The Automotive Digital Instrument Cluster Market is set to grow from its current market value of more than $2bn to over $7bn by 2025; as reported in the latest study by Global Market Insights. The growing trend of bigger display in the automotive digital instrument cluster market is anticipated to drive the market in the coming year.
Some major findings of the bike sharing market report include:
- The bigger display can cover various electronic features in comparison with analog instrument clusters such as map & navigation, system alerts, speed, media, and communication features.
- In addition to this, several vehicle manufacturers, such as Tesla, Audi, Volvo, and Jaguar, have successfully added these systems to their vehicles. For instance, Volvo launched its 2018 SUV model “XC 40”, which has 12.3-inch TFT-LCD digital instrument cluster installed in it along with vehicle driving functions such as trip calculator, cruise control, and messages.
- The increasing demand for luxury and electric vehicles, the growing demand from OEMs and consumers and increasing implementation of multi-layer display technology are likely to enhance the automotive digital instrument cluster market.
- Moreover, with low production cost and optimized size, there is an increase in demand from mid-level model OEMs. Audi has started mounting these systems in its standard category vehicles such as Audi A4 and Audi A4.
Prominent companies present in the industry include Sharp Corporation, Alpine Electronics, Inc, Continental AG, Denso Corporation, Visteon, Corporation, Nvidia Corporation, Nippon Seiki, IAC Group and Panasonic.
Several OEMs are focusing on merging driving information with these clusters for the ease of accommodating desired information in a single panel. SoS Platform (system on chip) can exhibit high-quality display for 3D graphics, which is likely to propel the automotive digital instrument cluster market. Bosh is working on 3D digital gage cluster that will enhance the versatility of various driving functions such as navigation and parking.
Automotive digital instrument clusters are being integrated with an intelligible digital display panel, and therefore is widely being adopted by several luxury carmakers. They offer improved user interface and come with features such as vehicle repair and diagnostic function. In contrast to this, drivers face reading complexity in analog clusters, providing an advantage for the automotive digital instrument cluster market. Economies of scale, in accordance with the manufacturing and maintenance while mass production of vehicles is projected to drive market growth.
The increasing adoption of electric vehicles in China and the integration of innovative technologies into electric vehicles are projected to drive the automotive digital instrument cluster market. In December 2018, Great Wall Motors revealed a partnership agreement with BMW Group to manufacture electric MINI vehicles in China.
Adding to this, the increasing demand for luxury vehicles in North America, especially in the US and Canada is expected to dominate the market. Whereas, Mexico is projected to showcase the highest growth rate in the coming year.
The players are adopting the strategy of price competitiveness and investing in technologies to drive demand. For instance, in June 2019, BlackBerry and LG expanded their partnership to accelerate connected and autonomous vehicle technologies for suppliers and OEMs worldwide. In this agreement, both the companies work together to develop the next generation telematics system and instrument clusters.