Automotive Instrument Cluster Market Size, Share, Growth Analysis, By Cluster type.(analog, digital and hybrid), By Vehicle Type(passenger cars, light commercial vehicle, heavy commercial vehicle and electric vehicle), By Region - Industry Forecast 2024-2031

Global Automotive Instrument Cluster Market size was valued at USD 2.76 billion in 2021 and is poised to grow from USD 2.98 billion in 2022 to USD 5.92 billion by 2030, growing at a CAGR of 8% in the forecast period (2023-2030).

automotive instrument cluster market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. Visteon Corporation, Continental AG, Robert Bosch GmbH, and DENSO Corporation dominate the competition landscape in this market. The key factors responsible for their dominance are a diverse product portfolio and constant improvements by these companies, which result in new product introductions. 'Bosch Limited', 'Continental AG', 'Delphi Technologies', 'Denso Corporation', 'Magneti Marelli S.p.A.', 'Visteon Corporation', 'Yazaki Corporation', 'Mitsubishi Electric Corporation', 'Nippon Seiki Co. Ltd.', 'IAC Group', 'Faurecia SA', 'Johnson Controls International plc', 'Aptiv PLC', 'Marelli Holdings Co., Ltd.', 'Calsonic Kansei Corporation', 'Smiths Group plc', 'Stoneridge, Inc.', 'Jabil Inc.', 'Hyundai Mobis Co., Ltd.', 'Luxoft Holding, Inc.'

The rapid growth in electric vehicle sales is expected to contribute to the growth of the digital type instrument cluster market. Superior graphic displays in digital instrument clusters are being used by manufacturers to improve the user experience. These displays, for example, provide constant information about the distance until the next charge, charged batteries, and other important information. Advanced graphic digital systems are gaining market traction as part of the development. The graphic display enhances the look of the display and dashboard by making features more visible. Improvements in the resolution and size of automobile LCDs and LEDs are expected to drive up demand for digital systems in order to meet the growing demand for highly visible design on a large screen. As a result, the demand for superior graphics displays is a key driver for market growth.

Traditional analogue clusters are giving way to advanced digital clusters in systems. Digitization in the automotive sector is expected to drive global automotive instrument cluster market trends due to the rapid adoption of innovative technologies. As there is a growing demand for sporty and appealing digital instrument clusters, various manufacturers are implementing new technologies to give these clusters a sporty and appealing appearance. Audi, BMW, Aston Martin, Mercedes-Benz, and Ferrari have installed digital clusters in their vehicles because these clusters have become an integral component of the vehicles. Furthermore, people's growing preference for luxury, convenience, and stress-free driving is propelling the global growth of the digital type automotive instrument cluster industry.

Asia Pacific currently holds the largest market share and is expected to continue to do so throughout the forecast period. India, China, and Japan are some of the major countries driving market growth in this region. Government initiatives for the automotive industry in various developing countries such as India and China are ultimately contributing to the growth of the Asia-Pacific market.