With the emergence and long-term Impact of COVID-19, the Global Automotive Instrument Cluster Market is to reach USD 12031.04 Million by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on Global Automotive Instrument Cluster Market is poised to raise up to USD 12031.04 Million by 2030. An automotive instrument cluster, also known as a dashboard or gauge cluster, is a collection of instruments and displays located on the vehicle’s dashboard, directly in front of the driver. It provides essential information about the vehicle’s status, performance, and various other parameters to the driver. The Automotive Instrument Cluster market is expanding because of factors such as a surge in demand for electric vehicles and the growing adoption of advanced driver assistance systems. The instrument cluster typically consists of analog or digital gauges, indicators, warning lights, and a central display screen.
Its importance has progressively increased during the forecast period 2023-2030. The instrument cluster provides real-time data on the battery’s state of charge and remaining range, essential for EV drivers to plan their journeys and manage charging effectively. According to Statista, the global electric vehicle industry is projected to reach up to USD 1.4 trillion by 2027 at a significant compound annual growth rate of more than 19.19 % between the years 2022 and 2027. Furthermore, battery-electric car sales reached 7.3 million in 2022, up from 4.6 million in 2021. Another important factor that drives the Automotive Instrument Cluster market is the increasing adoption of the Advanced Driver Assistance System.
ADAS features utilize the instrument cluster to display relevant information and alerts to the driver. The instrument cluster acts as a visual interface to convey real-time data and warnings generated by the ADAS. In addition, as per Statista, the advanced driving assistance systems sector generated USD 27.29 billion worldwide in 2020. By 2028, the global ADAS industry is expected to expand to almost USD 58.59 billion. Moreover, the rising adoption of new and advanced display systems and rising technological advancements in the Automotive Instrument Cluster are anticipated to create lucrative growth opportunities for the market over the forecast period. However, high maintenance costs and risks of cyberattacks on digital services stifle market growth throughout the forecast period of 2023-2030.
Geographically, the global Automotive Instrument Cluster Market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). Asia Pacific dominated the market in 2022 owing to the increasing demand for passenger and commercial vehicles in the region. Furthermore, Asia Pacific is expected to grow significantly during the forecast period, owing to factors such as increasing adoption of advanced technologies and development in the automotive industry and the growing presence of key market players in the region.
The global Automotive Instrument Cluster Market is highly competitive owing to the presence of several key manufacturers such as Continental AG (Germany), Mentor Graphics Corporation (U.S), Visteon Corporation (U.S), Delphi Technologies LLC (U.S), Qualcomm Incorporated (U.S), Robert Bosch GmbH (Germany), and others.
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Key findings of the study suggest:
- Global Automotive Instrument Cluster Market is anticipated to grow with a healthy growth rate of more than 3% over the forecast period 2023-2030.
- In the technology segment, hybrid emerged as the leading market segment in 2022.
- Asia Pacific is anticipated to drive regional growth owing to high demand for passenger and commercial vehicles.
- Asia Pacific is also expected to grow at a high CAGR during 2023-2030.
Bizwit Research & Consulting has considered the following segments for the study:
By Technology
- Analog
- Digital
- Hybrid
By Vehicle Type
- Passenger car
- Commercial vehicle
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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