IHS Markit Projects Automotive Display Systems Market Will Grow to $21B in 2022
IHS Markit projects the automotive display systems market will grow $9.2 billion in the next five years.
Photo Courtesy: IHS Markit
IHS Markit, a London-based technology analysis company with an office in Southfield today projected the primary automotive display systems market will reach $11.6 billion in tier one supply revenue globally in 2017, and grow to $21 billion by 2022. The market is expected to increase drastically over the next few years, according to an Automotive Display Systems Forecast by IHS Markit.
“There are a few different sources of this increase in display value within the automotive sector,” says Brian Rhodes, automotive technology analyst for IHS Markit. “First are simple volume increases, with more vehicles adding new displays to the instrument cluster and center stack, along with Head-Up Display (HUD) deployments becoming more common. The second area of growth is in the technology value itself, as these displays are becoming larger and more capable – and therefore more expensive.”
Rhodes adds that HUDs account for only $731 million today, but show the largest growth potential in terms of percentage going forward through 2022. Additionally, Center Stack Displays and Instrument Cluster Displays, representing global revenues of $6.1 and $4.8 billion respectively are the most valuable for the industry. In 2022, IHS Markit projects revenue from all three system markets will total more than $20.8 billion, an increase of $9.2 billion in five years.
The company projects automotive supplier Continental will be the top supplier of primary automotive display systems this year, based on global revenue forecasts. Visteon follows closely behind, as the only other supplier with a double-digit market share in this industry.
A full version of the forecast can be read here.