According to the business intelligence report titled ‘Global Digital Instrument Cluster Market Size study, by Vehicle (BEV, FCEV, HEV, PHEV) by Display (LCD, OLED, TFT-LCD) and Regional Forecasts 2022-2028’, available with MarketStudyReport, global digital instrument cluster market was worth USD 1.73 billion in 2021 and is expected to amass a valuation of USD 6.19 billion by 2028, while progressing at a growth rate of 20% throughout the forecast timeframe.
Growing demand for electric vehicles (EVs) across the globe, coupled with a soaring inclination toward advanced cluster technology by original equipment manufacturers (OEMs) are the major factors driving global digital instrument cluster market growth.
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For the uninitiated, a digital instrument cluster, also known as an electronic instrument cluster, is a set of instruments, encompassed with a speedometer that displays digital readings rather than utilizing the traditional method of analog gauges.
Rising adoption of semi-autonomous and autonomous vehicle technology, in tandem with integration of aluminum in the production process of the product may uncover new opportunities for market expansion over the study duration.
Despite the positive outlook, risk of cyberthreats and technical difficulties associated with instrument function may threaten progress of the business sphere in the upcoming years.
Speaking of segmentation, worldwide digital instrument cluster industry is categorized by vehicle type, and display. Each bifurcation is critically assessed with respect to size, volume, past & current value, and growth forecasts to enable stakeholders to have a clear understanding of market behavior and expand their profit margins.
From a geographical standpoint, Europe market is anticipated to record substantial growth rate during the assessment period, on account of soaring demand for luxury vehicles, and growing adoption of digital instrument clusters in mid-level vehicles from OEMs.
Meanwhile, Asia Pacific industry is estimated to register significant revenue share during the speculated timeline attributable to growing affordability of the product in the region.
Considering the competitive framework, Robert Bosch GmbH, Nippon Seiki Co. Ltd., Denso Corporation, Nvidia Corporation, Panasonic Corporation, Visteon Corporation, Delphi Corporation, Continental AG, Magneti Marelli Motherson Auto Systems Ltd., and International Automotive Components Group Srl are the key players influencing global digital instrument cluster market trends.