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Market for Digital Instrument Clusters to Expand at a Solid CAGR Between 2022 and 2032

09-23-2022 08:05 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Future Market Insights

Market for Digital Instrument Clusters to Expand at a Solid CAGR

Over the forecast period of 2022-2032, the market for digital instrument clusters is anticipated to grow at a strong CAGR. The market demand is being boosted by the growing use of digital instrument clusters in both passenger cars and commercial vehicles to display sets of instrumentation like speedometers. Due to this, the automotive industry expects sales of digital instrument clusters to reach US$ 10.5 Bn by 2032, growing at a remarkable CAGR of 20% between 2022 and 2032.

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Digital Instrument Clusters: Drivers & Restraints

The key factor driving the digital instrument clusters market is a substantial rise in automobile output and its personalization. A digital instrument cluster that is reconfigurable is very appealing. Features such as distance until next charge, information on a battery charge, and other driver information, can easily be displayed using a digital instrument cluster. These features are driving the market for global digital instrument clusters. Another factor driving the market for global digital instruments is consumer trends.

Tablet, PC, and smartphone ownership is increasing and there are opportunities to integrate these devices to drive global digital configurable instrument clusters. Furthermore, the economic and environmental constraints upon the engine designs are driving the introduction of digital instrument clusters since the interior gains more attention from OEMs as a way to differentiate. Another feature that is driving the global digital instrument clusters market includes advanced technological features such as reusability, dynamic, scalable, simple, and attractiveness.

Digital instrument clusters needs a larger LCD display- often 1280 x 480 pixels, thus leading to higher cost. Also, an 8 or 16-bit CPU cannot transfer that many pixels, hence the digital cluster needs a 32-bit CPU. In addition, the level of software capability needed extends beyond the traditional entrenched skill set. These factors act as restraints for the digital instrument clusters up to a certain extent.

The demand for digital instrument clusters in automobiles is anticipated to grow at an accelerated pace mainly due to significant growth in the automobile industry globally. Furthermore, the smartphone segment is also expected to grow at a high CAGR during the forecast period.

Digital Instrument Clusters: Region-wise Outlook

On the basis of region North America, the Asia Pacific and Japan are expected to be the dominant players as a result of growing economies in these regions. The Indian electronics system design and manufacturing (ESDM) industry is one of the fastest-growing industries in the country, which is further boosting the demand for digital instrument clusters in the region. The global digital instrument cluster market is anticipated to grow at a steady rate in other regions of the world as a result of a slowing global economy in these regions.

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Digital Instrument Clusters: Key Players

Some of the market participants in the global digital instrument clusters market are Nippon Seiki Co., Ltd., Ford Motor Company, Audi AG, Renault, Volkswagen, Kia Motors Corp., BMW AG, Jaguar Land Rover Limited, NVIDIA Corporation and Tesla Motors.

The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to categories such as market segments, geographies, types, technology and applications.

The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.

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Key Segments Profiled in the Digital Instrument Cluster Market Survey

By Display Type:

• LCD
• TFT-LCD
• OLED

By Display Size:

• 5-8 inch
• 9-11 inch
• >12 inch

By Application:

• Smartphones
• Tablet PC/Desktop/Notebook
• Automobile
• Others

By Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• APEJ
• Japan
• Middle East and Africa

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About Future Market Insights (FMI)

Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10 years.

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