Global Instrument Cluster Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Technology (Analog, Digital, Hybrid), By Application (Speedometer, Odometer, Tachometer, Others), By Vehicle Type (Passenger Cars, Two- Wheeler, Buses And Coaches, Light Commercial Vehicles, Heavy Trucks), And By Geography - Forecasts From 2022 To 2027

  • Published : Sep 2022
  • Report Code : KSI061612011
  • Pages : 93

The global instrument cluster market was valued at US$8.684 billion in 2020 and is expected to grow at a CAGR of 8.45% over the forecast period to reach a total market size of US$15.327 billion in 2027.

The major driving factor for the growth of this market is the growing automotive production worldwide, though the sales of vehicles are shrinking in some regions. Furthermore, the rising integration of the latest and most advanced technologies across the automotive sector is also anticipated to significantly drive the adoption of instrument clusters for numerous applications. Furthermore, the growing emphasis of major country governments on reducing vehicle emissions is leading to increased investment in the electric vehicle segment. This provides a great opportunity for instrument cluster providers to expand their market reach, thus positively impacting the market growth of the global instrument cluster during the next five years. However, the rapidly rising trend of ride-hailing and car rental services markets in major regions across the world is anticipated to moderately hinder the market’s growth during the forecast period.

Growth in production of automotive globally

The growth in the production of automobiles across the globe in the major regions is considered one of the key drivers for the market growth of instrument clusters during the forecast period. The presence of major automotive manufacturers in the major regions like Asia-Pacific, Europe, and North America coupled with numerous favourable government policies and initiatives is anticipated to propel the production of automobiles, which in turn positively impacts the market growth of the instrument cluster significantly throughout the forecast period. Rising disposable incomes and living standards are significantly driving the sales of passenger cars, which is fueling the production of this segment. As a result, the demand for instrument clusters is increasing significantly.

Increasing investments in electric and hybrid vehicles

The increasing investments in electric and hybrid vehicles in major cities are expected to propel growth opportunities for the market throughout the forecast period and beyond. In addition, favorable government policies regarding the promotion of electric vehicles will further augment the production of these vehicles, which is thereby expected to supplement the overall market growth of instrument clusters in the coming years. For instance, in the Made in China 2025 program, in which the Chinese government is focusing majorly on the production of NEVs as an important part of their policy by which the government is aiming to manufacture 1 million electric and plug-in hybrid cars in the country by 2020. In addition, the rapid deployment of new electric cars is also projected to supplement the market growth of instrument clusters significantly during the next five years. According to the International Energy Agency, the world witnessed a 41% increase in the total registration of Electric cars in 2020 despite a pandemic-related decline in car sales.

A digital segment to show robust growth

By technology, the global instrument cluster market is segmented as analogue, digital, and hybrid. The digital segment is anticipated to show robust growth throughout the forecast period on account of the rising adoption of these clusters by the automotive manufacturers’ account of rising consumer expectations regarding the features and infotainment of their vehicles. In addition, the growing penetration of these clusters in the two-wheeler segment is also one of the prime factors for boosting the market growth of digital instrument clusters throughout the forecast period. In addition, the growing consumer expectations regarding the features and infotainment systems of the vehicles are further leading to increased investments by key market players in R&D to develop and launch new products which also shows the growth prospects of the market throughout the forecast period.

Passenger vehicles are expected to rule the market

By vehicle type, the global instrument cluster market is segmented into light commercial vehicles, two-wheelers, buses and coaches, light commercial vehicles, and heavy trucks. Passenger vehicles are projected to hold a notable share in the market on account of a significantly larger share of these vehicles in the automotive industry coupled with the growing production in major developing economies due to increased demand on account of rising disposable income and a growing middle-class population.

Further, the LCVs segment is projected to show notable growth during the next five years on account of increasing demand in major developing economies like India, China, and Indonesia. In addition, the growing e-commerce industry is considered one of the prime factors for the growth of this segment, as the e-commerce industry is significantly driving logistics growth. This, in turn, is propelling the demand and production of LCVs.

Asia Pacific region anticipated holding a notable share

Geographically, the global instrument cluster market is segmented into North America, South America, Europe, the Middle East, Africa, and the Asia Pacific. APAC is expected to hold a notable share in the global market owing to the high production of automobiles in China, India, and ASEAN countries. The North American region is expected to hold a significant market share on account of the early adoption of technology and a well-established automotive sector. Europe is anticipated to grow substantially over the forecast period on account of increasing investment by automotive manufacturers in facility expansions to boost the production of automobiles on account of increased demand.

Key Development

  • Continental AG, pioneering technology and service company agreed on a strategic partnership with Pioneer corporations for a new and better user experience in May 2020. Through this partnership, Pioneer corporation agreed to provide the entire infotainment subdomain for cockpit solutions. A holistic user experience will be rendered through this integrated instrument cluster infotainment solution.
  • In January 2020, DENSO Corporation and Qualcomm Technologies Inc., announced the companies are putting joint efforts into developing next-generation cockpit systems. With technological advancements in the instrument cluster, in-vehicle multimedia, and head-up display, DENSO aims to develop a next-generation integrated cockpit system to enhance critical information exchange.

