According to a report by P&S Intelligence, the global automotive human-machine interface (HMI) market is projected to generate a revenue of $55,318.4 million by 2030, increasing from $18,822.3 million in 2019, progressing at a 10.8% CAGR during the forecast period (2020–2030). The market is registering growth due to the advancements in the augmented reality, connectivity, virtual reality, and IoT technologies and the incorporation of these technologies in HMI solutions. Moreover, the swift digitization is also predicted to result in the growth of the market.
The automotive HMI market is categorized into central display, voice recognition system, gesture recognition system, rear seat entertainment unit, head-up display, instrument cluster, steering mounted control, and multifunction switches in terms of product. Out of this, the central display category held the major share of the market in 2019, owing to the fact that a significant number of passenger cars are being integrated with smart and connected central displays. Government regulations regarding the incorporation of such displays is also expected to drive the market.
When interface is taken into consideration, the automotive HMI market is divided into acoustic interface, visual interface, and mechanical interface, out of which, the visual interface division is predicted to register the highest CAGR during the forecast period, reaching over 96 million units by 2030. The rising requirement for adaptive solutions and convenient features, in addition to the increasing focus of manufacturers on decreasing the distractions by providing visual interfaces, is driving the growth of the market.
The surging need for integrating safety features in vehicles is a key driving factor of the automotive HMI market. A number of risk factors are associated with human driving habits, including inappropriate speed, failure to pay attention, and unsafe distance from the vehicle moving in the front, which are primarily responsible for road accidents. Because of this, mandatory policies are being implemented by governments around the world for the incorporation of safety features, such as automotive HMI solutions, in vehicles.
In addition to this, the rising consumer preference for in-vehicle connectivity is also expected to drive the automotive HMI market. People these days are increasingly demanding to stay connected with the outer world, even while traveling, which is why, manufacturers are now extensively integrating in-vehicle connectivity feature in vehicles. In-vehicle infotainment systems include traffic and collision warnings, roadside assistance, smartphone connectivity with the vehicle, real-time traffic monitoring, and automobile diagnostics.
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