Overview and Scope
An instrument cluster refers to a display panel located in the front of a vehicle’s interior, within the driver’s line of sight. It provides the driver with crucial information about the vehicle’s performance, condition, and various operating parameters.
Sizing and Forecast
The instrument cluster market size has grown strongly in recent years. It will grow from $9.22 billion in 2023 to $10 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to automotive industry growth, safety and regulatory standards, consumer demand for enhanced user experience, integration of connectivity features, rise of electric and hybrid vehicles.
The instrument cluster market size is expected to see strong growth in the next few years. It will grow to $13.13 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to emergence of autonomous vehicles, increased adoption of augmented reality (AR), continued emphasis on user-centric design, integration of artificial intelligence (AI), environmental sustainability. Major trends in the forecast period include digitalization of dashboards, energy-efficient displays, advanced driver assistance systems (ADAS), integration of ai and machine learning, partnerships and collaborations.
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Segmentation & Regional Insights
The instrument cluster market covered in this report is segmented –
1) By Type: Analog, Digital
2) By Vehicle Type: Passenger Cars, Two-Wheelers, Buses And Coaches, Light Commercial Vehicles, Heavy Trucks
3) By Application: Speedometer, Odometer, Tachometer, Other Applications
North America was the largest region in the Instrument Cluster market in 2023. The regions covered in instrument cluster report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The growing automotive vehicle production is expected to propel the growth of the instrument cluster market going forward. The production of automotive vehicles refers to the process of manufacturing and assembling vehicles, including cars, trucks, motorcycles, and other motorized vehicles. The instrument cluster used in automotive vehicles is a crucial component of the dashboard that provides the driver with essential information about the vehicle’s performance, including speed, temperature, engine RPM monitoring, fuel level indication, and odometer reading. For instance, in May 2023, according to the European Automobile Manufacturers Association, a Belgium-based automobile manufacturers association, in 2022, the global production of motor vehicles reached 85.4 million units, reflecting a notable increase of 5.7% compared to 2021. Furthermore, according to Brand Finance plc, a UK-based brand valuation company, in 2022, the automobile sector achieved approximately 78 million unit sales, marking a substantial 10% increase compared to both 2021 and 2020. Therefore, the growing automotive vehicle production is driving the growth of the instrument cluster market.
Key Industry Players
Major companies operating in the instrument cluster market report are Robert Bosch GmbH, Denso Corporation, ZF Friedrichshafen AG, Continental AG, Mitsubishi Electric Corporation, Fujitsu Ten Limited, Flex Ltd., Johnson Controls International PLC, Pioneer Corporation, Lear Corporation, Nippon Seiki Co. Ltd. , Texas Instruments Incorporated, Panasonic Automotive Systems Co. Ltd., HARMAN International, Aptiv plc, Alpine Electronics Inc., Visteon Corporation, Meritor Inc., Yazaki North America Inc., Stoneridge Inc., Veoneer Inc., JP Minda Group, Stoneridge Electronics AB, Delphi Technologies, and Mini Meters Manufacturing
The instrument cluster market report table of contents includes:
1. Executive Summary
2. Instrument Cluster Market Characteristics
3. Instrument Cluster Market Trends And Strategies
4. Instrument Cluster Market – Macro Economic Scenario
5. Global Instrument Cluster Market Size and Growth
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32. Global Instrument Cluster Market Competitive Benchmarking
33. Global Instrument Cluster Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Instrument Cluster Market
35. Instrument Cluster Market Future Outlook and Potential Analysis
36. Appendix
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