MUMBAI, India, Feb. 10, 2022 /PRNewswire/ -- Frost & Sullivan's recent analysis of the Indian Human Machine Interface (HMI) Industry finds that consumer demand for comfort, safety, and security in their cars contributes to the Indian HMI market growth. The surge in demand for advanced connected features in vehicles from the country's growing tech-savvy population will further drive growth for larger and feature-loaded HMI systems. As a result, the Indian HMI market is estimated to reach $1.67 billion by 2027 from $980 million in 2020.
From a market segment perspective, navigation units will increase their market share to approximately 50% by 2027 from 40% in 2020 because of the launch of new vehicles offering navigation on their top variants. Similarly, with 46% penetration by 2027 compared to 44% in 2020, display audio units will still be relevant, as OEMs will provide navigation through smartphone integration on their low variants or mid-range models.
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"In India, vehicles with advanced, feature-rich HMIs have sold in high numbers during the past two years, forcing OEMs to produce better HMI systems for their new cars," said Gautham Hegde, Senior Research Analyst, Mobility Practice, Frost & Sullivan. "Further, customer knowledge and interest in the HMIs offered by various vehicles have increased drastically, intensifying the competition among OEMs to provide advanced HMI units."
Hegde added: "The demand for connected cars has doubled because of consumer dependency on smartphones, gadgets, and technology. Moving forward, the cars that are equipped with advanced connected features, such as navigation, digital assistants, voice recognition, and smartphone integration will ultimately drive growth for larger and feature-loaded HMI systems."
The surging demand for HMI systems in India presents lucrative growth prospects for market participants, including:
- Customer interest in connected services for reach and compatibility with advanced in-car infotainment systems: Automakers must use this opportunity to transition from vehicle seller to technology supplier.
- New revenue opportunities for OEMs from in-cabin added features and technologies: OEMs should evenly distribute the pricing of upgraded HMI systems for a longer term, rather than generating high revenue for a short period.
- Advanced infotainment systems and connected technology will initiate M&As and joint ventures: Automakers' awareness of technological advancements in HMI systems is critical to their implementation before their rivals.
Indian Human Machine Interface Growth Opportunities is the latest addition to Frost & Sullivan'sMobility research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
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Indian Human Machine Interface Growth Opportunities
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