The global automotive instrument cluster market is expected to generate revenues of about $12 billion by 2023 and is projected to grow at CAGR of around 9% during the 2017-2023
Arizton’s recent market research report on the global automotive instrument cluster market provides comprehensive industry analysis, trend forecasts, and competitive analysis. The research study segments the market 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), and offers detailed competitive analysis.
The introduction of advanced systems telematics, digital clusters, and high-end infotainment systems in the mid-priced car segment is driving the growth of the global market. The improvements in design and launch of virtual cockpit electronics will create lucrative opportunities for vendors in the market.
The top 3 drivers and trends augmenting the growth of the global automotive instrument cluster market are discussed below:
Shift in Consumer Focus on Connected and Hybrid Cars
The increasing need for a car to connect with the other vehicles and devices to enhance the driving experience is attributing to the growth of the global automotive instrument cluster market. The leading OEMs are collaborating with mobile operators to deploy network technologies that enable high-bandwidth connectivity and remote management of the vehicle through a SIM card. Such technological innovations will ensure optimized operation and maintenance of the vehicle and enhance the convenience and comfort of the passengers. The introduction of advanced instrument clusters will enhance the interconnectedness between systems and boost the demand for these systems in the global market. The establishment of stricter fuel economy and safety regulations will also drive the demand for connected and hybrid cars in the global market.
Emerging Economies Driving Market Growth
The exponential surge in need for passenger cars from emerging countries such as China, Brazil, India, and South Africa will drive the growth of the global automotive instrument cluster market. The elevated purchasing power, industrial revolutions, and boost in global trade activities are some of the factors boosting the demand in the automotive market in this region. China is the world’s largest automotive producer, and the Indian market is slowly becoming growing and becoming dynamic in nature. The intense competition in the global market is encouraging leading vendors to shift their focus to these emerging countries to explore new growth avenues and increase the market share. The collaborative activities among international and regional players will initiate the launch of innovative product portfolios in the global market.
Increased Focus on Introducing Safety Solutions – ADAS
The introduction of advanced technologies such as the Advanced Driver Assistance Systems (ADAS) will transform the global automotive instrument cluster market. The prominent vendors in the market are investing the development of efficient manufacturing process and exploring means to reduce the cost of these technologies to implement it in the mid-priced and economy cars segment during the forecast period. The implementation of safety standards by various government bodies across the globe will boost the demand for ADAS solutions, thereby, propelling the growth of the global market. Countries such as the US, Russia, Japan, the EU, and South Korea are leading in the production of these innovative systems in the global market.
The leading vendors in the automotive instrument cluster market are Continental AG, Denso, Magneti Marelli, Nippon Seiki, and Visteon 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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