Global Digital Instrument Cluster Market for Automotive Industry Size, Share, Analysis, Trend & Future Planning 2025
Bharat Book Bureau Provides the Trending Market Research Report on“Global Digital Instrument Cluster Market for Automotive Forecast to 2025” underIndustry & Mfg category. The report provides information on industry overview, market size, latest developments, industry trends,Key players, global presence, and their future prospects.
Growing demand for advanced and luxury features to fuel the market demand fordigital instrument cluster
The digital instrument cluster market is estimated to be USD 1.62 billion in 2017 and is projected to grow toUSD 6.60 billion by 2025, at aCAGR of 19.15% during the forecast period. The standard of living of consumers has been improving gradually due to economic growth worldwide. Several features are being added to vehicles by manufacturers to meet the growing demand for safety, comfort, and convenience. Various OEMs across the globe have started adopting advanced technologies such as a digital instrument cluster to ease the operation and enhance aesthetics in the interior of the vehicle. The adoption of technologies to attract more customers and remain competitive is pushing OEMs to add advanced and luxury features in a vehicle. Thus, factors such as rising safety concerns and the increasing demand for luxury, convenience, and comfort are expected to drive the digital instrument cluster market globally. However, cyberthreat is a key factor that can hinder the growth of digital instrument cluster market. Increasing norms for cybersecurity and security system are expected to reduce the impact of cyberthreat on the digital instrument cluster market.
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Passenger car is the fastest growing vehicle segment in the digital instrument cluster market
The passenger car segment, which includes a sedan, hatchback, SUV, and crossover SUV, is estimated to be the fastest growing market for the digital instrument cluster. In passenger cars, the sedan and SUV segment is the most promising market for the digital instrument cluster. The majority of the sedans and SUVs are equipped with a hybrid or digital instrument cluster. Europe is estimated to be the largest digital instrument cluster market for passenger cars owing to the huge production of luxury vehicles in the region. Audi A4, Audi Q5, Mercedes-Benz A-class, Volkswagen Golf, and BMW 5 series are some of the top-selling passenger cars in Europe that are equipped with a digital instrument cluster. In case of commercial vehicles, North America is estimated to be the largest digital instrument cluster market.
Europe holds the largest share of digital instrument cluster market
Europe is estimated to be the largest market for digital instrument cluster during the forecast period. Factors such as increasing vehicle production and growing demand for luxury vehicles and electric vehicles in the region are driving the digital instrument cluster market in Europe. In addition, Europe is considered to be a hub for the production and sale of luxury cars, which in turn drive the demand for the digital instrument cluster. The penetration of digital instrument cluster in passenger vehicles in Europe ranges between 25-36% in 2017 and is expected to reach up to 40-58% by 2025. Germany and the UK have a high installation rate in passenger vehicles of approximately 36% in 2017. The installation rate of digital instrument cluster in these two countries is expected to reach 58% and 57%, respectively by 2025. The market growth can be attributed to the rapid increase in the demand for luxury vehicles which offer better safety, convenience, and comfort among others. Key OEMs that are launching vehicles equipped with a digital instrument cluster in the European region are Audi, Mercedes-Benz, and Volkswagen.
BREAKDOWN OF PRIMARIES
The study contains insights provided by various industry experts, ranging from digital instrument cluster component suppliers to cockpit electronics suppliers and OEMs. The break-up of the primaries is as follows:
- By Company Type –Tier-1 - 39%, Tier 2 - 38% and Others- 23%
- By Designation - C level – 56%, D level - 28%, and Others - 16%
- By Region – North America - 42%, Europe-29%, Asia Pacific - 24%, RoW- 5%
The report provides detailed profiles of major companies in the digital instrument cluster market. These include Bosch (Germany), Continental (Germany), Visteon (US), Denso (Japan), Delphi (UK), Panasonic (Japan), NVIDIA (US), Minda Spark (India), Yazaki (Japan), Magneti Marelli (Italy), and Nippon Seiki (Japan).
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