New York , Feb. 08, 2024 (GLOBE NEWSWIRE) -- The global automotive instrument cluster market size is predicted to grow at a CAGR of over 3% from 2023 to 2033. The market is projected to garner a revenue of USD 18.0 billion by the end of 2033, up from a revenue of USD 11.0 billion in the year 2022. The market size increment is accredited to the autonomous development of vehicles across the world. As per the reports, over 10% of the passenger cars delivered in 2030 can be upgraded with level 3 autonomous abilities and over 35% of passenger cars can be with advanced autonomous technologies by the end of 2035.
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The flourishing market growth of the automotive instrument cluster is credited to the evolution of the cluster panel with the inclusion of extra gauges for the indication of temperature, and oil pressure. This allows the drivers to easily read the vehicle data and the incorporation of a backlight in the novel automobiles helps to see in dark or night time. The need for accuracy, efficiency, and stability monitoring of the vehicle is reinforcing the market size. The cost of vehicles in India is predicted to rise from USD 120 to USD 400 for passenger vehicles with the addition of onboard diagnostics 2-compliant features.
Automotive Instrument Cluster Market: Key Takeaways
- Market in Asia Pacific region to propel the highest growth.
- The hybrid segment to garner the highest growth
- Market in Europe region to grow at the highest rate
Extending Usage of Sensors and Speedometers in the Automobile Sector is Impelled to Intensify the Growth of the Automotive Instrument Cluster Market
The multiplying percentage of electric vehicles, hybrid vehicles, and other automobiles across the globe is amplifying the market size owing to the installation of various sensors. The sensors help to promote the safety and efficacy of the vehicles during the forecast period by detecting obstacles and dangers. The electronic control unit of the car is connected with the sensors controlling all the actions of the vehicle and suggesting the appropriate action to the driver. These improvements in the vehicle as a result of instrument panels are spreading the market growth in the automobile industry. Nearly 80 sensors are used in a car to monitor different functions of the vehicle while more than 15 sensors only inspect the engine performance as per the studies.
Automotive Instrument Cluster Industry: Regional Overview
The global automotive instrument cluster market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increasing Automotive Industry Role with Enhancing Number of Users is Driving the Market Growth in the Asia Pacific Region
Asia Pacific region market is estimated to hold a significant market share of 37% during the forecast period on account of the strong withhold of the automotive sector. The rising number of automotive purchasers with advanced panels and technology across the region is anticipated to fuel the market size. The production of motor vehicles is escalating nowadays with the growing disposable income of the people. The government initiatives to promote the advancement features of the automobiles of the region protruded to foster market growth. In India, the government provided incentives of USD 500 Million for the use of 7100 e-buses in 2021.
Growing Presence of Luxury Cars with the Implementation of Digital and Hybrid Instrument Clusters is Propelling Market Expansion in the European Region
The Europe region market is proposed to register a market share of 26% by the end of 2033 as per the estimations. The market growth in the region is backed by the redoubling count of luxury cars as well as the usage of digital and hybrid dashboard technology. The development of automotive features in the vehicles to provide luxury and comfort is surging the demand for market trends. Also, the rate of people buying cars with integrated artificial intelligence and machine learning abilities is outlined to drive the market growth. In 2021 Europe contributed to 30% of the share of the luxury and ultraluxury cars market.
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Automotive Instrument Cluster Market Segmentation by Type
- Hybrid
- Analog
- Digital
The hybrid segment of the market is envisaged to acquire a market share of 39% in the year 2033 with improving demand for instrument and hybrid cluster sales owing to the utilization of hybrid automobiles across the world. The changing preference of people to drive eco-friendly vehicles to prevent pollution worldwide is intended to hike the market segment trends. Worldwide the sales of electric vehicles in 2022 rose by about 50% as per the latest estimations. The expansion of market growth in the coming years is attributed to the application of digital display systems in the automotive such as LCD screen, camera visuals, traffic details, temperature, and maps.
Automotive Instrument Cluster Market Segmentation by Vehicle Type
- Commercial Vehicles
- Passenger Vehicles
The passenger vehicle segment of the automotive instrument market is evaluated to garner a share of 52% in the coming years. Passenger car sales are going up in the forecast period owing to the enhanced need for own cars among people. Globally, in 2021 about 60 million passenger vehicles with four wheels were produced according to the statistical report. The growing demand for advanced driver assistance systems (ADAS) in the automobile sector is projected to strengthen the market segment size. All these factors are prophesized to boost the market segment growth likely.
A few of the well-known market leaders in the global automotive instrument cluster market that are profiled by Research Nester are Biotech Automotive Electronics (Wuhu) Co., Ltd., Continental AG, Qualcomm Technologies, Inc., Pioneer Corporation, Visteon Corporation, Denso Corporation, Aptiv Global Operations Limited, Panasonic Corporation, BlackBerry Limited, Infineon Technologies AG, Robert Bosch GmbH, and others.
Recent Development in the Market
- Continental AG introduced the MultiViu Sports display platform for motorcycles and motor scooters that can be altered based on the requirements of the motorcyclists. The 7-inch display of the MultiViu can provide large amounts of information necessary for the riders in a clear way while driving.
- Qualcomm Technologies, Inc. launched the Snapdragon Automotive Cockpit platform powered with a new level of computing technology that provides convenience, safety, and personalization improvements to automotive owners. The Cockpit has advanced infotainment and communication system, the PEUGEOT i-Cockpit displayed in the new PEUGEOT 308.
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