Automotive Digital Instrument Cluster Market Growth Rate, Share Investment Opportunity, Latest Business Update, and Forecast till 2030
Market Scenario
The Global Automotive Digital Instrument Cluster Market is anticipated to experience 20% CAGR during the forecast period (2017-2023) owing to rising demand of high-end passenger cars, asserts Market Research Future (MRFR).The digital display or the electronic displaycluster in an automobile is referred to as a digital panel which exhibits a set of parameters such as the vehicle speed, the fuel capacity, the engine rpm, and the utilized fuel from the fuel tank. The electronic consolidated panel provides the driver with precise information regarding the functionality of the vehicle and its related parameters in a visually comfortable format.The digital system offers easy and simple comprehensible information, thereby making the driving experience much better.
Drivers and Constraints Impacting the Market
The global automotive digital instrument cluster market is expanding at a healthy CAGR during the estimated period owing to several driving factors. One of the major factors driving the market are the fatigued drivers who get confused with the readings displayed on the analog systems.With the comprehensible and easily readable digital display panel further trigger the demand for automotive digital instrument cluster during the assessment period.The vehicle service personnel also prefer such digital panels owing to the easy and preciseon eye information display aiding the vehicle and diagnostic repair. Moreover, with the increasing demand for high-end passenger cars due to rising disposable income, the global market for automotive digital instrument cluster is estimated to flourish.Additionally, owing to the growing competition, car manufacturers are implementing innovative features in car cabins and latest HMI products, which is considered to increase the penetration of digital instrument cluster in high-end cars.
On the flip side, the high cost of digital instrument cluster is considered as one of the major restraints to the growth of the market across the globe. Moreover, high installation cost and lack of skilled mechanists capable of operating advanced technologies implemented in such clusters are anticipated to slowdown the market growth in the coming years.
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Industry Trends
Industry study indicates that a large number of cars in the near future will be equipped with vehicle-to-infrastructure connectivity and vehicle-to-vehicle connectivity, ensuring enhanced passenger safety, as well as lower congestion on roads. The automotive digital instrument cluster market is all set to observe this trend during the review period, with more and more OEMs exploring new technical aspects of the automotive industry.
Market Segmentation
Display size, display type, fuel type and the vehicle type are included in the market segmentation of automotive digital instrument cluster.
Display sizes considered in the report are 5-8 inch, 9-11 inch and >12 inch. 9-11 inch display size is the commonly used type in the market, on account of the optimum size as well as the low production cost.
Display types studied by MRFR experts are OLED, LCD, TFT-LCD and others. TFT-LCD can generate the highest demand in the market due to better display clarity coupled with relatively low production cost. These factors ensure the segment’s lead in the global market during the assessment period.
The types of fuel described in the report include PHEV, BEV, petrol, HEV and diesel. Each of the mentioned fuel types can surge at a significant pace owing to the increasing shift to digital cluster systems.
The various types of vehicles covered are commercial and passenger vehicles.
Regional Insight
The primary markets for automotive digital instrument cluster identified in the MRFR report include Asia Pacific (APAC), North America, Europe, and the Rest of the World (RoW).
North America market is mostly concentrated in countries like Canada and the United States (U.S) and has noted a steady increase in the number of automobiles on the road. The presence of a mediocre public transport system has led to an increased preference for personal vehicles among the people, which works in favor of the regional market. Besides, a vast number of leading automotive digital instrument cluster players in the region is constantly upgrading their product offerings to fulfill the rising demand for more efficient display applications. These players are also increasing their R&D investments to come up with innovative display technologies that can cater to the advancing connected car features.
The automotive industry in APAC has a strong presence in the global market, all due to the presence of a prominent player like Japan. The technologically advanced vehicles in Japan benefit from the integration of advanced digital instrument clusters, particularly owing to the massive sales in India as well as China. APAC is one of the biggest markets for electric cars, which also boosts the demand for digital instrument clusters.
Renowned Players
Luxoft (Switzerland), Sharp Corporation (Japan), Panasonic (Japan), Robert Bosch GmbH (Germany), Nippon Seiki (Japan), Visteon Corporation (U.S.), ID4Motion (Netherlands), Mitsubishi Electric Corporation (Japan), Delphi Technologies (U.K.), Denso Corporation (Japan), IAC Group (Luxembourg), Magneti Marelli S.p.A. (Italy), Yazaki Corporation (Japan), Nippon Seiki Company Ltd. (Japan), Continental AG (Germany), Nvidia Corporation (U.S.), Alpine Electronics, Inc.(Japan), are among the highly renowned players competing in the market for automotive digital instrument cluster.
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