Global Automotive Instrument Cluster Market Insights
Global Automotive Instrument Cluster Market size was valued at USD 2.76 billion in 2021 and is poised to grow from USD 2.98 billion in 2022 to USD 5.92 billion by 2030, growing at a CAGR of 8% in the forecast period (2023-2030).
The instrument cluster is the primary data source for the driver, providing information on the vehicle's various operational parameters. It sends vehicle data such as speed, fuel level, tachometer, and temperature, as well as data from the in-vehicle network, cameras, and multimedia. Cluster graphics platform for displaying graphics data on a display, cluster controller platform for handling AUTOSAR stack functionality, and integrated cluster platform that combines graphics controller and real-time application controller capability. The purpose of the instrument cluster is to provide the driver with the most up-to-date information while driving. Gauges are used to measure speed, distance, heat, and fuel. Indicator lights that provide warnings and updates include the check engine light and the low fuel light. Different alerts are available for various vehicles. In most cases, the gauges in the instrument cluster are circular and backlit. On the driver's side of the dashboard, directly in front of the steering wheel, you'll find the speedometer, fuel gauge, tachometer, and odometer. The speedometer displays the current speed of the vehicle. The fuel gauge displays the amount of gas remaining in your tank. The tachometer indicates how fast the crankshaft of the engine is spinning. The odometer displays the vehicle's distance travelled.
Global vehicle production and sales growth, as well as advancements in infotainment systems, drive market growth. However, price fluctuations in raw materials such as chips, ICS, and displays, as well as higher costs associated with digital instrument clusters, are impeding market growth. These constraints can be overcome by technological advancements such as the release of an automotive instrument cluster with a new and advanced screen, as well as biometric features, which are expected to present numerous market expansion opportunities.
Global Automotive Instrument Cluster Market Segmental Analysis
Global automotive instrument cluster market is segmented based on the cluster type, vehicle type and region. Based on cluster type, the Automotive Instrument Cluster Market is segmented into analog, digital and hybrid. Based on vehicle Type, the Automotive Instrument Cluster Market is segmented into passenger cars, light commercial vehicle, heavy commercial vehicle and electric vehicle. Based on Region Automotive Instrument Cluster Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Automotive Instrument Cluster Market Analysis by Cluster Type
Based on Age group, the hybrid segment is expected to dominate the digital instrument cluster market share During the forecast period. The hybrid system is a combination of digital and analogue displays that displays information such as speed, fuel economy, mileage, and temperature in both formats. The analogue system includes a speedometer and an odometer, whereas the digital display system includes an LCD screen that displays all relevant information such as temperature, distance travelled, traffic data, and other warning indicators. During the forecast period, the digital system is expected to dominate the market.
Automotive Instrument Cluster Market Analysis by Vehicle Type
Based on vehicle type, the passenger car segment is expected to dominate the market During the forecast period. The market is dominated by entry-level and mid-sized cars in the passenger car segment. Furthermore, rising urbanisation, a high population rate, an improved standard of living, and an increase in people's disposable income are driving up sales and production of passenger cars, ultimately increasing global demand for passenger cars.