COVID-19 Impact on Automotive Instrumentation Display Market By application (passenger car and Commercial Vehicle); By type (hybrid display, analog display and digital display) and Region -Analysis of Market Size, Share and Trends for 2014 - 2020 and Forecasts to 2030
Digital instrument display offers appealing and reliable information to warn the driver when driving. A simple information display is important when driving to ensure a secure and pleasant ride. The instrument display incorporates information from different parts of the vehicle and shows it in front of the driver. Digital instrument clusters are available in a wide variety of vehicles, ranging from entry levels to luxury models. The digital instrument cluster offers basic details such as pace, covered mileage, temperature, fuel level, tales, and alarms. It also provides additional systems of information such as radio, on-board computer, internet, navigation, and driver assistance.
Global Automotive Instrumentation Display Market size was registered at USD XX billion in 2020 and is estimated to reach USD XX billion by 2030, registering a CAGR of XX% from 2020 to 2030. Growing demand for luxury and electric vehicles, increased demand for sporty digital cluster instruments from both OEMs and customers, and high adoption rate of multi-layer display technology due to its 3D graphics experience are likely to boost the digital instrument cluster market over the forecast period. Also, the production of superior and attractive graphical display is likely to boost demand for a cluster of digital instruments during the forecast period. In recent years, the vehicle show market has seen rapid growth. Recent developments in technologies such as ADAS, Virtual Reality, and Artificial Intelligence have stimulated market research and growth.
Source: Fatpos Global
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Global Automotive Instrumentation Display Market is segmented based on application, type, and region.
By application (in %), Automotive Instrumentation Display Market 2020
The passenger car vehicle type segment is anticipated to register XX% of the market share during the forecasted period. By application, the market can be segmented into passenger cars and Commercial Vehicle. The passenger car segment dominated the market due to the high demand for passenger cars and the emergence of new auto-manufacturers in the world.
By Type (in %), Automotive Instrumentation Display Market, 2020
The hybrid display type segment accounted for XX% of the nation’s volume in 2020
The type segment can be classified into the hybrid display, analog display, and digital display. Hybrid instrument clusters are composed of analog and digital functions and combine the two to display the driver information. They also offer partial reconfigurability where the cluster of instruments is set to display predefined information. The consumer has no option to change or delete any of the pre-set content, thereby boosting demand in the segment.
Source: Fatpos Global
High demand for vehicle production and technological advancements to increase the market growth
Growing demand for luxury and electric vehicles, increased demand for sporty digital cluster instruments from both OEMs and customers, and high adoption rate of multi-layer display technology due to its 3D graphics experience are likely to boost the digital instrument cluster market over the forecast period. Also, the production of superior and attractive graphical display is likely to boost demand for a cluster of digital instruments during the forecast period. In recent years, the vehicle show market has seen rapid growth. The main driver for this growth is improving global passenger car sales. Raised disposable income also increased demand for comfort as well as safety devices, leading to the growth of the industry. Recent developments in technologies such as ADAS, Virtual Reality, and Artificial Intelligence have stimulated market research and growth.
High reliance on vehicle production to hinder the market growth
High reliance on vehicle production in the automotive Instrumentation display industry may be a limiting factor, as the decline in vehicle production is expected to hamper the Instrumentation display market due to an economic downturn. The high cost of head-up displays is one of the limiting factors for market development. Many consumers don't want to pay high rates for instrumentation display systems. Other factors for preventing the growth of these systems are the safety issues that come with touch surfaces replacing all the mechanical components. Full touch surfaces are still not as effective as mechanical systems. To operate it, a driver must look at the screen and it is a diversion from the sight of the road which further hampers the market. Local governments with a plurality of high-population urban areas across the globe prioritize the adoption of public transport, which is also projected to hinder the market for automotive instrumentation display.
In terms of value and volume, APAC accounted for XX% of total market volume share in 2020
For the automotive display industry, APAC has the largest share of sales. Manufacturers are expanding their manufacturing facilities in Asian countries due to the low manufacturing costs and skilled labor availability. Large markets like India and China have seen a rise in the total sales of passenger cars as well as the sales of luxury cars increasing the growth of the industry. Also, the growth of telecommunications industries will affect APAC's overall market with demand for connected vehicles, IoT, and other technological developments in-car displays.
The region segment can be further divided into five major types including North America, Latin America, Europe, APAC, and MENA.
Source: Fatpos Global
Global pandemic COVID-19 has become global stress, not just for human lives, but also for industries across different industry verticals. The COVID-19 disease has infected several million people globally, with an increasing number of active cases daily, the duration of the pandemic is still difficult to predict. In the space of only a few months, there has been a major decrease in vehicle sales, leading to shutdowns across regions as well as volatility in oil prices. Renowned car OEMs is pursuing various strategies to minimize the pandemic's detrimental effect on their companies by reviewing their dealerships to restore services. In the automotive sector, the short-term effect of COVID-19 has led to the shutdown of assembly plants in the United States, manufacturing interruptions across Europe, and cessation of exports of Chinese parts, in the face of the lockdown situation. On the bright side, the automotive industry will remain strong until a COVID-19 breakthrough is achieved, thanks to ongoing attempts by leading companies to curb sales losses through the implementation of turnaround strategies such as fusions and acquisitions and more. Despite the major impact the novel coronavirus has on the automotive industry, online vehicle sales may emerge as one of the growth boosters in the market.
New technological advancements in the Automotive Instrumentation Display Market as well as large production output of the product by key players are likely to increase the market growth. Moreover, the growing security and safety concerns among individuals and New Car Assessment Programs launched by companies around the globe are other factors that are fueling the market of Automotive Instrumentation Display Market. Manufacturers actively concentrate on product developments and differentiation to maintain a competitive edge.
Automotive Instrumentation Display Market: Key players
Global Automotive Instrumentation Display Market report also contains analysis on:
Automotive Instrumentation Display Market segments: -
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