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The automotive digital instrument cluster market share is expected to increase by USD 4.35 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 30.27%.
This automotive digital instrument cluster market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the automotive digital instrument cluster market segmentation by application (luxury vehicles and mid-segment vehicles) and geography (Europe, North America, APAC, South America, and the Middle East and Africa). The automotive digital instrument cluster market report also offers information on several market vendors, including Alps Alpine Co. Ltd, Aptiv Plc, Continental AG, Denso Corp., ID4Motion, International Automotive Components Group SA, Marelli Holdings Co. Ltd., Minda Corp. Ltd., Mitsubishi Electric Corp., Nippon Seiki Co. Ltd., Panasonic Holdings Corp., Pricol Ltd., Renesas Electronics Corp, Robert Bosch GmbH, Samsung Electronics Co. Ltd., Sharp Corp., Stoneridge Inc., Valid Manufacturing Ltd., Visteon Corp., and Yazaki Corp. among others.
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Our researcher studied the historical data for years, with 2021 as the base year and 2022 as the estimated year, and produced drivers, trends and challenges for the automotive digital instrument cluster market. In the COVID-19 pandemic, the demand for the automotive digital instrument cluster market has been impacted significantly. But a holistic analysis of drivers will help in predicting exact demands and refining marketing strategies to gain competitive advantages.
Key Automotive Digital Instrument Cluster Market Driver
One of the key factors driving the digital instrument cluster market is that it enhances the vehicle's interior. The automotive ecosystem is witnessing rapid expansion, which is characterized by the increased adoption of electronic and electrical content (and technologies) in modern vehicles. Automotive OEMs are continuously formulating unique selling propositions (USPs) to highlight competitive differentiation as they release cost-competitive and newer models in all segments (high-end, mid-level, and entry-level). Automotive OEMs cite that digital instrument clusters are prime product differentiators, and their visual appeal positively impacts the buying decision of prospective car buyers. Furthermore, increased in-vehicle connectivity over the past decade has pushed automobile interior designers to direct their efforts toward the content and layout of the automotive instrument cluster. At the same time, they need to ensure minimum driver distraction from the instrument panel and cockpit. Hence, the simplification of HMI interfaces inside the vehicle will be the key to increasing customers' willingness to pay for the enhanced features of an existing system, like instrument clusters, which are witnessing the transformation from analog to digital components.
Key Automotive Digital Instrument Cluster Market Trend
The development of superior graphic displays is another factor supporting the digital instrument cluster market's growth in the forecast period. The digital instrument cluster adopts sophisticated technology to provide users the freedom to customize the information being displayed on the cluster. As a result, the global automotive digital instrument cluster market is one of the fastest-growing markets in automotive electronics and is currently in third place in the global automotive electronics market. Sophisticated 2D and 3D graphic instrument clusters are increasingly becoming popular across the world. Vendors' zeal to continuously develop innovative products is driving the popularity of digital instrument clusters in the automotive market. Furthermore, digital instrument cluster vendors are significantly driving the shift of a modern vehicle's cockpit from a traditional one to a fully digital one. The development of a superior graphic interface will be a crucial trend in the global automotive digital instrument cluster market during the forecast period.
Key Automotive Digital Instrument Cluster Market Challenge
The sharp decline in automobile production and sales will be a major challenge for the digital instrument cluster market during the forecast period. Automotive production in major automotive manufacturing countries, such as India, Japan, and the US, registered growth during 2017-2018. However, a slowdown in the growth rate in sales of vehicles from 2019 is increasing the inventory cost for automotive OEMs and compelling them to reduce or temporarily stop production. Furthermore, the increased use of alternative modes of transportation is decreasing the sales of vehicles in the US and Europe. In 2020, new car registrations in Europe dropped by 23.7%, or by around 3 million vehicles, to 9.9 million units due to COVID-19-induced lockdowns and other restrictions. The presence of a strong network of public transportation is also posing a major threat to the sales of vehicles in Europe. The increased spending on the public transportation system by governments is driving a large number of potential buyers to postpone or cancel buying vehicles. Such factors that adversely affect automotive sales and production are reducing the demand for automotive components and parts, such as digital instrument clusters, in the global automotive market and are hampering the growth of the global automotive digital instrument cluster market.
