Market Trends of HMI Industry
This section covers the major market trends shaping the Human Machine Interface Market according to our research experts:
Automotive is Expected to Hold Significant Share
- The constant updation and upgradation of the automobile is a major factor driving the HMI market. For instance, in November 2022, Ford revealed the ultra-high specification Ranger Platinum pickup with exclusive exterior detailing and finishes that enhance the Ranger's already characterful design, matched by a stylish and contemporary leather-trimmed cabin. In addition, Ranger Platinum is available exclusively in five-seat, double cab specification and is powered by Ford's 3.0-liter V6 turbodiesel engine. With the craze for luxury and comfort among the people being the priority, the HMI market is also expected to grow.
- Additionally, according to Organisation Internationale des Constructeurs d'Automobiles (OICA), in year 2021, approimately 80 million motor vehicles were produced globally, which is approx. An increase of 3% compared to the previous year is expected to grow more in the forecasted period. Hence, the market for HMI is also likely to be increased during the period.
- In November 2022, Grupo Antolin, a global supplier of technological solutions for car interiors, introduced an Innovative Upper Trim concept featuring a simple and humanized design for overhead systems. The company announced it as a second of a series of new Grupo Antolin concepts with a precise and single aim to embrace future mobility through Innovation.
- Moreover, in December 2022, Parkopedia announced its new service in all vehicles with BMW Operating Systems 7 and 8, enabling drivers to pay effortlessly for parking in Germany and Austria. Moreover, the company has also planned for further expansion to other European countries in 2023.
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Asia-Pacific is Expected to Witness Fastest Growth
- Asia-Pacific is expected to grow at a higher rate than other regions because of the increase in disposable income and population. In this region, China and Japan are considered to be the manufacturing hubs of the equipment required for the human interface machine. Also, in India, manufacturing has emerged as one of the high-growth sectors. The 'Make in India' initiative places India on the global map as a manufacturing hub and significantly recognizes the Indian economy.
- According Indian Brand Equity Foundation (IBEF), in September 2021, the Indian Government approved a PLI scheme worth USD 3.53 billion for the auto and drone industries to boost India's manufacturing capabilities.
- Additionally, according to the India Brand Equity Foundation (IBEF), India has the potential to become a global manufacturing hub. By 2030, the country can add more than USD 500 billion annually to the global economy, which means the market for the HMI will also increase during that period in the region, which will drive the market.
- Moreover, according to the China Association of Automobile Manufacturers (CAAM), the sales of New Energy Vehicles (NEVs) in September 2022 were seen to be around 71 thousand, and from January to September was to be seen approximately 457 thousand, which shows there was a constant demand for NEVs in the market of China, which will result in the sale of HMI products in the region and will drive the market.
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