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Automotive Instrument Cluster Market to Grow at 8.4% CAGR till 2026; Growing Demand for Deeper Human-Machine Interaction in Vehicles to Aid Market Expansion

June 03, 2020 | Automotive & Transportation

The global instrument cluster market size is poised to touch USD 13.77 billion by 2026 as a result of increasing adoption of next-gen digital dashboards in vehicles. This analysis is contained in the new Fortune Business Insights™ report, titled “Automotive Instrument Cluster Market Size, Share & Industry Analysis, By Cluster Type (Analog, Digital, and Hybrid), By Vehicle Type (Passenger Cars, Light Commercial Vehicle, Heavy Commercial Vehicle, and Electric Vehicle), and Regional Forecast, 2019-2026”. The report states that the value of this market stood at USD 7.20 billion in 2018 and is expected to exhibit a CAGR of 8.4% from 2019 to 2026.


Yazaki Introduces Digital Cluster with Seamless Appearance


The demand for comprehensive and convenient dashboard displays is steadily rising among vehicle buyers. As a result, manufacturers are developing new and refining existing technologies to engineer innovative digital solutions for automobiles and thus leading the automotive instrument cluster market trends. In January 2019, Japan-based global automotive parts provider, Yazaki Corporation, designed and launched the first-of-its-kind vehicle instrument cluster, featuring a highly seamless appearance and markedly superior display quality. Yazaki achieved this by modifying a process involving an optical coupling adhesive, which is commonly used in smartphones, to create a high-end display, augmenting the interiors of luxury cars. The company collaborated with a regional original equipment manufacturer (OEM) to develop the display at an optimal cost, enabling it to provide it at competitive prices.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/automotive-instrument-cluster-market-102850


Cost-Effectiveness of Digital Clusters to Stoke Their Adoption Rate


One of the most important factors driving the automotive instrument cluster market growth is cost-effectiveness of digital clusters, which is fueling their uptake among car manufacturers. Although these clusters need advanced CPUs to power them and also boast of high-end LCD and LED displays, their cost-benefit analysis shows that their advantages far outweigh their initial high costs. For instance, to ensure stable economies of scale, automakers can conveniently deploy the same software and hardware across same vehicle segments. For the buyer, this is beneficial as a simple software update can transform the entire look of the vehicle’s dashboard. Furthermore, these systems enable displaying dynamic information to the driver such as temperature of the car, fuel consumption, etc. Easy scalability allows manufacturers to cut down costs on extra hardware or purchasing of additional components as digitalized cluster can be upgraded with timely updates. Lastly, such systems also facilitate deeper interconnection between the vehicle and the driver through direct interaction as well as indirectly through smartphones.


Partnerships between Tech Giants and Carmakers to Animate the Market Competition


Competition in this market is headed towards an exciting period as prominent vehicle manufacturers are roping in leading tech giants to develop modern cluster solutions, the instrument cluster market forecast predicts. Deeper and broad-ranging collaborations are allowing leaders in both domains to harness each other’s expertise and diversify their respective offerings. While software specialists are ensuring efficient scalability of automotive displays, incorporation of innovative solutions develop by tech companies in top car models is expanding the applicability of their products.


Industry Development:



  • January 2020: The Japanese automotive components manufacturer DENSO Corporation announced that it will be teaming up with the US-based leading technology company Qualcomm to engineer next-generation vehicle cockpit solutions. The company aims at utilizing Qualcomm’s expertise in IT and semiconductors and integrating with its own specialty in providing advanced in-vehicle products and components.


List of Companies Covered in the Automotive Instrument Cluster Market Report:



  • Magneti Marelli S.p.A

  • Calsonic Kansei Corporation

  • Visteon Corporation

  • YAZAKI Corporation

  • Continental AG

  • HARMAN International

  • Simco Ltd.

  • Delphi Automotive LLP

  • Pricol Ltd.

  • DENSO Corporation

  • Robert Bosch GmbH


Further Report Findings:



  • The digital cluster segment held a share of 19.1% in 2018 and is anticipated to dominate the share in the coming years as digital displays are becoming increasingly popular among carmakers as well as consumers.

  • Among regions, Asia-Pacific is expected to dictate this market share during the forecast period on account of rising disposable income in countries such as India, China, and Vietnam.

  • Europe boasted of a market size of USD 1.43 billion in 2018 and is foreseen to grow at a considerably high rate owing to the rapid adoption of hybrid and digital instrument clusters among vehicle manufacturers in the region.


Table of Segmentation:








































 ATTRIBUTE



 DETAILS



Study Period



  2015-2026



Base Year



  2018



Forecast Period



  2019-2026



Historical Period



  2015-2017



Unit



  Value (USD Billion) & Volume (Million Units)



Segmentation



By Cluster Type



  • Analog

  • Digital

  • Hybrid



By Vehicle Type



  • Passenger Cars

  • Light Commercial Vehicle

  • Heavy Commercial Vehicle

  • Electric Vehicle



By Geography


          • 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


Automotive Instrument Cluster Market
  • PDF
  • 2018
  • 2015-2017
  • 200

    CHOOSE LICENSE TYPE

  • 4850
    6850
    8850

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