Smart Display Market size is projected to cross USD 136.86 billion by the end of 2035, growing at a CAGR of 36.40% during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of smart display was over USD 3.3 billion. The growth of the market can be attributed to growing demand for automobile. After experiencing a decline during the pandemic, global auto sales began to rebound, reaching about 65 million units sold in 2021. Moreover, particularly in developed nations, there is an increasing need for improved safety, convenience, and comfort in automobiles. Hence, the demand for smart display in automobile is estimated to increase. The automobile smart display is a wireless touchscreen display that offers hands-free access to entertainment capabilities, driver safety features, and real-time diagnostics of the car, such as tire pressure and engine heat indicators.
Moreover, governments of major nations have promoted strict exhaust standards, which has led to an increase in the demand for electric vehicles globally. Governments are also encouraging the purchase of EVs by offering incentives and subsidies. For instance, by providing major subsidies to EV buyers and manufacturers, the Uttar Pradesh Electric Vehicle Manufacturing and Mobility Policy 2022 in India seeks to increase the adoption of EVs in the state. The first 2 lakh electric two-wheelers are eligible for a subsidy of about USD 60 per vehicle, the first 50,000 electric three-wheelers are eligible for a subsidy of up to approximately USD 144 per vehicle, and the first 25,000 electric four-wheelers are eligible for a subsidy of up to USD 0.1 Million per vehicle. Electric vehicles continue to be considered to be premium vehicles with high-end features such interactive infotainment systems and larger touch screen screens. The amount of advanced electronic systems in electric vehicles is typically higher. Several screen sizes and resolutions of liquid crystal display (LCD) panels are readily accessible. It is the most widely used display in automated driving, and it is mostly utilized for entertainment, control, and navigation systems. Hence with the growing adoption of electric vehicle the smart display market is estimated to increase.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~36.40% |
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Base Year Market Size (2022) |
~ USD 3.3 Billion |
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Forecast Year Market Size (2035) |
~ USD 136.86 Billion |
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Regional Scope |
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End-user (Smart City, Automotive, Retail, Sports & Entertainment, Healthcare)
The global smart display market is segmented and analyzed for demand and supply by end user into smart city, automotive, retail, sports & entertainment, and healthcare. Out of which, the retail segment is anticipated to garner the highest revenue by the end of 2035. The growth of the segment can be attributed to growth in number of retail businesses in different part of globe. The number of retail establishments in the US was about 1,045,421 as of Q3 2020, up 4,800 from Q2 2020 and the highest Q3 establishment total in the previous ten years. Retailers are constantly seeking a competitive edge. This is especially true for physical establishments that must compete with the rapidly growing e-commerce market. Retail establishments are now battling the ease and convenience of internet purchasing by building establishments where shopping is an occasion. With complimentary Wi-Fi, interactive kiosks, and video walls, these technologically advanced establishments entice customers by providing a more amazing experience. A more uplifting and engaging experience for shoppers is created through smart displays. They are engaged by music, video, scent, and touch while viewing interactive displays, which give them the information they need to make informed decisions. Moreover, by giving retailers precise sales data that enables them to maximize marketing initiatives and more effectively manage inventory, smart displays are also assisting shops in reducing expenses.
Technology (LED, LCD)
The global smart display market is also segmented and analyzed for demand and supply by technology into LED and LCD. Amongst which the LED segment is anticipated to have the significant growth over the forecast period. Compared to LCD screens, LED displays often have greater picture quality. Moreover, LED screen are known for consuming less energy. Hence they are more preferred by people. The light-emitting diode is the primary factor that influences the lifespan of LED screens. The primary killer of the light-emitting diode is high temperatures. The temperature of the working environment could be stabilized by aluminum cabinets' excellent cooling and thermal conductivity in LED, significantly extending the lifespan of screens
Our in-depth analysis of the global market includes the following segments:
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By Technology |
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By Type
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By End User |
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APAC Market Statistics
The smart display market in Asia Pacific is projected to have the highest growth, backed by growing adoption of smartphones, along with rising government initiatives for smart cities. Additionally, there has going preference of people for smart vehicles in this region. In India, about 80% of people concurred that improved car connectivity would be preferable. Comparatively, approximately 52% of people surveyed in Japan concurred that improved car connectivity would be more advantageous in 2021. Moreover, the prices of devices is also reduced in this region which is influencing more people to adopt smart display. One of the top revenue-producing nations on the market is Japan. Analysis predicts that throughout the anticipated time, Japan would have the highest market growth. Japan has sophisticated production facilities for screens and displays and is embracing emerging technologies quickly to produce smart screens and displays, which is projected to accelerate the market's development. To drive the industry, some of the leading organizations are utilizing different organizational tactics including acquisition, business expansion, and collaborations in this region.
North American Market Forecast
The North America smart display market is estimated to be the second largest, to have the highest growth. The growth of the market in this region can be attributed to the widespread product adoption in the automotive sector. Smart displays are widely utilized in connected automobiles to offer driver assistance features and provide the passengers with increased safety, convenience, and comfort. The market is expanding as a result of the rising demand for smart home security tools such security cameras and video doorbells in this region. Therefore, a number of technical advancements, including the fusion of internet of things (IoT) and artificial intelligence (AI) solutions with linked devices, are promoting market expansion in North America. Real-time monitoring and remote access to temperature and security systems are made possible owing to these technologies.
Europe Market Forecast
Additionally, the smart display market in Europe region is also estimated to have significant growth over the forecast period. The market for automotive smart displays in Europe is expanding as a result of rising demand for smart mirror applications in the automobile industry as well as rising interest in Internet of Things and artificial intelligence-based smart applications in the commercial sector. Throughout the projection period, it is also projected that the demand for enhanced smart display applications in healthcare and a growth in the number of smart retailers in Europe would fuel the market for smart displays.
Sony Corporation unveiled the brand-new 216 cm (85) television as part of its BRAVIA XR X95K Mini LED line. The TV is equipped with an XR Backlight Master Drive, which uses the Cognitive Processor XR to accurately regulate the newest Mini LED backlight for amazing brightness. The recently released TV offers an unheard-of dynamic range, with very bright lights and deep blacks that accurately convey the creator's genuine meaning.
The 32-inch LG SMART Monitor in 4K UHD was being introduced by LG Electronics (LG). By enabling remote workstations, at-home workouts, cutting-edge gaming, and a variety of entertainment applications, including well-known streaming services, without a Computer connection, the all-around SMART Monitor was estimated to improve home life.
Author Credits: Abhishek Verma, Hetal Singh
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