In 2017, the automotive digital instrument cluster market reached a value of $2.0 billion and is projected to generate $6.6 billion in 2023, witnessing a CAGR of 21.8% during the forecast period (2018–2023). The market is growing due to the increasing penetration of in-vehicle safety features, rising sales of premium cars, and surging demand for electric cars. an electronic instrument panel that displays digital output rather than analog gauges is referred to as automotive digital instrument. It shows important information including map & navigation prompts, radio stations, speed, system alerts, and incoming calls.
In terms of display type, the automotive digital instrument cluster market is divided into organic light emitting diode (OLED), liquid crystal display (LCD), and thin-film transistor LCD (TFT-LCD). Among these, the TFT-LCD division dominated the market during the historical period (2013–2017), with a share of more than 60.0% in 2017, in terms of value. The reason for this was the rising demand for high contrast displays resulting in increased sales of TFT-LCD displays around the world. The division is further expected to retain its position during the forecast period.
In many countries, due to the rising disposable income, the sales of premium cars are surging. In 2017, Mercedes-Benz car sales rose to 2.29 million units, whereas BMW car sales increased by 4.2%. The global sales of other premium car brands, such as Audi, Volvo Cars, Lexus, Land Rover, and Porsche, augmented by around 5.0% in 2017. Automotive digital instrument clusters are quite costly and at the nascent growth phase, therefore find extensive installation in premium cars. Thus, the rising demand and sales of premium cars are resulting in the market growth.
Further, large, display-based clusters are gaining popularity in the automotive digital instrument clusters market, owing to their broader view which helps in taking correct decision quickly. In response to their increasing demand and falling prices, the players operating in the market are increasingly adopting these. For instance, earlier BMW used small, partial digital instrument clusters in the 2010 7 Series, but has now replaced these with larger, display-based clusters of size more than 12 inches across its 7 and 5 Series models.
A key trend being observed in the automotive digital instrument cluster market is the growing preference for superior graphic display. As the environment is changing, the automobile manufacturers are opting for superior graphic displays in digital instrument clusters in order to improve the user experience. Due to this, 3D graphic digital instrument clusters are gaining popularity in this domain. These displays improve the display look and provide clearer and better visibility features. The increasing demand for superior graphic display is thus predicted to drive the market in the coming years.
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Hence, the market is growing due to the rising sales of premium cars and increasing demand for electric cars.
Market Segmentation by Display Type
- Liquid Crystal Display (LCD)
- Organic Light Emitting Diode (OLED)
- Thin-Film Transistor LCD (TFT-LCD)
Market Segmentation by Display Size
- 5-8 inch
- 9-11 inch
- More than 12 inches (>12 inch)
Market Segmentation by Car
- Conventional
- Electric
- Hybrid Electric Vehicle (HEV)
- Battery Electric Vehicle (BEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
Market Segmentation by Car Price
- Premium
- Medium
Market Segmentation by Technology
- Artificial intelligence (AI)
- Non-AI
