Digital Instrument Cluster Market: Expected to grow at a CAGR of 19.15 % during 2019-2026

Digital instrument cluster is an electronic instrument cluster, digital dash or digital instrument panel which is installed in an automobile. It is a set of instrumentation which also includes a speedometer that is displayed with a digital readout. One of the key trends in the digital instrument cluster market is the development of a superior graphic display which is expected to foster the growth of the digital instrument cluster market. The digital instrument clusters are adopting new and improved technologies to provide its users the liberty to customize the information being revealed on the cluster. Global digital instrument cluster market is expected to grow at a CAGR of 19.15 % during the forecast period 2019-2026. 

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For instance: In 2015 Visteon, an automotive supplier and Rightware, a leader in user interaction (UI) design and benchmarking software have collaborated to deliver leading-edge UI and graphic solutions targeted at the automotive industry. Additionally, the partners launched their first reconfigurable cluster program integrating the Kanzi UI solution to offer the industry with human machine interaction (HMI) solutions with the help of 3D graphic rendering technologies. As a result, automotive manufacturers are able to deliver photorealistic graphics in several configurations inside the vehicle. Apart from this, the rise of the global digital instrument cluster market is backed owing to the rising demand for electric vehicles and growing demand for advanced cluster technology by OEMs.

Rising demand for electric vehicles widens horizon for market

The adoption of electric vehicles in the automobile sector is rising due to increasing CO2 emission. Many countries such as India, China and Japan are affected by the continuous CO2 emissions from industries. On the other hand, many manufacturing and production units of automobiles are being established in Asia Pacific countries due to easier availability of cheap labor as compared to North America and Europe. The constant rise in the CO2 emissions has led the governments and automobile organizations to increase the manufacturing of electric vehicles which would, in turn, help reduce the volume of CO2 emissions and act as a substitute for combustion-based vehicles. According to the International Energy Agency Organization, globally around 753,000 plug-in electric vehicles (EVs) were sold in 2016 out of which approximately 60 % were battery electric vehicle cars (BEVs).

China managed to remain the largest market for electric vehicles for the second consecutive year in 2016. In the same year, Europe accounted for the second largest market for electric vehicles across the globe (sales of 215000 electric vehicles) followed by the United States with sales of 160,000 electric vehicles. Furthermore, as per the International Energy Agency Organization, electric vehicle sales growth remained strong with a 40% rise in 2016 from previous year, 2015. Furthermore, the government is actively involved in providing financial incentives to promote the sales and adoption of electric vehicles to improve value proposition of electric vehicles. As per the government of United Kingdom in 2017, the government extended the plug-in-van grant scheme which was started in 2012 to larger electric vans and trucks with grants of up to $24,546.2 and is available for operators who need to buy larger electric vans and trucks. Operators may now be eligible for grants up to $26571.30 if they replace their larger, conventionally-powered trucks  with electric vehicles. The grant scheme issues a fund of $4.91 million which is expected to review around 5,000 grants that have been processed up to March 2018. As a result, demand for electric vehicles is likely to rise which positively influences the growth of the digital instrument cluster market.  

Some of the leading market players within the global digital instrument cluster market are:

• Bosch (Germany),
• Delphi (United Kingdom),
• NVIDA (United States),
• IAC Group (Luxembourg) and others.

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Merger & acquisition, partnership, collaboration and product launch are some of the strategies used by companies within this market. Of these, collaboration and merger & acquisition are primary strategies adopted by companies for increasing their market share. For instance: Product Launch – On June 2017, Delphi introduced an instrument cluster, a 3D MLD display with vibrant and crisp visuals which provides passengers and the driver with a true 3D effect without requiring special glasses and other negative side effects. This product launch would help the company to strengthen its product portfolio.  

Merger & acquisition, partnership, collaboration and product launch are some of the strategies used by companies within this market. Of these, collaboration and merger & acquisition are primary strategies adopted by companies for increasing their market share. For instance: Product Launch – On June 2017, Delphi introduced an instrument cluster, a 3D MLD display with vibrant and crisp visuals which provides passengers and the driver with a true 3D effect without requiring special glasses and other negative side effects. This product launch would help the company to strengthen its product portfolio.