Automotive Instrument Cluster Market - Global Outlook and Forecast 2018-2023
This market research report on automotive instrument cluster market offers analysis on market size & forecast, market share, industry trends, growth drivers, and vendor analysis. The market study also includes insights on segmentation by product (analog, hybrid, and digital), by vehicle type (economy cars, luxury cars, and mid-priced cars), and by geography (APAC, Europe, Latin America, MEA, and North America).
Automotive Instrument Cluster Market - Overview
The increasing proliferation of cockpit electronics solutions that offer centralized control and seamless data and information exchange between various systems is propelling the growth of the automotive instrument cluster market. Automotive instrument clusters improve the interconnectedness between various systems in a vehicle. The rising demand for connected cars and integration of smartphones to automotive cockpit electronics will attribute to the growth of the global market. These instrument clusters are referred to as a consolidated information panel in the vehicle and provides all the necessary information to the driver. This system is used to display information on vehicle status data such as speed of the vehicle, engine rpm, transmission data, fuel levels, trip data, seat-belt indicator, door status, and several warning/check indicators. The introduction of telematics, digital clusters, and high-end infotainment systems in the mid-priced vehicle segment will revolutionize the global market.
The growing demand for advanced electronic and semiconductor component will boost the automotive instrument cluster in the global market. The leading vendors are leveraging technology to introduce pioneering systems such as advanced driver assistance systems (ADAS) to gain a larger market share and attract new consumers. The automotive instrument cluster market will reach revenues of close to $12 billion by 2023.
Automotive Instrument Cluster Market - Dynamics
The advent of electrification of automotive mechanics will contribute to the revenues in the global automotive instrument cluster market. The establishment of government regulations to reduce vehicle emissions and the growing need to increase the fuel economy of vehicles are the factors propelling the development of automotive mechanics in the global market. The leading OEMs are investing in the procurement of technology that will assists in reducing the weight of the vehicle or introduce electronically controlled vehicle mechanism. The advancements will result in higher accuracy in automotive functioning, superior fuel efficiency, and reduced tailpipe emissions. Moreover, the launch of electronic systems such as anti-lock braking, electric parking brake, and ADAS will revolutionize the global automotive market during the forecast period.
Automotive Instrument Cluster Market Segmentation
This market research report includes a detailed segmentation of the market by products, by vehicle type, and by geography.
Automotive Instrument Cluster Market – By Products
Implementation of hybrid instrument clusters in mid-priced cars segment to gain momentum in the automotive instrument cluster market during forecast period
The automotive instrument cluster market by products is segmented into analog, hybrid, and digital. The hybrid cluster was the largest product segment in the global market in 2017 and is anticipated to grow at a CAGR of more than 8% during the forecast period. The growing demand for hybrid instrument clusters from mid-priced cars segment in emerging countries is driving the growth of this market segment. The decreasing prices of LCD and TFT technologies is encouraging vendors to incorporate hybrid cluster into economy passengers, thereby, boost the demand for these clusters in the global market. The leading vendors are investing in the development and incorporation of 3D graphics technology in hybrid clusters to enhance consumer experience and gain a larger market share.
Automotive Instrument Cluster Market – By Vehicle Type
Mid-priced cars to dominate the global automotive instrument cluster market during forecast period
The vehicle type segment in the automotive instrument cluster market is classified by economy cars, luxury cars, and mid-priced cars. The mid-priced car segment dominated the global market in 2017 and is projected to grow at a CAGR of close to 8% during the forecast period. The increasing demand for highly advanced and sophisticated instrument clusters is driving the growth of this segment in the global automotive market. The rising requirement interactive infotainment systems with added functionality such as navigation, song selection, and surrounding data will revolutionize the market during the forecast period. The increase in per-capita disposable income and development of economies across emerging countries in the APAC region will propel the demand for advanced instrument cluster in the market.
Automotive Instrument Cluster Market – By Geography
APAC to lead productions in the global automotive instrument cluster market during forecast period
The automotive instrument cluster market by geography consists of APAC, Europe, Latin America, MEA, and North America. APAC was the largest geographical segment in the global market in 2017 and is expected to grow a CAGR of over 9% during the forecast period. China leads the automotive production in the global market and countries such as Japan, South Korea, and India are also significant revenue contributors in the APAC market. The availability of low-cost labor and reduce logistical costs makes APAC the hub of manufacturing and production units in the global automotive market and drives the growth of this segment. The rising expenditure on high-end products, automobiles, EVs, and HEVs, and leisure items will have a positive impact on the growth of the global market during the forecast period.
Key Countries Profiled
The key countries profiled in the report are:
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