Automotive Display Panel Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Automotive Display Panel Market Analysis

The Automotive Display Panel Market size is estimated at USD 20.75 billion in 2024, and is expected to reach USD 28.84 billion by 2029, growing at a CAGR of 6.80% during the forecast period (2024-2029).

• The automotive display panel market is witnessing robust growth due to increased demand for semi-autonomous and autonomous vehicles, improved consumer experience in vehicles, and high growth in luxury and high-end car segments, mainly in emerging markets. Consumers increasingly expect sophisticated vehicle infotainment systems, including touchscreens, navigation systems, and connectivity features.
• Automotive display panels serve multiple vehicle functions, providing information such as speed, fuel levels, navigation directions, and entertainment options. They also contribute to safety by displaying warnings and alerts for issues like low tire pressure or engine malfunctions. Additionally, they offer settings for various features like climate control and audio systems.
• Before microLED technology becomes mature for commercial use, miniLED-backlit LCD panels compete with OLED panels for application to high-end automotive displays. Market vendors are also innovating their offerings to provide solutions across various vehicles. For instance, LD Display announced plans to develop hybrid OLED panels for lower-cost cars.
• Hybrid OLED panels combine the strengths of OLED (organic light-emitting diode) and LCD (liquid crystal display) technology. OLED displays offer impressive visual quality with deep blacks, vivid colors, and excellent contrast. However, the manufacturing costs of OLED panels are traditionally higher than those of LCD panels. By integrating LCD elements into their hybrid OLED panels, LG Display aims to deliver superior visual performance while reducing production costs.
• Stricter safety regulations push automakers to include more advanced driver assistance systems (ADAS) in vehicles, often requiring display panels to convey critical information to drivers. In February 2024, UNECE’s Working Party on Automated/Autonomous and Connected Vehicles adopted the draft of a new regulation that states provisions for the approval of vehicles with driver control assistance systems and provides minimum safety requirements for vehicles equipped with the advanced driver assistance system, such as lane keep assist.
• Similarly, the Indian government has been stressing enhanced car safety for years. After the mandatory six airbags rule, slated to be implemented in October 2024, the government contemplates making certain ADAS features mandatory on Indian cars. As per a recent report published in PTI, the Ministry of Road Transport and Highways (MoRTH) has drafted a new proposal to reduce road accidents in India. Such trends are expected to drive the market growth during the forecast period.
• Advanced display technologies can be expensive to implement, which may increase the overall cost of vehicles. This could deter price-sensitive consumers or manufacturers looking to keep production costs low. Also, integrating display panels into vehicles adds complexity to the manufacturing process and may require additional training for maintenance and repair technicians.
• Also, the ongoing Russia-Ukraine war has significantly impacted various industries, including the automotive sector. The disruption caused by the war has affected the growth of the automotive display panel market in several ways. The war has also caused shortages of raw materials in the automotive industry. Ukraine and Russia are major producers of commodities like aluminum and rare gases, essential for automotive manufacturing. The disruption in the supply of these raw materials has further affected the production of automotive display panels.

Automotive Display Panel Market Trends

The Heads-up Display Segment is Anticipated to Hold a Significant Market Share

Automotive Display Panel Industry Segmentation

Automotive display panels are electronic screens used in vehicles to provide visual information to drivers and passengers. These panels can be found in various vehicle locations, such as the instrument cluster, center console, dashboard, rear mirror, and steering wheel. They are designed to display a wide range of information, including vehicle speed, fuel level, engine temperature, navigation directions, and entertainment system controls.

The automotive display panel market is segmented by display panel (technology [a-Si LCD, Oxide LCD, LTPS LCD, and AMOLED]), display console/cluster (application [instrument cluster, center stack, heads-up display, and other applications]), and geography (North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America). The market sizes and forecasts are provided in terms of value in USD for all the above segments.