PUNE, India, June 11, 2020 /PRNewswire/ -- The global Instrument Cluster Market size is projected to reachUSD 13.77 billion by 2026, exhibiting a CAGR of 8.4% during the forecast period. Increasing preference for digital dashboards among car buyers will be the central force pushing the growth of this market, finds Fortune Business Insights™ in its recent report, titled "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".
Digital clusters have been swiftly replacing the conventional analog clusters in vehicles over the past decade. This change in consumer preference has opened up new areas of creativity for automakers as digitized dashboards can be made to look more sporty and attractive. For instance, in September 2018, BMW launched the revised version of its BMW Cockpit powered by the new BMW Operating System 7.0. The new features are designed to keep the driver fully informed of the car's performance, with significant upgrades in the areas of gesture control and voice recognition. Thus, digitalization of instrument clusters in high-end cars is set to emerge as one of the top instrument cluster market trends in the coming years.
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According to the report, the market value stood at USD 7.20 billionin 2018.
The report also shares the following information:
Key insights into the major growth drivers of the market;
Comprehensive overview of the industry trends and future outlook;
Detailed assessment of the challenges facing the market; and
Thorough research into the regional developments and competitive landscape of the market.
Development of Instrument Clusters for Electric Vehicles to Augment Market Potential
The International Energy Agency (IEA) revealed that deployment of electric vehicles (EVs) rose by an astonishing 63% in 2018 from 2017 levels, with the global EV fleet surpassing 5 million in 2018. Thus, the production of EVs is speedily catching up with demand. The increasing inclination toward EVs, mainly prompted by rising pollution and oil prices, is creating new growth avenues for automakers around the world. Many manufacturers are now designing and developing digital instrument clusters tuned to the requirements of an EV.
For instance, in November 2018, Visteon announced that it will be supplying instrument clusters for Renault's new electric variant of its entry-level Kwid model. Integrated dashboards for EVs are critical because drivers need to know exactly how long the car battery will last, availability of the nearest battery recharge station, and software updates from the OEM. Thus, rising demand for EVs across the globe will fuel the market for specialized digital instrument clusters.
Asia-Pacific to Establish Commanding Hold on the Market; Europe to Grow Impressively
Asia-Pacific is anticipated to dominate the instrument cluster market share during the forecast period mainly owing to the surging demand for passenger cars in the burgeoning economies of India and China.
Moreover, China has become the largest market for electric vehicles, which is further propelling the market in the region. In addition to that, Japan is home some of the largest automakers in the world such as Toyota, which is likely to have a considerable impact on the market. The market size of Europe in 2018 stood at USD 1.43 billion and is expected to emerge as the second-largest region as a result of the strong presence of top carmakers such as Audi and Mercedes.
Innovation-Centric Collaborations by Key Players to Spur Competition
According to the Instrument Cluster Market analysis, major competitors in this market are collaborating with other tech-driven companies to develop innovative cockpit solutions. Such joining of forces is enabling companies to expand their product portfolio and entrench their position in this market.
June 2019: Continental AG, the German automotive technologist, partnered with the Silicon Valley Company Leia to develop an innovative 3D-based cluster display in vehicles called the 'Natural 3D Lightfield Instrument Cluster'. Continental aims at taking human-machine interaction within vehicles to the next level as the new system enables more comfortable 3D depth perception and provides the driver will real-time information.
September 2018: The American automotive electronics specialist Visteon Corporation's SmartCore™ application made its debut in Daimler's newest variant of the Mercedes A-Class. The state-of-the-art solution blends an intuitive and seamless human-machine interaction (HMI), allowing the driver to get a personalized driving experience through a smooth touchscreen display and steering-mounted controllers.
List of Key Players Covered in the Instrument Cluster Market Report are:
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