Automotive Instrument Cluster Market Trends

Growth Drivers

• Growing Sales of Sensors – Nowadays, all of the sensors in a car are connected to the ECU, and the ECU is responsible for sending all the relevant information to the instrument cluster. Instrument clusters are connected to the vehicle with a wiring harness. Hence, the rising demand for sensors is expected to boost the global automotive instrument cluster market in the forecasted period.  According to the estimated data, over 9.5 billion automotive sensors were sold globally in 2021.

• Rising Installations of Speedometers –The number of speedometer installations has been increasing in order to keep a check on the speed limit of a vehicle, and display the mileage of the vehicle. The continuous display of the speed on the screen is expected to decrease the crash risk, and it is projected to boost the market’s growth in the upcoming years. According to the World Health Organization 2022 data, every 1% rise in mean speed produces a 3% increase in the serious crash risk and a 4% rise in the fatal crash risk.

• Increasing Control Modules – Control modules help in detecting the warning lights that are displayed on the instrument cluster module. Therefore, increasing control modules in the vehicles are anticipated to surge the market’s growth. As per the data discovered, modern cars can have more than 100 control modules to control everything in the car.

• Rising Demand for Advanced Driver Assistance System (ADAS) –ADAS provides driver vision at night through projecting enhanced images on the instrument clusters, and it is expected to increase the growth of the global automotive instrument cluster market. According to the data, ADAS was installed in approximately in 1 billion cars in use worldwide in 2020.

• Growing Demand for Cars – With the increase in demand for cars and surging number of registrations across the globe, it is predicted to rise the market’s growth over the forecast period. As per the data estimated for 2030, the sales of cars are expected to exceed 100 million units, worldwide.

Challenges

• Fluctuation in the Price of Raw Material and Maintenance - There is a high installation, and repair cost of the automotive instrument cluster, that includes the high cost of integrated circuits, digital systems, displays, and repair cost. Furthermore, the cost of cyber threats is also added to the cost of the system. Therefore, it is expected to restrain the market’s growth in the upcoming years.
• Concern About Parallax Error in an Analog Gauge
• High Cost of Research & Development