Northbrook, IL 60062 -- (SBWIRE) -- 10/31/2022 -- According to the new research report, the "Smart Display Market with COVID-19 Impact Analysis by Smart Home Display (Voice-controlled, Smart Appliance), Smart Display Mirror, Smart Signage (Retail & Hospitality Facilities, Sports & Entertainment Venues), Geography - Global Forecast to 2027", published by MarketsandMarkets™, the Smart Display Market is expected to grow from USD 2.3 billion in 2022 to USD 9.7 billion by 2027; it is expected to grow at a CAGR of 33.4% during the forecast period.
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COVID-19 has halted production, plunged sales, and forced key players in the global smart display market to buckle up and rethink plans. In the automotive industry, factors such as rescheduling the launch of models and projects, stabilizing dealer networks, tightly managing cash flow, and reviewing investment portfolios affected the production and sales of passenger and commercial vehicles across the world; this resulted in a decline in the smart display market size in 2021. Major countries with a large market share have been negatively impacted by the pandemic, subsequently reducing the adoption of smart displays in automotive and other applications. The smart display market is expected to witness a significant boost during the forecast period.
Smart home displays to witness a higher CAGR during the forecast period.
Most of the smart home device and solution providers are shifting away from traditional practices towards advanced technologies. Smart devices offer many advantages, such as reduced energy consumption and effective management of devices, over traditional devices. Players offering consumer electronics are also capitalizing on the rising demand for connected devices and solutions by increasing investments in the smart device market. The increased investment is also expected to have a positive impact on the growth of the smart home display market in the near future. Moreover, AI- and IoT-based devices have recently gained traction owing to their convenience and ease of use.
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APAC to grow with highest CAGR during the forecast period
The smart display market in APAC has high growth potential, primarily driven by strong economic growth, rising population, and rapid urbanization leading to the demand for sophisticated infrastructure. The market is expected to record the highest CAGR during the forecast period owing to the rising demand for automation in a large number of new and existing residential projects, increasing retail space, and growing automotive industry in the region.
The report profiles key players in the smart display market and analyzes their market shares. Players profiled in this report are Amazon (US), Samsung Electronics (South Korea), Alphabet (Google) (US), Apple (US), LG Electronics (South Korea), NEC Corporation (Japan), Panasonic Corporation (Japan), Leyard Optoelectronic (Planar) (China), Sony (Japan), Facebook (US), Magna International (Canada), and Gentex (US), Qualcomm(US), Intel(US), Honeywell(US), Lenovo(Hong Kong), Electric Mirror(US), Qisda Corporation(Taiwan), Robert Bosch(Germany), Alps Alpine(Japan), IBM(US), Smart Parking (Australia), Oak Labs(US), Dirror(Germany) and Myra Mirrors (US)
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