WILMINGTON, DE / ACCESSWIRE / February 10, 2023 / Transparency Market Research Inc. - According to a TMR study, the smart vehicle cabin market is projected to expand at a CAGR of 9.2% during the forecast period from 2023 to 2031. A smart vehicle cabin system comprises features such as Occupant Monitoring System and Driver Monitoring System, which can work with a central processing unit or can be standalone systems.
Some of the application areas for smart vehicle cabin systems are in-cabin monitoring, wireless connectivity, infotainment, haptic HMI, and others.
New smart vehicle cabin launches are helping leading players in generating revenue and gaining an edge over other players. Additionally, prominent market players are collaborating with other companies to expand presence and increase revenue share.
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Key Findings of Market Study
- Growing Need to Reduce Road Accidents: There has been a steady rise in the number of on-road vehicles across the world, in the last few years. Increase in automobile production, growth in the transportation sector due to rapid industrialization and urbanization, and rise in purchasing power among customers are driving the demand for automobiles. Governments are increasing their focus on improving vehicle safety to decrease the number of accidents, which is likely to boost market demand in the future.
- Increase in Demand for Passenger Vehicles: In terms of vehicle type, the global market has been classified into passenger vehicles (hatchback, sedan, and utility vehicle), light commercial vehicles, heavy-duty trucks, and buses & coaches. The passenger vehicle segment is estimated to account for a dominant market share in the next few years. Surge in the manufacturing of passenger vehicles across the world and increase in disposable income among consumers are some factors anticipated to drive the demand for passenger vehicles and stimulate the segment.
Smart Vehicle Cabin Market - Key Driving Factors
- Rise in demand for connected, intelligent, and autonomous technologies in automobiles
- Increase in demand for next-generation automobiles integrated with advanced technologies, such as artificial intelligence, is likely to trigger demand and help expand the smart vehicle cabin market size in the next few years
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Smart Vehicle Cabin Market - Regional Landscape
- North America accounted for dominant market share in 2022. The trend is estimated to continue in the future. Rise in development of next-generation automobiles integrated with smart cabin technology by leading manufacturers and increase in purchasing power of consumers in countries such as the U.S. and Canada are factors bolstering market development in the region.
- The market in Asia Pacific is projected to witness strong growth during the forecast period due to growth in automobile demand with improved safety features in India and China
Smart Vehicle Cabin Market - Key Players
The global smart vehicle cabin market is highly competitive with the presence of several international and local players. Entry of new players could intensify the competition in the near future. Leading market players are investing in R&D to produce improved smart vehicle cabins that meet consumer requirements.
Some of the key players operating in the market are Texas Instruments Inc., Robert Bosch., General Motors, Panasonic Corporation, and Analog Devices Inc.
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The global smart vehicle cabin market has been segmented as follows:
- Application
- Cabin Conditioning
- In-cabin Monitoring
- Infotainment
- Wireless Connectivity
- Haptic HMI
- Others
- Component/System
- Display
- HVAC
- Speaker
- Lighting
- Sensor
- Others
- Vehicle Type
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy-duty Truck
- Bus and Coach
- Propulsion
- ICE Vehicle
- Gasoline Vehicle
- Diesel Vehicle
- Electric Vehicle
- Battery Electric Vehicle
- Hybrid Electric Vehicle
- Plug-in Hybrid Electric Vehicle
- Sales Channel
- OEM
- Aftermarket
- Region
- North America
- Asia Pacific
- Europe
- Middle East & Africa
- Latin America
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