Automotive Instrument Clusters Market in APAC to Worth $4 Billion by 2023
Arizton’s recent market research report on the automotive instrument cluster market identifies Continental AG, Denso, Magneti Marelli, Nippon Seiki, and Visteon Corporation as the leading vendors that are likely to dominate the market during the forecast period. This research report provides a detailed analysis of market segmentation by product (analog, hybrid, and digital), by vehicle type (economy cars, luxury cars, and mid-priced cars), by geography (APAC, Europe, Latin America, MEA, and North America).
The global automotive instrument cluster market is anticipated to reach revenues of around $12 billion by 2023 and is projected to grow at a CAGR of about 9% during the forecast period.
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The global automotive instrument clusters market is divided into three major segments that include by product, by vehicle type, and by geography.
APAC to occupy the largest market share in the automotive instrument cluster market during forecast period
The automotive instrument clusters market by geography is segmented into APAC, Europe, Latin America, MEA, and North America. APAC dominated the market share in 2017 and is expected to grow at a CAGR of around 9% during the forecast period. The growing automotive production and sales will boost the demand for innovative instrument clusters in the APAC region. The economic development and improving lifestyle standards in Vietnam, Thailand, the Philippines, and Indonesia will also attribute to the demand for sophisticated systems in the APAC market. Additionally, the growing market for luxury cars, hybrid electric vehicles, and electric vehicles in the region will create lucrative opportunities for players in the APAC market.
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Digital clusters to grow at an impressive CAGR in the automotive instrument clusters market during forecast period
The product segment in the automotive instrument clusters market is classified into analog, hybrid, and digital.
Digital clusters are the fastest growing segment of the market at a CAGR of over 26% during the forecast period.
The superior quality of graphics and the ability to customize the information displayed is driving the growth of this segment in the global market. The growing demand for digital instrument clusters in the European market, especially in the UK and Germany is propelling the demand for these systems in the global market. The vendors are launching digital instrument clusters that offer driver with information on car functions such as a trip calculator, cruise control, and messages to gain a larger automotive instrument cluster market share and attract new consumers. Such developments are expected to transform the automotive instrument cluster market during the forecast period.
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Mid-priced cars segment to dominate the market share in the automotive instrument clusters market during forecast period
The automotive instrument cluster market by vehicle type is divided into economy cars, luxury cars, and mid-priced cars. Mid-priced cars segment dominated the market share in 2017 and is anticipated to grow at a CAGR of about 8% during the forecast period. The increasing adoption of hybrid clusters and digital clusters in mid-priced cars will boost the growth of this segment in the global market. The declining price trend for LCD and TFT will encourage vendors to incorporate digital instrument clusters in mid-priced cars and will add to the revenues to in the global market. The establishment of stringent government regulations regarding vehicular safety will boost the adoption of instrument clusters in the global market.
The other prominent players in the automotive cluster market are Alps Electric, Aptiv, Desay, Innolux, Japan Display, Kyocera Corporation, LG Electronics, Panasonic Corporation, Bosch, Sharp, and Yazaki Corporation.
The complete overview of the latest market research report on automotive instrument cluster market by Arizton is now available.
The report also offers a detailed study of major trends, drivers, challenges, and also provides the market size and forecast for major geographical regions and key countries.
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