Automotive Instrument Cluster Market is estimated to be US$ 7.5 billion by 2032; Growing Demand for Electric Vehicles (EVs) to Boost Market Growth-By PMI

Prophecy Market Insights latest research report on the Automotive Instrument Cluster Market provides a comprehensive analysis of the current market scenario, growth opportunities, challenges, and emerging trends. The report offers insights into the market's size and share, key market players, distribution channels, and consumer preferences. It also examines the impact of the COVID-19 pandemic on the market and provides a detailed analysis of the competitive landscape, including strategic alliances, mergers, and acquisitions.

 | Source: PMI PMI

Covina, Oct. 19, 2023 (GLOBE NEWSWIRE) -- Automotive instrument cluster is a crucial component of a vehicle's dashboard that provides the driver with essential information about the vehicle's status and performance. It has evolved significantly with technological advancements, enhancing both safety and the driving experience.  

Modern vehicles are equipped with advanced infotainment systems and connectivity features. Automotive Instrument Cluster Market play a role in displaying and controlling these systems, increasing their importance. 

Automotive Instrument Cluster Market accounted for US$ 3.4 billion in 2022 and is estimated to be US$ 7.5 billion by 2032 and is anticipated to register a CAGR of 8.3%. Automotive Instrument Cluster Market is segmented based on Vehicle Type, Display, Cluster Type, Application and Region.

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Key Highlights –

  • In August 2019, Automotive Grade Linux announced new instrument cluster expert group and UCB 8.0 code release. The AGL Instrument Cluster Expert Group (EG) is striving to minimize the footprint of AGL and optimize the platform for usage in low-cost cars without a full infotainment software stack and processors with lesser performance.

The prominent players operating in the Automotive Instrument Cluster Market includes,

  • Yazaki Corporation
  • Magneti Marelli S.p.A.
  • Panasonic Corporation
  • Robert Bosch GmbH
  • NVIDIA Corporation
  • DENSO Corporation
  • Nippon Seiki Co. Ltd.
  • Delphi Automotive PLC
  • Intel Corporation
  • Continental AG.

Analyst View –

The transition from traditional analog clusters to digital instrument clusters offers enhanced functionality, flexibility, and aesthetics. Digital clusters provide the ability to display a wide range of information and are more visually appealing to consumers.

Key Market Insights from the report:

  • Based on Vehicle Type, Automotive Instrument Cluster Market is segmented into Heavy Commercial Vehicle, Passenger Cars, Electric Vehicles, and Light Commercial Vehicle.
  • Based on Material Type, Automotive Instrument Cluster Market is segmented into OLED, TFT-LCD, and LCD.
  • Based on Module Type, Automotive Instrument Cluster Market is segmented into Digital, Hybrid, and Analog.
  • Based on Application, Automotive Instrument Cluster Market is segmented into Odometer, and Speedometer.
  • By Region, the Automotive Instrument Cluster Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

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Key trends driving the growth of the automotive instrument cluster market include:

  • Increasing demand for digital instrument clusters
  • Growing adoption of ADAS and autonomous driving technologies
  • Increasing production of vehicles in the Asia Pacific region
  • Increasing focus on safety and comfort

Market challenges:

  • High cost of digital instrument clusters
  • Lack of awareness about the benefits of digital instrument clusters
  • Technical challenges in developing and integrating digital instrument clusters

Opportunities:

  • Growing demand for digital instrument clusters in emerging markets
  • Increasing adoption of digital instrument clusters in commercial vehicles
  • Development of new and innovative features for digital instrument clusters

Overall, the automotive instrument cluster market is expected to grow significantly in the coming years. The growth of the market will be driven by the increasing demand for digital instrument clusters, which offer a number of advantages over traditional analog clusters.

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                                Automotive Instrument Cluster
                            
                            
                                Yazaki Corporation
                            
                            
                                Magneti Marelli S.p.A.
                            
                            
                                Panasonic Corporation
                            

                



        


    

        
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