Automotive Digital Instrument Cluster Market Size Will Increase Notable Returns through 2025
Automotive digital instrument cluster market is set to observe growth rate of over 20% till 2025.New business models and digitalization have revolutionized the automotive sector by giving rise to emerging trends such as autonomous driving, connectivity, and electrification. With the increased complexity of vehicle electronics, there is a greater demand for more cost-effective, user friendly, and lucrative solutions to reinforce a wide range of features. Electronic clusters can be reconfigured by letting consumers customize the display contents and allowing better interactivity.
Automotive digital instrument cluster market size is projected to gain massive momentum in the decades to come owing to the shifting trends towards the adoption of smart vehicles. The accelerated rise of new technologies and the rising integration of digitalized components in vehicles have propelled the integration of digital instruments along wisth many technological components.
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Cluster manufacturers are directing rigorous efforts to develop newer systems to combine infotainment with these panels and enabling the display of electronic information in a single panel by using a system on a chip platform. These chips are known for delivering high-quality displays in 3D and 2D graphics for mid-size cars. Smart vehicles are moving automakers towards information-rich graphical displays, driving automotive digital instrument cluster market forecast.
12 inch display segment is anticipated to witness over 24% CAGR between 2019-2025. OLED is estimated to gain a high demand among new vehicle display panels as it is extensively used to produce flexible, slim and light displays. Manufacturers are widely utilizing these displays for several vehicle applications such as navigation, internal & external lightening, head-up display, and instrument cluster.
Due to advanced features, car manufacturers are widely adopting OLED as an advanced automotive lighting component which will further stimulate automotive digital instrument cluster market trends. In 2018, LG Display had collaborated with Cadillac, Mercedes, and Tesla for the development of FHD 12.3” curved plastic-based flexible OLEDs. OLED provides new possibilities in lamp and luminaire designs and as panel radiators, they are apt for use as taillight, signal light, or even interior lighting.
As the competitive pressure mounts in the automotive sector, there has been a reduction in electronics and digital system manufacturing costs for passenger vehicles, while bringing new advancements in instrument clusters. Moreover, instrument clusters are evolving rapidly with the addition of color displays and high-display solutions which provide an opportunity to develop greater display panels.
Many companies and business incubators are looking forward to commencing the installation of several algorithms in the e-cockpit like fisheye detection, around-view mirror (360-degree AVM) rearview monitoring, and Driver Monitoring System (DMS) creating the need for big instrument clusters. In May 2019, Visteon Corporation had announced the introduction of a SmartCore cockpit domain controller in India.
This system formed a key part of the digital & hybrid instrument cluster and infotainment system in TATA Harrier SUVs. Similar moves by manufacturers and companies to adopt the automotive digital instrument cluster could highlight the trend in automotive sector. It is estimated that global automotive digital instrument cluster market size may be pegged at USD 7 billion by 2025.
Asia Pacific automotive digital instrument cluster market size is increasing rapidly due to the strong vehicle and component manufacturing sector in emerging economies like Japan, China, and South Korea. Most of the regional governments have been instigating a supportive regulatory framework to enhance the deployment of the digital instrument cluster in automobiles that will fuel the product demand in coming years.
Other Asian countries including South Korea, Japan, and India are also witnessing a robust expansion of the automobile sector due to the low manufacturing costs, consumption of passenger vehicles, and increased export activities in the region. The rising use of digital technology in vehicles for achieving sustainability and better performance will certainly bolster automotive digital instrument cluster market outlook.
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Partial Chapter of the Table of Content
Chapter 4. Automotive Digital Instrument Cluster Market, By Display Type (Revenue, Shipment)
4.1. Key trends by display type
4.2.1. Market estimates and forecast, 2015 - 2025
4.3.1. Market estimates and forecast, 2015 - 2025
4.4.1. Market estimates and forecast, 2015 - 2025
Chapter 5. Automotive Digital Instrument Cluster Market, By Display Size (Revenue, Shipment)
5.1. Key trends by display size
5.2.1. Market estimates and forecast, 2015 - 2025
5.3.1. Market estimates and forecast, 2015 - 2025
5.4.1. Automotive digital instrument cluster market estimates and forecast, 2015 - 2025
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