Automotive Human Machine Interface (HMI) Market Size to Record 11.55% CAGR Over 2023-2030; Better Value Propositions for Auto Manufacturers to Boost Market Development

The global automotive Human Machine Interface (HMI) market size touched USD 21.40 billion in 2022 and is predicted to reach USD 23 billion in 2023. The market is anticipated to touch USD 49.43 billion by 2030, recording a CAGR of 11.55% over 2023-2030.

Fortune Business Insights™ presents this information in its latest report titled “Automotive Human Machine Interface (HMI) Market Size, Share & COVID-19 Impact Analysis, By Operation Type (Gesture, Voice, And Manual), By Vehicle Type (Passenger Cars and Commercial Vehicles), and Regional Forecasts, 2023-2030”.

The demand for connected vehicles is growing in many countries as customers want cars that are equipped with advanced technologies and come with better features. This factor has encouraged automakers to introduce automotive Human Machine Interface (HMI) in their products. Automotive Human Machine Interface refers to a combination of innovative technologies and design elements that enable communication between humans and vehicles. One of the key components of the human machine interface is its display system. The display works as a communication medium for entertainment and information. Drivers are given key data, such as traffic situation and weather conditions, which helps them stay alert and avoid fatal road accidents. These features are expected to boost the automotive Human Machine Interface market growth.

Notable Decrease in Vehicle Sales Due to COVID-19 Negatively Affected Market Progress

The automotive industry saw a record drop in its vehicle sales during the COVID-19 pandemic. The outbreak had a major impact on the sales of passenger cars in particular, which led to the collapse of the world economy. Many leading automobile manufacturing companies were compelled to close down their production facilities for a temporary period. Since production of vehicles declined, the demand for automotive HMI systems also decreased, which negatively impacted the market development.

Better Value Propositions for Auto Manufacturers to Boost Market Development

Automotive Human Machine Interfaces (HMIs) can enable car manufacturers to obtain a major competitive advantage over their market rivals. Since customers are increasing their inclination toward advanced car safety features may encourage automakers to incorporate innovative technologies in their HMI systems. These initiatives will also help them strengthen their presence in the market.

Stellantis NV, Foxconn, and FIH Mobile Ltd. Signed MoU to Create MobileDrive

Stellantis NV, together with Hon Hai Precision Industry Co., Ltd. (“Foxconn”). and its subsidiary FIH Mobile Ltd., signed a non-binding Memorandum of Understanding (MoU) to form ‘MobileDrive’. The resulting joint venture aimed to develop cutting-edge in-vehicle user experiences offered by HM interfaces and innovative consumer electronics.

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Key Market Players to Enter Partnership and Acquisition Agreements to Boost Market Presence

The companies that are operating in this market have dominated the industry for quite some time as they have a strong product portfolio and are using various key growth strategies to maintain their dominance in the market. These organizations are also signing several partnership and merger & acquisition deals to expand their geographic presence and boost market share.

Notable Industry Development:

• June 2023: Mercedes-Benz U.S.A. revealed that it had integrated its Chat GPT feature with its AI software in the U.S. The company further stated that the feature will be available in selected luxury vehicles. This innovative feature enables drivers to have communicate naturally with their vehicles with the help of voice commands, thereby enhancing the user experience.

List of the Companies Profiled in the Report:

• Continental AG (Germany)
• Synaptics Incorporated (U.S.)
• Valeo S.A. (France)
• Visteon Corporation (U.S.)
• Alpine Co. Ltd. (Japan)
• Aptiv (Ireland)
• Tata Elxsi (India)
• EAO AG (Switzerland)
• Forciot Oy (Ltd.) (Finland)
• Actia Corporation (France)
• HARMAN International (U.S)
• Intellias LLC (Ukraine)
• Rightware Inc., (Finland)
• Panasonic Automotive Systems Europe GmbH (Germany)
• Bosch Global Software Technologies PVT. LTD. (Germany)
• 3M (U.S.)
• Infineon Technologies AG (Germany)

Further Report Findings

• North America has held a dominant market share as the region is witnessing a strong growth in its automotive industry due to the introduction of vehicles that are equipped with advanced technologies. The growing demand for connected vehicles among customers will also augment the regional market growth.
• The market in Europe is also anticipated to display notable growth during the forecast period as government authorities across the region have made their vehicle evaluation policies more stringent. Also, the rising demand for Advanced Driver Assistance System (ADAS) technology will accelerate the regional market progress.
• The voice recognition system segment has captured the biggest market share as this system can help drivers interact naturally with their vehicles, while keeping their entire focus on the road.

Table of Segmentation