The rise in demand for cars, trucks, and two-wheelers, as well as the popularity of hybrid could and electric vehicles, as well as the expanding use of cutting-edge technology in vehicle instrument clusters, are all factors contributing to the market expansion for instrument clusters for vehicles. Population growth, rising per capita income, and shifting lifestyles are factors that are boosting demand for passenger cars. The market for commercial vehicles trucks is also anticipated to be driven by an increase in infrastructure-building activities and industrialization. The governments of several nations encourage the usage of two-wheelers by providing subsidies and price breaks on their purchase. It is projected that this will enhance two-wheeler sales, which will therefore raise demand for automobile instrument clusters.
The market for vehicle instrument clusters is necessary due to the rise in demand for passenger cars, trucks, and two-wheelers. The market for car instrument clusters is expanding as a result of a number of factors,including the growing popularity of hybrid and electric vehicles and the growing use of cutting-edge technology in instrument clusters.
A vehicle's instrument cluster is made up of a number of instruments and warning lights that give the driver important information about the vehicle's condition, including the speed, fuel level, engine temperature, and other things. Normally, it can be found at the dashboard's centre, just in front of the driver. The instrument cluster might also have an odometer and trip metre, which can be used to record how far the car has driven. A tachometer, which displays the engine's revolutions per minute, is also present in some clusters (RPM).
During the forecast period, it is anticipated that the global market for vehicle instrument clusters will expand at a CAGR of 10.2%, from USD 5.27 billion in 2021 to USD 11.06 billion in 2031.
There are now some limitations limiting the market for vehicle instrument clusters, which is expanding. First of all, widespread use is being hindered by the expensive price of OLED-equipped instrument clusters for vehicles. Second, it is anticipated that in the next years, a certain degree of market expansion will be inhibited by customers in developing nations' lack of knowledge about the advantages of modern instrument clusters.
Intense rivalry is also limiting market growth as a result of the abundance of small and medium-sized firms on the global market. However, due to the rising demand for cutting-edge technologies like night vision and augmented reality in instrument clusters, the automotive instrument cluster market is predicted to gain substantial traction in the upcoming years.
COVID-19 Impact and Market Status
The COVID-19 pandemic epidemic has significantly impacted the automotive sector, causing manufacturing to be disrupted globally. It is projected that the drop in vehicle sales and production will have a detrimental effect on the expansion of the vehicle instrument cluster market in 2020 and 2021. Furthermore, it is anticipated that the market would recover and grow at a strong rate during the projected period as a result of the economies' progressive reopening and an increase in consumer mood.
Segment Analysis
The Digital Cluster Type emerged as the Most Booming Segment
During the forecast period, digital clusters are anticipated to increase at the fastest CAGR. The expansion of digital clusters can be ascribed to characteristics like their portability and small size, improved visual appeal, and capacity to display a lot of data on a single screen. With features like tactile feedback and 3D imaging, digital clusters also provide a comprehensive experience of driving.
The Most Prominent Application Segment is the Passenger Vehicles
The largest CAGR is anticipated for passenger vehicles during the forecast timeframe. The rising desire for luxury automobiles and variables like rising passenger vehicle sales and sophisticated technology used in such vehicles are all contributing to the expansion of the passenger vehicle segment.
The APAC Region to render Ample Financing Opportunities
Over the course of the forecast, the CAGR for the Asia Pacific region is anticipated to be the highest. Factors like rising auto sales, the presence of numerous automakers there, and rising demand for luxury vehicles can all be linked to the expansion of the Asia Pacific region. Also anticipated in the region is a significant expansion of the electric vehicle market, which is anticipated to spur demand for vehicle instrument clusters.
Continental AG (Germany), Visteon Corporation (US), Nippon Seiki Co., Ltd. (Japan), Robert Bosch GmbH (Germany), Denso Corporation (Japan), Magneti Marelli S.p.A. (Italy), HELLA KGaA Hueck & Co. (Germany), Delphi Technologies PLC (UK), and others are major players in the global vehicle instrument cluster market. The study contains a thorough competition analysis of these major market participants for vehicle instrument clusters, together with information on their company biographies, recent accomplishments, and important business initiatives.
Recent Developments in the Vehicle Instrument Cluster Market
• The Leverkusen-based electronica Car Systems GmbH, a top provider of instrument clusters for the automotive industry, was acquired by Robert Bosch GmbH in 2021. Bosch will be able to solidify its position in the market for automotive instrument clusters with the aid of the acquisition.
• The Display Business Unit of Continental AG, a company established in Germany, was purchased by Visteon Corporation in 2022. Visteon will benefit from the acquisition in terms of improving its market share for instrument clusters for automobiles.
Aluminum Alloys for Aerospace Applications Market Scope
Metrics | Details |
Base Year | 2023 |
Historic Data | 2018-2022 |
Forecast Period | 2024-2031 |
Study Period | 2018-2031 |
Forecast Unit | Value (USD) |
Revenue forecast in 2031 | USD 11.06 billion |
Growth Rate | CAGR of 10.2 % during 2021-2031 |
Segment Covered | by Type, By Application, By End-User, Regions |
Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
Key Players Profiled | Continental AG (Germany), Visteon Corporation (US), Nippon Seiki Co., Ltd. (Japan), Robert Bosch GmbH (Germany), Denso Corporation (Japan), Magneti Marelli S.p.A. (Italy), HELLA KGaA Hueck & Co. (Germany), Delphi Technologies PLC (UK), and others |
Key Segments of the Global Vehicle Instrument Cluster Market
Type Overview (USD Billion)
- Hybrid Cluster
- Analog Cluster
- Digital Cluster
By Application Overview (USD Billion)
- Passenger Vehicle
- Commercial Vehicle
- Two-wheeler
- Agriculture
- Off-highway
Regional Overview (USD Billion)
North America
- U.S
- Canada
Europe
- Germany
- France
- UK
- Rest of Europe
Asia Pacific
- China
- India
- Japan
- Rest of Asia Pacific
South America
- Mexico
- Brazil
- Rest of South America
Middle East and Africa