Digital Instrument Clusters Market

Digital Instrument Clusters Market Overview (2022 to 2032)

The global digital instrument cluster market is estimated to exhibit growth at a robust CAGR over the forecast period 2022 to 2032. Increasing applications of digital instrument clusters across passenger cars and commercial vehicles for displaying sets of instrumentation such as speedometers is favoring the demand in the market. Driven by this, the sales of digital instrument clusters in the automotive industry are expected to total USD 10.5 Billion by 2032, rising at a remarkable CAGR of 20% between 2022 and 2032.

Report Attribute	Details
Digital Instrument Cluster for Automotive Market Value (2032)	USD 10.5 Billion
Digital Instrument Cluster in Automotive Market CAGR (2022 to 2032)	USD 20% CAGR

Digital instrument clusters are displays that are used to express the measuring quantity of devices such as speedometers, frequency meters, voltmeters, and others in a numeric format. These displays enable appliances and machines such as smartphones, laptops, digital cameras, inverters, and automotive vehicles to present a wide variety of information on a single digital platform.

These instrument clusters with digital displays are increasingly gaining popularity as an alternative to electromechanical pointer instruments, owing to their ability to show precise and accurate measurements in numeric format. On account of this, the sales of digital instrument clusters are estimated to register rapid growth in the market over the forthcoming years.

With an increasingly tech-savvy population and intensifying competition across the automotive industry, leading manufacturers are emphasizing launching advanced automotive vehicles with innovative features. For instance, in 2021, Honda, a Japanese public multinational conglomerate automobile manufacturer, announced launching its new NS100Q scooter with innovative features such as a fully digital instrument cluster. Such developments and product launches are expected to augment the demand for digital instrument clusters in the market.

Which are Some Prominent Drivers Spearheading Digital Instrument Cluster Market Growth?

With growing consumer preference towards comfortable travel and increasing per capita income of the population, a significant rise in production and sales of automotive vehicles is being witnessed across the globe, resulting in creating strong demand for associated devices.

For instance, according to the Bureau of Transportation Statistics, nearly 1.92 Million and 2.56 Million units of passenger cars were manufactured and sold, respectively, across the USA in 2020. As digital instrument clusters are increasingly used in modern vehicles to guide the driver by providing precise information about vehicle parameters and functions, accelerating sales of automobiles is projected to create lucrative opportunities for growth in the market.

Numerous automotive vehicle manufacturers are increasingly shifting their preference from analog instrument clusters towards deploying digital ones, owing to their favorable attributes such as better user interactivity, visibility, and larger display. In addition, the increasing introduction of novel devices integrated with innovative technologies such as artificial intelligence (AI) is expected to augment digital instrument cluster demand in the market.

What are the Challenges Faced by the Digital Instrument Cluster Market?

Although there are several advantages of adopting digital instrument clusters, high sensitivity to temperature & moisture, frequent lags, and errors due to refresh rate are factors hindering the sales of digital instrument clusters in the market.

These devices are made of very delicate elements, making them highly susceptible to variations in atmospheric conditions. Hence, several original equipment manufacturers' (OEMs) are increasingly adopting analog instrument clusters for devices such as inverters, payment terminals, and power supply equipment, due to their low cost as compared to digital instrument clusters, which is in turn, hampering the growth in the market.

Why is Asia Pacific Excluding Japan Emerging as an Opportunistic Digital Instrument Cluster Market?

As per FMI, Asia Pacific excluding Japan is projected to exhibit rapid growth in the global digital instrument cluster market between 2022 and 2032.

A significant rise in laptop and smartphone penetration is being witnessed, especially across the countries such as China, India, South Korea, Australia, and others, owing to the growing usage of the internet and the increasing gamer population. For instance, according to a report by the India Brand Equity Foundation, smartphone shipments across India totaled 173 million in terms of units in the year 2021, exhibiting more than 14% growth in comparison to 2020.

With this rise in smartphone adoption and the advent of upcoming 5G technology, numerous smartphone manufacturers are increasingly focusing on launching novel smartphones with innovative features such as digital instrument clusters. This is expected to facilitate the growth in the digital instrument cluster market across the Asia Pacific excluding Japan.

How is North America Contributing to the Growth of the Digital Instrument Cluster Market?

Future Market Insights states that North America is estimated to account for a significant share of the global digital instrument cluster market over the forecast period 2022 to 2032.

With the increasing demand for advanced measurement displaying devices across industries such as consumer electronics and automotive, several players in the market are aiming at developing and launching novel instrument clusters to capitalize on the existing opportunity.

For instance, in 2021, BlackBerry Limited, a Canadian software company announced entering into collaboration with BiTECH Automotive (Wuhu) Co., Ltd to develop a new digital LCD cluster with an integrated QNX® Neutrino® Realtime Operating System (RTOS). A multiplicity of such new product launches are expected to bolster the demand for digital instrument clusters in the North American market.

Market Competition

Some of the leading players in the digital instrument cluster market are Panasonic Corporation, Robert Bosch Gmb, Nvidia Corporation, BMW, Denso Corporation, IAC Group, Magneti Marelli S.p.A., ID4Motion, Nippon Seiki Company Ltd., Luxoft, Visteon Corporation.

Attributed to the presence of such a high number of participants and growing emphasis on the development and launch of advanced digital instrument clusters, the market is highly competitive.

Report Scope

Report Attribute	Details
Growth Rate in Automotive Sector	CAGR of 20% from 2022 to 2032
Base Year for Estimation	2021
Historical Data	2015 to 2020
Forecast Period	2022 to 2032
Quantitative Units	Revenue in USD Billion, Volume in Kilotons, and CAGR from 2022 to 2032
Report Coverage	Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis
Segments Covered	Display Type, Display Size, Application, Region
Countries Covered	North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan, Japan, Middle East and Africa
Key Companies Profiled	Panasonic Corporation; Robert Bosch Gmb; Nvidia Corporation; BMW; Denso Corporation; IAC Group; Magneti Marelli S.p.A.; ID4Motion; Nippon Seiki Company Ltd.; Luxoft; Visteon Corporation
Customization	Available Upon Request

Key Segments Profiled in the Digital Instrument Cluster Market Survey

By Display Type:

• LCD
• TFT-LCD
• OLED

By Display Size:

• 5-8 inch
• 9-11 inch
• >12 inch

By Application:

• Smartphones
• Tablet PC/Desktop/Notebook
• Automobile
• Others

By Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• Asia Pacific Excluding Japan
• Middle East and Africa

Frequently Asked Questions

What is the sales forecast of the digital instrument cluster in the Automotive Sector until 2032?

FMI projects the sales of digital instrument clusters across the automotive sector will expand at 20% value CAGR by 2032

Which region is forecast to be the most lucrative for digital instrument cluster market growth?

The global digital instrument cluster market is expected to be dominated by Asia Pacific excluding Japan over the forecast period 2022 to 2032.

Which are some leading digital instrument cluster manufacturers?

Panasonic Corporation, Robert Bosch Gmb, Nvidia Corporation, BMW, Denso Corporation, IAC Group, Magneti Marelli S.p.A., ID4Motion, Nippon Seiki Company Ltd., Luxoft, and Visteon Corporation some of the leading players in the prominent digital instrument cluster market.