Trending News: Global Instrument Cluster Market Size, Share, Trends, Growth, Analysis, Research
Global Instrument Cluster Market: Key Highlights
- According to the new market research report “Instrument Cluster Market by Technology (Digital, Analog, Hybrid), by Vehicle (Two-Wheeler, Passenger Cars, Commercial Vehicles, Others), by Application (Speedometer, Tachometer, Odometer) by Region (Asia-Pacific, North America, Europe, Middle East & Africa, South America) — Global Forecast from 2019 To 2027)”, the global Instrument Cluster market is estimated to reach USD 12.2 Billion by 2027 at a CAGR of around 3.3% during the review period.
- Instrument cluster is a set of instruments that consists of a speedometer and infotainment display. The display can be both, digital and analog. The instrument panel also displays the speed of the vehicle, the amount of fuel available, and traffic condition with the help of navigation system.
Global Instrument Cluster Market: Key Market Dynamics
- Increasing two-wheeler market in Asia-Pacific region, growing demand for advanced driver assistance system (ADAS), and increasing adoption of electric vehicles in developed countries are expected to drive the market during the forecast period.
- However, high initial implementation cost is expected to restrain the market during projected years,
- Increasing demand for luxury vehicles are expected to become an opportunity for the instrument cluster market. However, software integration challenges in the system will create some challenges in the growth of the market.
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Global Instrument Cluster Market: Regional Overview
Asia-Pacific is expected to dominate the market during the forecast period due to leading region for sales of passenger cars, two-wheelers, passenger cars, and agriculture vehicles. The demand for two-wheelers are majorly driver by India. Moreover, China holds a 45% of total market of electric cars which are also generated more and more opportunities for the growth of the market and Hence, China and India re expected to be the major contributors to the growth of the instrument cluster market in Asia-Pacific region during forecast period.
- North America
North America is expected to grow at faster rate during forecast period due to presence of global suppliers such as Visteon Corporation, Mentor, and many others. Car manufacturers in North America are currently focusing on developing luxury vehicles and electric vehicles which directly drives the instrument cluster market in North America region.
Global Instrument Cluster Market: Key Players Overview
- Continental AG:
Continental AG engages in the provision of pioneering technologies and services for sustainable and connected mobility of people and their goods. This technological-based company offers safe, efficient, intelligent and affordable solutions for vehicles, machines, traffic and transportation. The company provides instrument clusters for commercial vehicles for offering high degree of functionality through their customized design with displays, indicator lamps and gauges. Moreover, this product offers brilliant colors and an ergonomic structure for give an optimum overview of all important vehicle, environmental and infotainment data to driver. In March 2020, the company launched 3D driver instrument cluster which is scheduled to make its debut with the upcoming Genesis GV80 from the Hyundai Motor Company. The display is the first of its kind as it can display 3D images without the need for specialized 3D glasses.
- DENSO CORPORATION:
Denso Corporation engages in the provision of automotive parts. DENSO is one of the world’s largest automotive suppliers of technology and components found in almost all vehicles around the globe such as Toyota, Honda, FCA, General Motors, Ford, Volvo, and Mercedes-Benz. The Company provide HMI (Human Machine Interface) with feedback appropriate to the driving situation without distracting his/her attention. The instrument cluster is a component in HMI which provides a combination of information needed by the driver via speedometer, fuel gauge, water temperature gauge, odometer, and other indicators. Seven years back, Denso acquired Pricol Components Limited for expanding its manufacturing capability and expanding global presence.
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