This automotive digital instrument cluster market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global automotive digital instrument cluster market as a part of the global auto parts and equipment market within the global auto components market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the automotive digital instrument cluster market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the automotive digital instrument cluster market encompasses successful business strategies deployed by the key vendors. The automotive digital instrument cluster market is fragmented, and the vendors are adopting organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.
The vendor profiles are designed to help clients improve their market position and information on production and sustainability along with this the report provides a detailed analysis of several leading Companies.
Our In-house experts produce extensive information on the value chain and parent market of the automotive digital instrument cluster market, which vendors can leverage to gain a competitive advantage during the forecast period. The Value Chain information provides an end-to-end understanding of product insight and profits and also optimization and evaluation of business strategies The players across the value chain includes selective data and analysis from entire research findings as per the scope of the report.
The report has further elucidated other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
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38% of the market’s growth will originate from North America during the forecast period. The US is the key market for the automotive digital instrument cluster market in North America. Market growth in this region will be slower than the growth of the market in the APAC and South American regions.
The increasing adoption of personal vehicles will facilitate the automotive digital instrument cluster market's growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID-19 Impact and Recovery Analysis
The outbreak of COVID-19 in 2020 severely impacted North America, especially the US. As of September 3, 2021, the US recorded more than 40 million COVID-19 cases, with more than 662,853 deaths. On the same day, the total number of COVID-19 cases reported in Canada and Mexico was more than 1,507,053 and 3,387,885, respectively. This led to the imposition of lockdowns in several countries in the region, such as the US, Canada, and Mexico. Owing to these lockdowns and stringent social distancing norms, operations of automotive manufacturing industries were suspended in the region in 2020. However, after the second wave of the COVID-19 outbreak in Q2 2021, stringent safety norms were followed, and large-scale vaccination drives were organized. This led to the resumption of manufacturing operations, including that of automotive digital instrument clusters. The automotive digital instrument cluster market was on a recovery path in Q3 2021, which is expected to continue during the forecast period.
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The automotive digital instrument cluster market share growth in the luxury vehicles segment will be significant during the forecast period. The adoption of digital instrument clusters is the highest in luxury vehicles. These vehicles incorporate advanced systems related to safety, comfort, and convenience, which include digital instrument clusters. Most of the digital instrument clusters in luxury cars are offered as standard fitment. Their increasing production and sales are directly contributing to the growth of the luxury vehicles segment of the global automotive digital instrument cluster market.
Besides the above-mentioned factors, the post-COVID-19 impact has brought forth a slowdown in or fast-tracked the demand for the service or product. This report provides an accurate prediction of the contribution of all the segments to the growth of the automotive digital instrument cluster market size and actionable market insights on the post-COVID-19 impact on each segment.
Automotive Digital Instrument Cluster Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 30.27% |
Market growth 2022-2026 |
$4.35 billion |
Market structure |
Fragmented |
YoY growth (%) |
27.72 |
Regional analysis |
Europe, North America, APAC, South America, and the Middle East and Africa |
Performing market contribution |
North America at 38% |
Key consumer countries |
US, China, Germany, UK, and France |
Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
Key companies profiled |
Alps Alpine Co. Ltd, Aptiv Plc, Continental AG, Denso Corp., ID4Motion, International Automotive Components Group SA, Marelli Holdings Co. Ltd., Minda Corp. Ltd., Mitsubishi Electric Corp., Nippon Seiki Co. Ltd., Panasonic Holdings Corp., Pricol Ltd., Renesas Electronics Corp, Robert Bosch GmbH, Samsung Electronics Co. Ltd., Sharp Corp., Stoneridge Inc., Valid Manufacturing Ltd., Visteon Corp., and Yazaki Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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