LONDON–(BUSINESS WIRE)–The global automotive instrument cluster platform market is expected to grow at a CAGR close to 11% from 2017-2021, according to a new market research report by Technavio.
Global automotive instrument cluster platform market segmentation by instrument type cluster and geography
Technavio’s report on the global automotive instrument cluster platform market analyses the business dimensions and presents a comprehensive breakdown in terms of market segmentation by instrument type cluster, including hybrid instrument cluster and fully digital instrument cluster. As projected in 2016, approximately 80% of the market share originated from the fully digital instrument cluster.
Based on geography, the global automotive instrument cluster platform market has been segmented into Europe, North America, and ROW. As of 2016, approximately 42% of the market share came from North America. Corporate Average Fuel Economy (CAFE) and NCAP implied regulations are the crucial reasons driving the market for advanced in-vehicle systems like digital instrument clusters that can contribute to safer driving.
“In 2016, the US was the major contributor to the automotive instrument cluster platform market in North America. The country is witnessing rising demand owing to increased number of baby boomers and increased sales of luxury cars. Additionally, the US's drive toward autonomous vehicles is likely to boost the adoption of fully digital instrument clusters. It is also the first country to introduce a legislation that permits the testing of automated vehicles. This portrays the significant potential for advanced technologies for enabling automated driving and the regions' readiness to upgrade to higher automation levels.” says Keerthi Balu, a lead analyst at Technavio for automotive electronics research.
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Automotive instrument cluster platform market: competitive vendor landscape
The global automotive instrument cluster platform market is driven by expertise in the software platform and currently, the market has the presence of a few prominent software vendors in the automotive market. However, the market is witnessing the introduction of new players owing to rising demand for the digital instrument cluster technologies across the world. Expertise in the software development is a factor that proves to be crucial for the vendors to easily enter the market and leverage the good potential for revenue growth. Hence, the competition is expected to intensify further during the forecast period.
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Other topics covered in the report:
- Growing adoption of reconfigurable instrument cluster globally
- Reconfigurable ability in instrument cluster gives flexibility in designing
- Growing popularity of digital cockpits in passenger cars
- Prioritization of content is a challenge for the instrument cluster stakeholders
- Development of software platform that facilitates development of virtual instrument clusters
- Advent of warm perfusion automotive instrument cluster platform systems
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