Instrument Cluster Market Size Worth USD 13.77 Billion by 2026; Rising Demand for Aesthetically Pleasing Dashboards in Vehicles to Boost the Market, Says Fortune Business Insights - Seite 2

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According to the report, the market value stood at USD 7.20 billion in 2018.

The report also shares the following information:

• Key insights into the major growth drivers of the market;
• Comprehensive overview of the industry trends and future outlook;
• Detailed assessment of the challenges facing the market; and
• Thorough research into the regional developments and competitive landscape of the market.

Market Driver

Development of Instrument Clusters for Electric Vehicles to Augment Market Potential

The International Energy Agency (IEA) revealed that deployment of electric vehicles (EVs) rose by an astonishing 63% in 2018 from 2017 levels, with the global EV fleet surpassing 5 million in 2018. Thus, the production of EVs is speedily catching up with demand. The increasing inclination toward EVs, mainly prompted by rising pollution and oil prices, is creating new growth avenues for automakers around the world. Many manufacturers are now designing and developing digital instrument clusters tuned to the requirements of an EV.

For instance, in November 2018, Visteon announced that it will be supplying instrument clusters for Renault's new electric variant of its entry-level Kwid model. Integrated dashboards for EVs are critical because drivers need to know exactly how long the car battery will last, availability of the nearest battery recharge station, and software updates from the OEM. Thus, rising demand for EVs across the globe will fuel the market for specialized digital instrument clusters.

Regional Analysis

Asia-Pacific to Establish Commanding Hold on the Market; Europe to Grow Impressively

Asia-Pacific is anticipated to dominate the instrument cluster market share during the forecast period mainly owing to the surging demand for passenger cars in the burgeoning economies of India and China.

Moreover, China has become the largest market for electric vehicles, which is further propelling the market in the region. In addition to that, Japan is home some of the largest automakers in the world such as Toyota, which is likely to have a considerable impact on the market. The market size of Europe in 2018 stood at USD 1.43 billion and is expected to emerge as the second-largest region as a result of the strong presence of top carmakers such as Audi and Mercedes.