COVID-19 Insight

The market has benefited from the COVID-19 epidemic because demand for Electronic Vehicles has increased during the pandemic, resulting in higher demand for instrument clusters of EVs. Furthermore, the technological advancements in instrument cluster technology to render a better user experience has aided the market growth during the pandemic. As per the IEA report on the global EV outlook, there were 10 million EVs on the world’s roads by the end of 2020. The global instrument cluster market has thus been stimulated by the huge rise in EV demand over the past few years.

Global Instrument Cluster Market Scope:

Report Metric Details
 Market Size Value in 2020  US$8.684 billion
 Market Size Value in 2027  US$15.327 billion
 Growth Rate  CAGR of 8.45% from 2020 to 2027
 Base Year  2020
 Forecast Period  2022–2027
 Forecast Unit (Value)  USD Billion
 Segments Covered  Technology, Application, Vehicle Type, And Geography
 Regions Covered  North America, South America, Europe, Middle East and Africa, Asia Pacific
 Companies Covered Continental AG, Texas Instruments Incorporated, NXP Semiconductor, Denso Corporation, Nippon Seiki Co., Ltd., Renesas Electronics Corporation, Stoneridge, Inc., Robert Bosch GmbH, Analog Devices, Inc., Visteon Corporation, Marelli Holdings Co., Ltd.
 Customization Scope  Free report customization with purchase

 

Segmentation

  • By Technology
    • Analog
    • Digital
    • Hybrid
  • By Application
    • Speedometer
    • Odometer
    • Tachometer
    • Others
  • By Vehicle Type
    • Passenger Cars
    • Two-Wheelers
    • Buses and Coaches
    • Light Commercial Vehicles
    • Heavy Trucks
  • By Geography
    • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • Israel
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Indonesia
    • Thailand
    • Taiwan
    • Others

Frequently Asked Questions (FAQs)

Q1. What will be the instrument cluster market size by 2027?
A1. The global instrument cluster market is expected to reach a market size of US$15.327 billion by 2027.


Q2. What is the size of the global instrument cluster market?
A2. Instrument Cluster Market was valued at US$8.684 billion in 2020.


Q3. What are the growth prospects for the instrument cluster market?
A3. The instrument cluster market is expected to grow at a CAGR of 8.45% during the forecast period.


Q4. What factors are anticipated to drive the instrument cluster market growth?
A4. The major driving factor for the instrument cluster market growth is the growing automotive production worldwide, though the sales of vehicles are shrinking in some regions.


Q5. Which region holds the largest market share in the instrument cluster market?
A5. APAC is expected to hold a notable share in the instrument cluster market owing to the high production of automobiles in China, India, and ASEAN countries. 


1. Introduction
1.1. Market Overview
1.2. COVID-19 Scenario 
1.3. Market Definition
1.4. Market Segmentation

2. Research Methodology
2.1. Research Data
2.2. Assumptions

3. Executive Summary
3.1. Research Highlights

4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis

5. Global Instrument Cluster Market Analysis, by Technology
5.1. Introduction
5.2. Analog
5.3. Digital
5.4. Hybrid

6. Global Instrument Cluster Market Analysis, by Application
6.1. Introduction
6.2. Speedometer
6.3. Odometer
6.4. Tachometer
6.5. Others

7. Global Instrument Cluster Market Analysis, by Vehicle Type
7.1. Introduction
7.2. Passenger Cars
7.3. Two-Wheelers
7.4. Buses and Coaches
7.5. Light Commercial Vehicles
7.6. Heavy Trucks

8. Global Instrument Cluster Market Analysis, by Geography
8.1. Introduction
8.2. North America
8.2.1. USA
8.2.2. Canada
8.2.3. Mexico
8.3. South America
8.3.1. Brazil
8.3.2. Argentina
8.3.3. Others
8.4. Europe
8.4.1. Germany
8.4.2. France
8.4.3. United Kingdom
8.4.4. Spain
8.4.5. Others
8.5. Middle East and Africa
8.5.1. Saudi Arabia
8.5.2. Israel
8.5.3. Others
8.6. Asia Pacific
8.6.1. China
8.6.2. Japan
8.6.3. South Korea
8.6.4. India
8.6.5. Indonesia
8.6.6. Thailand
8.6.7. Taiwan
8.6.8. Others

9. Competitive Environment and Analysis
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix

10. Company Profiles
10.1. Continental AG
10.2. Texas Instruments Incorporated
10.3. NXP Semiconductor
10.4. Denso Corporation
10.5. Nippon Seiki Co., Ltd.
10.6. Renesas Electronics Corporation
10.7. Stoneridge, Inc.
10.8. Robert Bosch GmbH
10.9. Analog Devices, Inc.
10.10. Visteon Corporation
10.11. Marelli Holdings Co., Ltd.

Continental AG

Texas Instruments Incorporated

NXP Semiconductor

Denso Corporation

Nippon Seiki Co., Ltd.

Renesas Electronics Corporation

Stoneridge, Inc.

Robert Bosch GmbH

Analog Devices, Inc.

Visteon Corporation

Marelli Holdings Co., Ltd.


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