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The global automotive instrument cluster market size was valued at USD 7.20 billion in 2018 and is projected to reach USD 13.77 billion by 2026, exhibiting CAGR of 8.4% during the forecast period.
An instrument cluster is a system that is placed in front of the driver in a vehicle. It is one of the most essential and primary components of any vehicle. The key components in the system include speedometer, tachometer, odometer, temperature gauge, fuel gauge, and other warning indicators. The system keeps the driver informed and updated by delivering information about the vehicle. For example, speedometer informs about vehicle speed, the tachometer shows the RPM of the vehicle engine, fuel gauge informs about level of the fuel in the vehicle, and the temperature gauge informs the driver about the overheating of the vehicle. These gauges are widely adopted by manufacturers. These factors are significantly contributing to the growth of the market
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Sporty and Attractive Digital Instrument Clusters to Gain Demand
Systems are evolving from traditional analog clusters to advanced digital clusters. Due to the rapid adoption of innovative technologies in the automotive sector, digitization in the automotive field is estimated to drive the automotive instrument cluster market trends across the globe. There is increasing demand for sporty and attractive digital instrument clusters and thus, various manufacturers are adopting new technologies to give these clusters a sporty and appealing look. Prominent automotive manufacturers such as Audi, BMW, Aston Martin, Mercedes Benz, and Ferrari have installed digital clusters in their vehicles as these clusters have become an integral component of the vehicles. Moreover, increasing inclination of people towards luxury, convenience, and stress-free drive is also propelling the growth of the digital type automotive instrument cluster industry worldwide.
Rapid Growth in Premium Electric Vehicles to Upsurge the Demand for Digital Instrument Cluster
The rapid growth in the sales of electric vehicles is expected to contribute to the digital type instrument cluster market growth. Manufacturers are adopting superior graphic displays in digital instrument clusters for enhanced user experience. For example, these displays provide constant information regarding distance until the next charge and about charged batteries, and other important information. As part of the development, advanced graphic digital systems are gaining traction in the market. The graphic display improves the display look and dashboard with clearer and better visibility of features. Improvements in resolution and size of automobile LCDs and LEDs are anticipated to increase the demand for digital systems to meet the increasing need for highly visible design on a big screen. Thus, the demand for superior graphic display is one of the key drivers fueling this market.
Increasing Inclination towards Digital Solutions to Drive the Market
Manufacturers are transforming traditional automobile solutions with all-digital features. Thus, there is increasing inclination of consumers towards digital solutions for vehicle interiors. Manufacturers are focusing on designing digital systems for affordable entry-level vehicles as well as luxury cars. There is increasing adoption of digital systems due to the advancements such as rich graphics, retina-class resolution, photorealistic rendering, and smartphone integration in cluster technology. The manufacturers of digital systems are developing a number of solutions and new features with varying capabilities for consumers and for various markets.
High Cost of Digital Clusters to Hamper Market Growth
The key restraint hampering the growth of this market is the high cost of digital systems. High cost of display, integrated circuits, and high maintenance cost may hamper the growth of the market. Also, the rising threat of cyber-attacks on digital devices in vehicles is another concern that is affecting the growth of the market across the globe.
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Hybrid Segment to Experience Significant Growth during the Forecast Period
Based on cluster type, the market has been segmented into the analog cluster, hybrid cluster, and digital cluster. The hybrid segment is estimated to dominate the digital instrument cluster market share during the forecast period. The hybrid system is a combination of digital display and analog system that shows the information such as speed, fuel economy, mileage, and temperature in both forms. The analog system consists of a speedometer and an odometer whereas the digital display system consists of an LCD screen that shows all the information such as temperature, distance covered, traffic data, and other warning indicators. The digital system is estimated to dominate the market in the forecast period.
Passenger Cars to Hold Prominent Share in the Market
By vehicle type, the market is further segmented into the passenger car, light commercial vehicle, heavy commercial vehicle, and electric vehicle. The passenger car segment is expected to dominate the market during the forecast period. The entry-level and mid-sized cars in the passenger car segment hold the largest share in the market. Moreover, increasing urbanization, high population rate, improved standard of living, and rise in the disposable income of people are leading to the rising sales and production of passenger cars, which is ultimately surging the demand for passenger cars across the globe.
Asia Pacific Automotive Instrument Cluster Market Size, 2015-2026 (USD Billion)
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By region, the market has been segmented into Europe, North America, Asia-Pacific, and the Rest of the World. Asia-Pacific currently leads the market share and is expected to dominate the market over the forecast period. India, China, and Japan are some of the major countries that are propelling the growth of the market in this region. Government initiatives in various developing countries such as India and China, for the automotive industry are ultimately contributing to the growth of the market in the Asia-Pacific region. Asia-Pacific is followed by Europe, which is the second-largest region in the market and is estimated to show significant growth over the forecast period. The hybrid and digital segments are more dominant in this region, owing to the presence of the prominent luxury car manufacturers such as Audi, BMW, and Mercedes Benz. The USA dominates amongst other countries in this region due to the rapid adoption of advanced technologies and development in the automotive industry in the country. Moreover, presence of key players in North American countries are expected to provide significant opportunity for the market.
Wide Product Portfolio and Core Focus on Technological Advancements by Major Players to Intensify Competition
The competition landscape of this market depicts a monopoly dominated by Visteon Corporation, Continental AG, Robert Bosch GmbH, and DENSO Corporation. Diversified product portfolio along with constant improvements by these companies leading to new product introductions are the key factors responsible for their dominance.
However, regional and domestic players such as YAZAKI Corporation, Delphi Automotive LLP, Calsonic Kansei Corporation, Simco Ltd., Magneti Marelli S.p.A, HARMAN International, Pricol Ltd. are also expected to give tough competition to the key players. This is projected to positively impact the global market as these companies are anticipated to gain market share during the forecast period.
The automotive instrument cluster market report offers qualitative and quantitative insights on this market and a detailed analysis of its size & growth rate for all possible segments within it.
Along with this, the report provides an elaborative analysis of market dynamics, emerging trends, and competitive landscape. Key insights offered in the report are the adoption trends of Instrument cluster by individual segments, recent industry developments such as partnerships, mergers & acquisitions, consolidated SWOT analysis of key players, Porter’s five forces analysis, business strategies of leading market players, macro and micro-economic indicators, and key industry trends.
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Value (USD Billion) & Volume (Million Units)
By Cluster Type
By Vehicle Type
• North America (USA, Canada, and Mexico) • Europe (Germany, France, U.K., and Rest of Europe) • Asia-Pacific (Japan, China, India, South Korea, and Rest of Asia-Pacific) • Rest of the World
Fortune Business Insights says that the market size was USD 7.20 billion in 2018 and is projected to reach USD 13.77 billion by 2026.
In 2018, the market value stood at USD 7.20 billion.
Growing at a CAGR of 8.4%, the market will exhibit steady growth in the forecast period (2019-2026).
The digital segment is expected to be the leading segment in this market during the forecast period.
Increasing inclination towards digital solutions is expected to drive this market.
Visteon Corporation and Continental AG are the leading players in the global market.
Asia-Pacific dominated the market share in 2018.
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