Global Automotive Digital Instrument Cluster Market 2017-2021
About Automotive Digital Instrument Cluster
The automotive instrument cluster is a collection of gauges, dials, and lights, which are in front of the driver, right above the steering. In some vehicles, it is present in the center of the dashboard. The instrument cluster has a panel, which displays various information, such as speed, fuel level, engine revolutions per minute (RPM), also known as a tachometer. With advancement in technology, modern instrument clusters also displays various icons related to the car such as front lights, power steering warning, door ajar warning, seat belt warning, tailgate open warning, high beam indicator, turn signal indicator, gear shift position, engine malfunction warning, anti-lock braking system (ABS), electronic stability program (ESP), engine oil warning, parking brake warning, charging system warning, malfunction indicator, airbag indicator, low fuel level warning, cruise control indicator, low windshield washer fluid level warning, and others.
Technavio’s analysts forecast the global automotive digital instrument cluster market to grow at a CAGR of 37.26% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global automotive digital instrument cluster market for 2017-2021. To calculate the market size, the report considers the revenue of digital instrument cluster fitted in mid-segment and luxury vehicles only.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Automotive Digital Instrument Cluster Market 2017-2021
Technavio recognizes the following companies as the key players in the global automotive digital instrument cluster market: Bosch, Continental, Delphi, DENSO, and Visteon
Other Prominent Vendors in the market are: Alpine Electronics, ID4Motion, Luxoft, Mitsubishi Electric, Nippon Seiki, SHARP, and YAZAKI.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Development of superior graphic display. The digital instrument clusters adopt sophisticated technology to provide the users the freedom to customize the information being displayed on the cluster. As a result, global automotive digital instrument cluster market is one of the fastest growing market in the automotive electronics; currently at third place in the global automotive electronics market.”
According to the report, one of the major drivers for this market is Digital instrument cluster to bring down costs for the automotive OEMs. Currently, digital instrument clusters are high-priced. This caused the users to perceive them as premium asset offerings in a vehicle. In the highly competitive luxury cars market, automotive OEMs use the digital instrument cluster as product differentiators. As a result, the penetration rate of digital instrument clusters is low in the global automotive market. However, the digital instrument cluster is a medium for the automotive OEMs to reduce their manufacturing costs. Cost reduction is a crucial element for OEMs, as manufacturing costs impact the pricing and the demand for a vehicle. Hence, adoption of digital instrument clusters is expected to rise during the forecast period.
Further, the report states that one of the major factors hindering the growth of this market is Low penetration of digital instrument cluster due to cost pressure on the automotive OEMs. The addition of digital instrument clusters is bound to escalate the cost of the existing vehicles. Hence, automotive OEMs face humongous cost pressures due to dynamic regulations that impose several components within a vehicle. Factors like implementation of stringent emission norms, need for heavy investments in R&D programs, increased market competition, and evolving customer demands add to the rising cost pressure. For instance, as per NHTSA, the imposition of a new rule in 2014 requires all light vehicles (including cars, SUVs, trucks, and vans) to have a backup camera by 2018. The rule holds good for May 1, 2016, models, and manufacturers must achieve 100% compliance by May 1, 2018. Such developments will likely increase vehicle costs due to a competitive market, as OEMs have to bear the costs and cannot pass these on to end-customers.
Bosch, Continental, Delphi, DENSO, and Visteon, Alpine Electronics, ID4Motion, Luxoft, Mitsubishi Electric, Nippon Seiki, SHARP, and YAZAKI.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook