LONDON, Fev. 5, 2018 /PRNewswire/ — Download the full report: https://www.reportbuyer.com/product/5305547
The digital instrument cluster market is estimated to be USD 1.62 billion in 2017 and is projected to grow to USD 6.60 billion by 2025, at a CAGR of 19.15% during the forecast period. The standard of living of consumers has been improving gradually due to economic growth worldwide. Several features are being added to vehicles by manufacturers to meet the growing demand for safety, comfort, and convenience.
Various OEMs across the globe have started adopting advanced technologies such as a digital instrument cluster to ease the operation and enhance aesthetics in the interior of the vehicle. The adoption of technologies to attract more customers and remain competitive is pushing OEMs to add advanced and luxury features in a vehicle. Thus, factors such as rising safety concerns and the increasing demand for luxury, convenience, and comfort are expected to drive the digital instrument cluster market globally. However, cyberthreat is a key factor that can hinder the growth of digital instrument cluster market. Increasing norms for cybersecurity and security system are expected to reduce the impact of cyberthreat on the digital instrument cluster market.
Passenger car is the fastest growing vehicle segment in the digital instrument cluster market
The passenger car segment, which includes a sedan, hatchback, SUV, and crossover SUV, is estimated to be the fastest growing market for the digital instrument cluster. In passenger cars, the sedan and SUV segment is the most promising market for the digital instrument cluster.
The majority of the sedans and SUVs are equipped with a hybrid or digital instrument cluster. Europe is estimated to be the largest digital instrument cluster market for passenger cars owing to the huge production of luxury vehicles in the region. Audi A4, Audi Q5, Mercedes-Benz A-class, Volkswagen Golf, and BMW 5 series are some of the top-selling passenger cars in Europe that are equipped with a digital instrument cluster. In case of commercial vehicles, North America is estimated to be the largest digital instrument cluster market.
Europe holds the largest share of digital instrument cluster market
Europe is estimated to be the largest market for digital instrument cluster during the forecast period. Factors such as increasing vehicle production and growing demand for luxury vehicles and electric vehicles in the region are driving the digital instrument cluster market in Europe. In addition, Europe is considered to be a hub for the production and sale