New York City, NY -- (SBWIRE) -- 08/21/2020 -- The global automotive human-machine interface (HMI) market attained revenue of $18,822.3 million in 2019 and is predicted to reach a valuation of $55,318.4 million by 2030, exhibiting a CAGR of 10.8% from 2020 to 2030. The main factors fueling the progress of the market are the development of electric, autonomous, and connected vehicles and the increasing measures being taken by various regulatory bodies and governments for integrating safety features and systems in vehicles.

Based on product, the automotive HMI market is divided into heads-up displays, steering-mounted controls, multifunction switches, central displays, voice recognition systems, gesture recognition systems, instrument clusters, and rear-entertainment units. Out of these categories, the heads-up displays division is predicted to register the fastest volumetric growth in the market in the coming years. This is because of the fact that a large number of mid- and premium-priced automobile manufacturers are incorporating heads-up displays in their vehicles and providing these systems as safety features to the buyers. The heads-up displays are used for displaying vital data and information such as system warnings, multimedia information, and driving status.

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In terms of end-use, the automotive HMI market is divided into economic cars, premium cars, and mid-priced cars categories. Amongst these, the premium cars division held the highest share, in value, in the market during the last few years, mainly because of the high sales of these automobiles in various developed nations such as the U.K., the U.S., Germany, Japan, and Canada. Furthermore, as the manufacturing costs of the advanced HMI devices is very high, they are usually installed in the premium and luxury vehicles.

Based on access, the automotive HMI market is categorized into standard HMI and multimodal HMI. Between the two, the multimodal HMI category is predicted to demonstrate higher CAGR over the next few years, primarily on account of the burgeoning requirement of comfort and driver assistance features in passenger vehicles. Many original equipment manufacturers (OEMs) and automotive manufacturing companies are increasingly incorporating advanced multimodal HMI systems in vehicles.

Geographically, the automotive human-machine interface (HMI) market registered the highest growth, in value, in the Asia-Pacific (APAC) region during 2014–2019. The APAC automotive HMI market is also predicted to demonstrate the fastest growth in the world in the upcoming years. This is ascribed to the greater requirement of passenger vehicles in the APAC region in comparison to the other regions in the world. Additionally, the rising disposable income and spending power of people in the various APAC nations will further boost the sales of automobiles in the region in the forthcoming years.

The COVID-19 pandemic has significantly impacted the growth of the global automotive industry, which has, in turn, affected the progress of the automotive HMI market. Due to the lockdown imposed in several nations for curbing the spread of the infection, many automakers and OEMs had to shut down their factories and manufacturing plants, which in turn, affected their revenue flow. Furthermore, it is expected that the pandemic would cause the transformation and consolidation of the automotive HMI market in the countries where the market is not dominated by a few major players and more fragmented in nature, such as India and China.

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In the automotive HMI industry, a single company/vendor/service provider doesn't usually provide everything and instead, get into partnerships and collaborations with one another for the different hardware and software components required for manufacturing the end product.

For instance, HARMAN International Industries Inc. and Volkswagen AG entered into a partnership with each other in October 2019 so that the former can integrate its audio systems and solutions in the latter's vehicles all over the world. The partnership was inaugurated with the launch of Volkswagen AG's Golf 8 at a grand event in Wolfsburg, Germany.

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