Press release
Automotive Instrument Cluster Market to Garner Brimming Revenues by 2025
Persistence Market Research (PMR)
With the advent of electronics in automotive, the vehicle dashboard now is not just a dashboard, each and every operation in a vehicle is sensed and displayed in analog or digital form with the use of actuators thus providing immediate and real time information about the condition of the vehicle to its users. Reason for raising demand of automotive instrument cluster is the continual technological advancement in the automotive technologies. Growing trend of digitalized and hybrid cluster also play a prominent part in boosting up demand of automotive instrument cluster market. Luxurious car makers such as Aston Martin, Audi, Buick Limited, Ferrari and others have launched vehicles with digitalized cluster, now these clusters are an integral part of luxury vehicles. With the advent of fully digital displays, dashboards has reached a new level by being able to take into account the driving situation and by enhancing the user experience. These factors hike the demand for automotive instrument cluster.
From a macro-economic perspective the changing consumer lifestyle further supplemented by rising income levels in prominent regions is anticipated to drive demand for vehicles with advanced safety and infotainment features. Thus the market is foreseen to witness moderate growth in demand.
Some of restraints associated with the automotive instrument cluster market is high cost of the product owing to the shift of analog to digital consoles witnessed in the market. High cost associated with the internal components such as integrated circuits, power systems and among others contribute heavily to its cost thereby restraining the market to its fullest potential. The challenges associated with the automotive instrument cluster market also includes the threat of cyber-attacks from external sources which can cause loss of control of the vehicle due to digitization of such systems
Automotive instrument cluster can be segmented on the basis of product type, vehicle type and sales channel
From the perspective of the North American region, the U.S. is anticipated to show a healthy growth in the automotive instrument cluster market, owing to its foothold in the automotive industry with large number of automobile manufacturers having their base in the country. The same holds true for the European region as well, exhibiting high potential in the automotive instrument cluster market due to flourishing automobile sales and a renewed interest in electric vehicles. China and India are anticipated to spearhead the growth of the market in the Asia Pacific region as these two economies are the major manufacturing zones in the automotive industry. Japan is also expected to show high potential for the market due to presence of large number of OEMs in the country.
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The aftermarket segment of the automotive instrument cluster market is anticipated to overshadow the OEM segment in the Middle East and Africa regions due to increased interest in vehicle customization among the consumers. The market in the Latin America region is exhibited to show a slow but steady growth due to decline in automotive industry in the region; Brazil, but is anticipated to pick up steam in the later stages of the forecast period.
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