The
growing sales of premium cars, increasing demand for electric vehicles, and
rising penetration of in-vehicle safety features are accelerating the growth of
the automotive digital instrument cluster market. In 2017, the market
generated a revenue of $2,024.6 million, and it is predicted to witness a CAGR
of 21.8% during 2018–2023 (forecast period). Automotive digital cluster is a
set of instrumentation, which shows information in the digital form instead of the
analog one. It is placed on the dashboard in front of the driver behind the steering
wheel, and it displays the map, speed, and navigation prompts.
Based
on display, the automotive digital instrument cluster market is
categorized into organic light-emitting diode (OLED), liquid crystal display (LCD),
and thin-film transistor LCD (TFT-LCD). Out of these, the TFT-LCD category made
a revenue contribution of more than 60.0% to the market, and it is expected to maintain
its dominance during the forecast period. This is mainly ascribed to the
surging demand for better displays, globally, and TFT-LCD offers improved image
quality in terms of addressability and contrast.
In
many countries, due to the rising disposable income, the sales of premium cars
are surging. In 2017, Mercedes-Benz car sales rose to 2.29 million units,
whereas BMW car sales increased by 4.2%. The global sales of other premium car
brands, such as Audi, Volvo Cars, Lexus, Land Rover, and Porsche, augmented by around
5.0% in 2017. Automotive digital instrument clusters are quite costly and at the
nascent growth phase, therefore find extensive installation in premium cars. Thus,
the rising demand and sales of premium cars are resulting in the market growth.
- Increasing Premium Car Sales Strengthening Automotive Digital Instrument Cluster Market
- Europe reigns as the largest automotive digital instrument cluster market
Furthermore, the production of electric vehicles is
anticipated to be considerable during the 2018–2023 period, as these are a
sustainable conveyance system. Due to the growing concerns about increasing
fossil fuel prices and rising focus toward greener and cleaner environment and
energy conservation, the demand for electric cars is expected to thrive during
the forecast period. As these vehicles function on electricity, they are
required to display information such as the amount of battery charge left,
electricity stored, and expected mileage on current charge that can be easily
depicted on digital instrument clusters.
Hence, the growing sales of premium cars and
electric vehicles are anticipated to drive the progress of the automotive
digital instrument cluster market.. Read More
