Smart Display Market Size is Forecast to Grow at CAGR of 34.2% during 2020-2025

The Smart Display Market size is forecast to reach $ 6.6 billion by 2025 growing at a CAGR of 34.2% during the forecast period 2020-2025. The growth of Smart Display market can be attributed to the advancements of Artificial intelligence and IoT technology. The growing demand for connected mobility along with greater demand for enhanced safety, convenience and comfort in automobiles is fueling the growth of smart display market. Most of the smart display penetration has been witnessing from developed countries like U.S. and China due to rising popularity of luxury and high end vehicle. In addition to this, increased demand for advanced technology features in consumer electronics is further expected to drive the smart display market during the forecast period. 

 

• Europe dominates the Smart Display Market owing to the increasing demand for connected mirrors in automotive applications.
• The emerging use of Smart Signage for enhanced guest experience in rapidly growing number of shopping centers and malls is likely to drive the growth of Smart display market in the retail segment.
• The increasing need for context-aware signage and customer data analysis to enable AI-based smart signage will further boost the adoption of Smart Display Market.
• Data Privacy concerns and device compatibility issues will create hurdles for the Smart Display Market.

 

The Smart Home Display segment has been analyzed to grow with the highest CAGR of 15.7% during the forecast period 2020-2025 owing to the greater adoption of smart home gadgets and increasing demand for IoT-enabled smart appliances. Addition of interactive and advanced control features to the display devices such as voice commands, Portable LCD display, remote devices, or IoT connectivity and artificial intelligence is propelling the demand for Smart Home display. Being a consumer device, higher growth in voice-controlled smart displays is estimated in the next 3 years considering the trends of smart speakers in the last 3 years from 2019.

 

The Consumer electronics is the major application of Smart Display Market, growing with the highest CAGR of 6.78% during the forecast period 2020-2025.  According to a recent survey by Clutch; a B2B ratings and reviews firm, 33% of People globally Plan to Invest in a Smart Home Device in the Next 3 Years, demonstrating the Growth of IoT in the Home. Similarly, application of smart display in automotive industry is likely to grow at a faster pace owing to rising popularity of smart mirror. Till date the smart mirror penetration is less than 10% across the globe. However, the increased comfort in vehicle and the growing demand for luxury vehicle segment is likely to increase the penetration of smart mirror during the forecast period, thereby creating new opportunity for smart display market.

 

The Asia-Pacific is growing with the highest CAGR of 7.08 % in the Smart Display Market during the forecast period 2020-2025 accounting for 37% of the total shares. The rapidly growing electronics industry in the Asia-Pacific is expected to be the major driver for adoption of Smart Display Market in this region. The market would also be driven by the increase in consumer demand for center stack touchscreen displays in economic passenger cars in cost sensitive automotive markets of China, Brazil, India, and Russia. APAC is an economically growing region owing to the presence of technologically strong countries such as China and Japan. The majority of the world’s consumer goods and electronics are manufactured in APAC, particularly in China and Taiwan. The voice-controlled smart display market is expected to grow at the highest CAGR in APAC mainly due to rising production of consumer electronics and increasing demand for wireless connectivity. The growing success of smart speakers in smart homes has led major companies such as Amazon, Google, Lenovo, LG, and Facebook to develop smart home displays by embedding display panel and voice-controlled capabilities in speaker device. For instance, In 2019 July, LG Display Co., Ltd announced an investment of $2.6 billion in OLED panel plant in South Korea. Rapid internet penetration is also aiding the growth of Smart Display Market with the integration of IoT services in Smart home appliances. For Instance, the total number of IoT devices in 2019 were 14.2 billion and according to Gartner reports there will be 25 billion IoT devices by 2025.

 

• Implementation of AI in Smart Home Devices and Increasing Demand for Iot-Enabled Smart Appliances

The rapid development of Artificial Intelligence technology drives the adoption of Smart Home Devices contributing to the transition of the home from traditional to a smart internet-connected one. Numerous advancements and adoptions of digital technologies in everyday life is likely to boost the trend of digitizing homes. Amazon was the only player in 2017 to launch voice-controlled smart displays, and with the success of smart speakers, several new players such as Google, Facebook, Lenovo, Samsung, and LG Display entered into the market in 2018. With the growing number of players offering voice-controlled smart displays, demand for these displays is expected to boost the market during the forecast period.

• Upsurge in Demand for Smart Mirrors in Automotive Industry

The growing demand for higher safety, comfort and convenience is boosting the demand for connected vehicles with advanced technologies. Smart Mirrors are used in automotive for a variety of applications including temperature display, Bluetooth and hands-free connectivity, navigation, turn signals, and microphone. Increasing demand for smart display mirrors in the automotive industry is driving the global smart display market. The connected cars are largely using this device due to availability of other supporting equipment.  Hence with growing number of connected cars, the demand for smart mirrors are likely to shoot up during forecast period.  The sales of connected car increased by approximately 45% during 2018-2019 to reach 51.1 million unit in 2019. 

 

• Higher cost and compatibility issues of smart display to hamper the market growth

The increasing demand from consumers for driving comfort and safety features in cars has created an opportunity for automakers to embed the display panel in the rearview and side-view mirrors. Currently, rearview mirrors are offered in both aftermarket and OEM-fitted cases. However, a majority of the smart display mirrors are shipped in the aftermarket segment and a minor portion is in OEM-fitted segment. Advanced Technologies as such integrated in automotive is way more expensive. Every Smart Home display gadgets may not be compatible with other home devices. These drawbacks are likely to slow down the Smart Display Market.

 

Product Launches and collaborations along with acquisitions and R&D activities are the key strategies adopted by the players in the Smart Display Market. For instance, LG Display Co.,Ltd launched smart display named LG Xboom AI ThinQ, model WK9 in 2018. In 2019, the market has been consolidated by the top five players accounting for 26.05% of the share. The top ten companies in the Smart Display Market includes LG Display Co.,Ltd, Amazon, Google, Samsung Electronics, Sony, Apple, Facebook, Lenovo, Panasonic Corporation and Magna International, Inc. 

 

• In January 2018, HARMAN International, a wholly owned subsidiary of Samsung launched JBL LINK View, a voice-controlled, smart display speaker with the Google Assistant built-in. HARMAN, in close collaboration with Google, is bringing smart speaker incorporated with Google Assistant, along with a visual display.
•  In July 2018, Google and Lenovo commercialized the first Google Assistant-powered Smart Display. The smart display operates on Qualcomm Home Hub Platform, 8- or 10-inch HD and FHD display panels, and 10W speaker.
• In October 2018, Google launched Google Home Hub, a virtual –assistant enabled smart display which consists of a new feature called Ambient EQ.

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