The Instrument Cluster Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Instrument Cluster Global Market Report 2024, 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.
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.
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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
Major companies operating in the instrument cluster market are focusing on developing technological advancements, such as the ECO-HE instruments cluster, to sustain their position in the market. The ECO HE instruments cluster is used in automotive vehicles to provide drivers with essential information about the vehicle’s status, such as speed, fuel levels, and engine performance. It is designed to improve the user experience. For instance, in June 2022, COBO Group, an Italy-based automotive manufacturing company, launched the ECO HE instruments cluster, an evolution of the existing ECO line. The new instrument cluster features a 3.5 TFT with enhanced resolution, daylight visibility, and improved contrast. Equipped with a 32-bit microcontroller with higher CPU power and memory, it also offers an extended operating voltage range and enhanced protection against solids and liquids. Additionally, it provides advanced features such as customizable interfaces, real-time data, and advanced warning systems.
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
…..
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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