Westford, USA, April 18, 2023 (GLOBE NEWSWIRE) -- SkyQuest projects that the Automotive Instrument Cluster Market will attain a value of USD 12.66 billion by 2030, with a CAGR of 5.1% over the forecast (2022-2030). The market is being driven by an increasing preference for digital solutions. Manufacturers are transforming traditional automotive solutions into all-digital solutions. As a result, consumers are becoming more interested in digital vehicle interior solutions. Manufacturers are concentrating their efforts on developing digital systems for both entry-level and luxury vehicles. As cluster technology advances, such as rich graphics, retina-class resolution, photorealistic rendering, and smartphone integration, digital systems are becoming more popular.
According to the SkyQuest's, According to Automotive Instrument Cluster market analysis, the market is being driven by the adoption of new technology, a high demand for electronic-driven instrument panels, and a preference for digital solutions. Furthermore, globalization and industrialization are two of the most difficult factors influencing market development. However, rising costs for digital devices and displays, as well as integration costs are slowing market growth. Furthermore, an increase in navigation rate and increase in energy flow rate have provided some opportunities for propelling market size.
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- Pages - 263
- Tables - 62
- Figures - 66
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The Instrument cluster serves as the driver's primary data source, providing information on the vehicle's various operational parameters. It transmits data from the vehicle, such as speed, fuel level, tachometer and temperature, as well as data from the in-vehicle network, cameras and multimedia. Cluster graphics platforms are used to display graphics data on a display, cluster controller platforms are used to handle AUTOSAR stack functionality, and integrated cluster platforms combine graphics controller and real-time application controller capability.
Prominent Players in Automotive Instrument Cluster Market
• Continental AG
• YAZAKI Corporation
• Calsonic Kansei Corporation
• IAC Group
• NVIDIA Corporation
• Robert Bosch GmbH
• DENSO Corporation
• Delphi Automotive LLP
• Visteon Corporation
• Magneti Marelli S.p.A.
• HARMAN International
• Kyocera International, Inc.
• MTA S.p.A.
• Nippon Seiki Co., Ltd.
• Stoneridge Inc.
• Pricol Ltd.
• Simco, Ltd.
• Alpine electronics, Inc.
• Innolux Corporation
• Japan display Inc.
• Luxoft
• Mitsubishi Electric
• Mentor Graphics
• Qualcomm
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Hybrid Segment Is Expected to Dominate the Market Due to Increased Rise In Electric Vehicles and Adoption of Hybrid Instrument Clusters
The hybrid segment is expected to dominate the market share of Automotive Instrument Cluster, throughout the forecast period. The hybrid system is a combination of digital and analogue displays that displays information in both formats, such as speed, fuel economy, mileage and temperature. The analogue system consists of a speedometer and an odometer, whereas the digital display system consists of an LCD screen that displays all pertinent information such as temperature, distance travelled, traffic data and other warning indicators. The digital system is expected to dominate the market during the forecast period.
North America held the largest market share of the market because of the region's increasing adoption of the new advanced Automotive Instrument Cluster. United States dominates the region due to its rapid adoption of advanced technologies and development in the Automotive Instrument Cluster industry. Furthermore, the presence of key players in North American countries is expected to provide significant opportunities for the market.
Passenger Car is Dominating the Market Due to Rising Urbanization
During the forecast period, the passenger car segment is expected to dominate the market. The market is dominated by entry-level and mid-sized cars in the passenger car segment. Furthermore, a high population rate, an improved standard of living and an increase in people's disposable income are driving up sales and production of passenger cars, ultimately increasing global demand for passenger cars.
Asia-Pacific currently holds the largest market share and is expected to continue to do throughout the forecast period. India, China and Japan are some of the major countries driving market growth in this region. Government initiatives for the automotive industry in various developing countries such as India and China are ultimately contributing to the growth of the market. Asia-Pacific is followed by Europe, the market's second-largest region, which is expected to grow significantly over the forecast period.
A comprehensive analysis of the major players in the Automotive Instrument Cluster market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in Automotive Instrument Cluster Market
- In September 2022, "System on Chip" (SoC) semiconductors, which are increasingly used in automotive control units, will be a growing area of expertise for Bosch.
- In November 2021, Robert Bosch GmbH (Bosch) announced its Engineering Centre in Sofia. The Bosch Engineering Centre Sofia is responsible for the development of technologies such as vehicle electrification, connectivity solutions, displays, instrument clusters, and driver monitoring systems.
Key Questions Answered in Automotive Instrument Cluster Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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