Automotive instrument clusters equip driver with every necessity that are required for a smooth run. This is likely to promote its global market growth over the evaluation period. The availability of customized automotive instrument parts that serve specific purpose for certain type of automobiles is expected to surge the market. Other factors such as high sales of intelligent automobiles, changing lifestyle, increase in purchase power, and growing urban population are significantly contributing to the expansion of the automobile industry. The surge in need for production of automobiles is expected to boost the automotive instrument clusters market growth over the evaluation period. Technical upgradations, rise in demand for electronically powered instrument, modifications in driver assistance system, increase in electric vehicles sales are noted to contribute significantly to growth of the automotive instrument clusters market in the upcoming years.
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Key Players
Mentor Graphics (U.S), Continental AG (Germany), Qualcomm (U.S), Visteon (U.S), Delphi (U.S), Denso (Japan), Bosch (Germany), Japan Display Inc. (Japan), Alpine Electronics (Japan), and Innolux (Taiwan) are some of the prominent companies that are observed to significantly contribute to the growth of the global automotive instrument cluster market. Awareness about mergers and acquisitions, strategic partnerships, and other bonds are key players can contribute largely to the expansion of the market, as it aids in the identification of investment scopes that can yield high turnover over the evaluation period.
Segmental Outline
The automotive instrument cluster market has been segmented by technology type and vehicle type. By technology type, the market has been segmented into analog, hybrid, and digital. The hybrid segment is likely to gain considerable traction for the market. The high rate of adoption of digital and analog technologies in automotive instrument is likely to propel the global automotive instrument cluster market over the assessment period. By vehicle type, the market has been segmented into commercial vehicle and passenger car. The high sales number of automobiles due to the changing lifestyle of people is expected to drive the global automotive instrument cluster market.
Regional Outlook
Asia Pacific, North America, Europe, and the Rest of the World (RoW) are areas that are studied under the automotive instrument cluster market’s regional analysis. The Asia-Pacific market is expected to register a high growth rate and attain the highest share of the global market. The high sales of smart automobiles in developing economies such as India, China, and Japan is a major driving factor that is expected to surge the APAC market growth. APAC is a prominent automotive manufacturing hub, as affordable labors are available, and operations cost is less. In addition, the increase in production of automobiles due to the increase in urban population and their growing automotive conveyance is escalating the sales of automotive instrument. These factors are expected to boost the regional market growth. After the Asia Pacific, the market in North America is expected to gain a global foothold in the review period. The United States is likely to register the highest growth. Numerous key market players that are residing in the region is widening the regional competitive landscape that adds an edge to the North America market. Increase in customers that preferring of personal vehicles over public transport is increasing the automobile instrument sales, which is likely to favour the market.
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