Pune, India -- (SBWIRE) -- 10/12/2018 -- Market Insights
Automotive instrument clusters are vital in every automotive vehicle due to their inclusion of various features that a driver needs to stay updated with such as a speedometer, odometer, fuel gauge and others. Available in various forms, these clusters are often designed especially for specific vehicles despite containing similar features as each other. The growing automotive industry has led to a growth in demand and sales of automotive instrument clusters. Market Research Future (MRFR), in its newest report on the global automotive instrument cluster market, has found that the market is expected to witness considerable growth which is expected to be supported by the thriving automotive industry.
Several factors drive the growth of the global automotive instrument cluster. Advancements in technology have led to the design of new and more efficient instrument clusters. Moreover, the rising demand for electronically powered instrument panels, advanced driver assistance system, particularly in high-end cars and the increased demand faced by the global automotive industry, particularly for electric vehicles have contributed greatly to the increased demand for automotive instrument clusters. Consumers have increased their demand and have a strong preference for technologically advanced clusters in an increasingly technology-driven global environment. Market expansion opportunities are presented by growing development of clusters which are integrated with smartphones to provide personalized clusters to meet the high demands of consumers.
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MRFR's report segments the market on the basis of technology type, vehicle type, and region. by technology type, the market is segmented into analog, digital, and hybrid. The hybrid segment accounts for the largest segment due to its capability to integrate both digital and analog form and the high demand for such technology in instrument clusters. Moreover, this type of system carries a low cost and is easily applicable in electric vehicles, thus driving its demand.
By vehicle type, the market is segmented into passenger car and commercial vehicle. Globally, the market is divided into North America, Europe, Asia-Pacific and the Rest of the World.
The Asia-Pacific leads the market with a majority share due to the increasing demand for vehicles in countries such as China, India, and Japan. The region is a significant manufacturing hub,particularly for the automotive industry due to the availability of cheap labor and reduced operational expenses as compared to other regions. The increased production of vehicles has directly impacted the demand for automotive instrument clusters. Moreover, the region is rapidly urbanizing, and consumers have rising disposable incomes leading to the increased sales of vehicles which directly affects the growth of the instrument cluster market.
North America follows the Asia-Pacific in terms of market size with the U.S leading growth for the region. The region has many leading market players and has a significant automotive industry which drives the sales of automotive instrument clusters. Moreover, consumers in countries such as the U.S & Canada prefer the use of personal vehicles over public transport. As a result, many consumers in the region often purchase automotive vehicles. Growing population has led to the increased demand for vehicles, thus increasing the demand for instrument clusters.
The competitive analysis of the market records and analyzes the various strategies employed by leading players in the global automotive instrument cluster market. Market players included in the report are Japan Display Inc., Innolux, Alpine electronics, Denso, Qualcomm, Bosch, Continental AG, Mentor Graphics, Visteon, and Delphi.
Latest Industry News
Denso Corporation, a leading provider of automotive solutions such as automotive instrument clusters, has announced its decision to integrate the operations of its three group companies in South Korea. The integration of development, manufacturing, and sales of its automotive solutions is expected to streamline the development of products to meet the rising automotive demands.
Blackberry Ltd is partnering with BYTON, an intelligent electric vehicle manufacturer to produce an innovative in-car experience which features Blackberry's QNX technology. QNX is commonly used by OEMs to power automotive instrument clusters, and the QNX software has been used in over 120 million cars worldwide.
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Table of Contents
1 Executive Summary
2 Scope Of The Report
3 Market Landscape
4 Market Dynamics
5 Global Automotive Instrument Cluster Market, By Technology Type
6 Global Automotive Instrument Cluster Market, By Vehicle Type
7 Global Automotive Instrument Cluster Market, By Region
8 Competitive Landscape
9 Company Profile
About Market Research Future
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