Dublin, Oct. 20, 2023 (GLOBE NEWSWIRE) -- The "Automotive Instrument Cluster Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global automotive instrument cluster market, which reached a size of US$7.8 billion in 2022, is set to experience substantial growth in the coming years, with a projected market size of US$11.4 billion by 2028. This growth corresponds to an impressive compound annual growth rate (CAGR) of 6.2% during the forecast period from 2023 to 2028.
Market Overview:
An automotive instrument cluster is a critical system in a vehicle, positioned in front of the driver, that provides essential information about the car's status. It typically includes components such as a tachometer, speedometer, odometer, temperature gauge, warning indicators, and a fuel gauge. These gauges, along with warning lights and displays, are integrated into a single instrument cluster module. Automotive instrument clusters often feature needle gauges driven by stepper motors. They are designed to keep drivers informed and updated about various aspects of the vehicle.
Market Trends and Drivers:
Several factors are contributing to the growth of the automotive instrument cluster market:
- Rise of Electric Vehicles (EVs): The increasing popularity of electric vehicles globally, driven by government initiatives to reduce carbon emissions, is boosting the market. EVs rely on instrument clusters to display information related to range, state of charge, navigation, driving mode, charging capacity, and energy flow.
- Advanced Features: The introduction of sporty and appealing instrument cluster variants that display additional information systems, such as radio, onboard computer data, internet connectivity, navigation, and driver assistance features, is driving market growth.
- Digitalization: The growing trend of digitalization has led to the development of automotive instrument clusters with two- and three-dimensional (2D/3D) graphics to display more complex data. Manufacturers are also focusing on incorporating all-digital technologies and improving the resolution and size of automobile LEDs and LCDs, further fueling market growth.
- Digital Solutions: The increasing preference for digital solutions, ongoing research and development (R&D) activities, rising consumer spending power, and continuous technological advancements are supporting the market's expansion.
Market Segmentation:
The automotive instrument cluster market is segmented based on cluster type, vehicle type, sales channel, and application:
By Cluster Type:
- Analog
- Digital
- Hybrid
By Vehicle Type:
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Electric Vehicles
By Sales Channel:
- OEM
- Aftermarket
By Application:
- Speedometer
- Odometer
- Tachometer
- Others
By Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
Key players in the automotive instrument cluster market include Alps Alpine Co Ltd, Continental AG, JPM Group, Nippon Seiki Co. Ltd., Pricol Limited, Robert Bosch GmbH, Simco Auto Limited, Valid Manufacturing Ltd, and Visteon Corporation.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 148 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $7.8 Billion |
| Forecasted Market Value (USD) by 2028 | $11.4 Billion |
| Compound Annual Growth Rate | 6.5% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/wctfmi
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