INSIGHTS
- The global HMI market is valued at approximately $4.06 billion in 2018, and is projected to grow at a CAGR of about 8.80%, reaching approximately $6.19 billion by 2023.
- The global market size for industrial use HMI in the automotive industry is approximately $641.48 million in 2018, and is projected to grow to approximately $978.02 million by 2023.
OVERVIEW
The global market size for the overall HMI market is approximately $4.06 billion in 2018, according to our calculations. It is projected to grow at a CAGR of roughly 8.80%, reaching approximately $6.19 billion by 2023. While we could not locate publicly available figures for the overall industrial use HMI market, we found data regarding one segment of this market, namely industrial use HMI in the automotive industry. This segment is valued, according to our calculations, at approximately $641.48 million in 2018, and is projected to grow to approximately $978.02 million by 2023. We could not find publicly available data regarding the non-traditional HMI market, which is largely due to the restricted nature of market research reports on this subject. Below is our search methodology, an explanation of why data regarding the non-traditional HMI market is not publicly available, and all of our relevant findings and calculations.
METHODOLOGY
To find data on the non-traditional HMI market, we conducted a search including market research reports and relevant news articles spanning the last several years. We located an abundance of reports regarding the HMI market, but unfortunately all reports that may contain useful data are hidden behind paywalls. This includes a 2016 and a 2018 report from Grand View Research, a 2018 report from Market Research Future, a 2017 report from Credence Research, a 2016 report from Technavio, a 2017 report from Zion Market Research, a 2016 report from Million Insights, and a 2017 report from MarketsandMarkets. We gleaned enough information from these reports' synopses to compile some potentially useful data regarding the overall HMI market and HMI in automotive industrial use below. However, we could not access sufficient data to provide information regarding the non-traditional HMI market, nor the overall industrial-use HMI market, although it is likely that at least some of the linked reports above (which are not publicly accessible) contain this data.
There are several potential reasons why there is not more publicly-available data on the non-traditional HMI market or the industrial-use HMI market. First, it is likely that most information that has been collected on these subjects is only available via payment, as the numerous reports linked above suggest. It is also possible that companies in the relevant industries possess data on these markets, but choose not to release it publicly, either to maintain a competitive advantage or for some other reason. Additionally, it is apparent from our search that publicly accessible media sources have not reported sufficient data on these subjects to provide a robust quantitative analysis of the desired market sizes. Nonetheless, we have provided some potentially useful data below, including the approximate market size of the overall HMI market and this market's projected growth over the next five years, in addition to the size of one segment of the industrial use HMI market, namely the automotive industry segment.
DATA AND CALCULATIONS
To find the approximate current global HMI market size, we extrapolated from the 2016 market size using the projected CAGR provided by Zion Market Research.
2017: 3.43 + (3.43*0.088) = 3.732
2018: 3.732 + (3.732*0.088) = 4.06
As such, according to the data presented by Zion Market Research, the approximate global market size for HMI overall is about $4.06 billion. We continued this calculation to determine the projected size for the next five years:
2019: 4.06 + (4.06*0.088) = 4.417
2020: 4.417 + (4.417*0.088) = 4.806
2021: 4.806 + (4.806*0.088) = 5.229
2022: 5.229 + (5.229*0.088) = 5.689
2023: 5.689 + (5.689*0.088) = 6.19
As such, according to the data presented by Zion Market Research, the overall global HMI market size will be approximately $6.19 billion in 2023. While industrial use HMIs as a percentage of the overall HMI market was not publicly available, we were able to locate the automotive industry as a percentage of the overall market, and used this figure to calculate the approximate market size for HMIs in the automotive industry now and over the next five years, assuming that it grows at the same rate as the overall market:
2018: 4.06*0.158 = 0.64148
2019: 4.417*0.158 = 0.697886
2020: 4.806*0.158 = 0.759348
2021: 5.229*0.158 = 0.826182
2022: 5.689*0.158 = 0.898862
2023: 6.19*0.158 = 0.97802
As such, the global automotive industrial use HMI market size is approximately $641.48 million in 2018, and is projected to grow to approximately $978.02 million by 2023, assuming that it grows at the same pace as the overall HMI market.
CONCLUSION
We could not find sufficient data to provide a quantitative analysis of the non-traditional HMI market and its projected growth, nor the overall industrial use HMI market. This is primarily due to the restricted nature of reports on this subject, as all relevant market research requires substantial payment to access. However, we have calculated the approximate global market size for the overall HMI market ($4.06 billion) and its projected size in five years ($6.19 billion). We have also calculated the global size of one segment of the industrial use HMI market, namely the automotive industry segment: in 2018, this segment is approximately $641.48 million, and it is projected to grow to approximately $978.02 million by 2023.