The global
automotive digital instrument cluster market is expected to grow at a CAGR of more than 37% from
2017-2021, according to a new market research report by Technavio.
Global automotive digital instrument cluster market segmentation
by vehicle type and geography
Technavio’s report on the global automotive digital instrument
cluster market analyses the business dimensions and presents a comprehensive
breakdown in terms of market segmentation by vehicle type, including luxury
vehicles and mid-segment vehicles. As projected in 2016, close to 81% of the
market share originated from luxury vehicles.
Based on geography, the global automotive digital
instrument cluster market has been segmented into North America, Europe,
and ROW. As of 2016, more than 42% of the market share came from North America.
“The US's drive towards autonomous vehicles is expected to boost
the adoption of digital instrument clusters in the region. The US is the first
country to introduce legislation that permits testing of automated vehicles,
though only a few states have passed the bill. This signifies potential
opportunity for advanced technologies for enabling automated driving and the
region's readiness to upgrade to higher automation levels,” says
Keerthi Balu, a lead analyst at Technavio for automotive electronics research.
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Global automotive digital instrument cluster market: competitive
vendor landscape
Digital instrument clusters are still confined to high-end cars,
and the market is expected to be fueled by the growing trend of autonomous
vehicles. The significant penetration of electronics in automobiles has led to
the expansion of the ecosystem with lucrative opportunities for software
players in the automotive industry. This spans from software developers to
middleware and software tools providers. The digitalization of instrument
clusters has paved opportunities for software players catering to these
automotive applications.
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Other topics covered in the report:
Market drivers:
·
Digital instrument cluster to bring down costs for the
automotive OEMs
·
Digital instrument cluster enhances the vehicle's interior
Market challenges:
·
Low penetration of digital instrument cluster due to cost
pressure on the automotive OEMs
·
Risk of system failure due to software malfunction
Market trends:
·
Development of superior graphics display
·
Development of prism display that emulates real 3D effects
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