iran, Australia and Middle-East, and major automakers are planning to set up their manufacturing plant in these countries to meet the growing demand of vehicles. For instance, South Africa vehicle export increased by over 30% in 2016 and the growth rate is expected to further increase during the forecast period. In April 2017, Volkswagen announced plan to manufacture Polo and Virtus in Brazil.
The automotive human machine interface market is majorly dominated by Tier 1 players having presence across the globe. Some of the major players involved are Continental AG, Luxoft Holding, Inc., Delphi Automotive PLC, Valeo S.A., Visteon Corp., Synaptics Incorporated, Clarion Co. Ltd., Magneti Marelli S.p.A, Inc., and Altran Technologies S.A.
Product launches and strategic partnerships have been the major recent developments in the automotive human machine interface market. Various automakers launched models with human machine interface feature. For instance, in June 2017, Toyota Motors launched the new Camry in June 2017 with human machine interface. BMW also launched the new 5 Series model in China with human machine interface.
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