PUBLISHED DATE : Feb 2018 | Pages : 193
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Automotive Instrument Cluster Market Size, Share, Trends, Analysis Report by Product (Analog, Hybrid, and Digital), Vehicle Type (Economy Cars, Luxury Cars, and Mid-Priced Cars), and Geography (APAC, Europe, Latin America, North America, and Middle East & Africa) Industry Analysis Report, Regional Outlook, Growth Trends, Competitive Landscape, Share & Forecast, 2018–2023
193 Pages
32 Tables
93 Charts
5 Regions
6 Countries
16 Companies
3 Market Segment
| Report Attribute | Details |
|---|---|
| Market Size (REVENUE) | USD 12 Billion (2023) |
| Market Size (VOLUME) | 117 Million Units (2023) |
| CAGR | 9% (2018-2023) |
| BASE YEAR | 2017 |
| Forecast Year | 2018-2023 |
| Market Segments | Product (Analog, Hybrid, and Digital), and Vehicle Type (Economy Cars, Luxury Cars, and Mid-Priced Cars) |
| Geographic Analysis | North America, Europe, APAC, Latin America, and Middle East & Africa |
| Countries Covered | China, Japan, South Korea, Germany, US, and Brazil |
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. 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.
These instrument clusters are referred to as a consolidated information panel in the vehicle and provide 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 automotive 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 automotive semiconductor component will boost the market. The leading vendors are leveraging technology to introduce pioneering systems such as advanced driver assistance systems (ADAS) to gain a larger share and attract new consumers.
The advent of electrification of automotive mechanics will contribute to the revenues in the automotive instrument cluster market shares. 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. The leading OEMs are investing in the procurement of technology that will assist 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.
This research report includes a detailed segmentation by
Implementation of hybrid instrument cluster in mid-priced cars segment to gain momentum in the market during the forecast period
The products segment is categorized into analog, hybrid, and digital. The hybrid cluster was the largest product segment in 2017 and is anticipated to grow at a CAGR of more than 8% during the forecast period. The growing demand for hybrid instrument cluster from mid-priced cars segment in emerging countries is driving the growth of this segment. The decreasing prices of LCD and TFT technologies are encouraging vendors to incorporate hybrid cluster into economy passengers, thereby, boost the demand for these clusters. 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 share.
Mid-priced cars to dominate the automotive instrument cluster market shares during the forecast period
The vehicle type segment is classified by economy cars, luxury cars, and mid-priced cars. The mid-priced car segment dominated 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 cluster 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.
APAC to lead productions in the global automotive instrument cluster market during the forecast period
The geographical segmentation consists of APAC, Europe, Latin America, MEA, and North America. APAC was the largest geographical segment 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 region. 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 during the forecast period.
Europe, led by the Germany and France accounted for 31% and 30% shares in terms of value and unit shipment, respectively, in 2017. The increasing demand for electric vehicles in the European region remains one of the major driving forces of the growth. Central and Eastern European economies are growing rapidly. North America was the third largest geographical segment, the penetration of electric vehicles and hybrid vehicles in the US and Canada is increasing. This is propelling the demand for advanced and sophisticated cockpit electronics solutions.
The automotive instrument cluster market is moderately fragmented, and the top players control more than 50% of the total market share. The leading players in the market are focusing on offering automotive cockpit electronics with high functionality and designs to sustain the competition in the market. The infiltration of low-quality products will result in occasional spurts of competitions in the global market. The increasing number of product/service extensions, technological innovations, and M&As will intensify the level of competition in the global market during the forecast period.
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