Product Overview:
Automotive Instrument refers
to the standard equipment in a vehicle with an array of gauges and warning
lights placed in front of the driver. The latest innovations and advancements
in the automotive instruments have led to the inclusion of sophisticated
functional attributes in addition to the basic data provided by the traditional
instrumentation. The modern and contemporary dashboards in the vehicles feature
advanced automotive instruments such as turn indicators, gearshift position
indicators, seat belt warning light, parking-brake-engagement warning light and
an engine-malfunction light.
The major function of
automotive instrument is to collate the bits of information on a central
platform, which lies in the driver’s primary viewing range. The design
flexibility, attractive features and well-structured functional abilities
offered by automotive instrument are boosting their demand among the vehicle
manufacturers throughout the world. Consequently, the growing demand for
enhanced user experience and convenience features in automobile industry is
anticipated to propel the Global Automotive Instrument Market, at a modest
pace.
Top Trends &
Drivers in Global Automotive Instrument Market:
- Rising
Era of Electric Vehicles: The
global automotive instrument market is largely driven by the factors such as
progress in developing semi-autonomous & autonomous vehicles, electric
vehicles and hybrid electric vehicles. The automotive industry is witnessing
growing penetration of electric vehicle instrument cluster in the manufactured
EVs across the globe on account of ease of installation and integration. The
electric vehicles are equipped with instrument clusters which enable the EV
drivers to view speed, battery status, regen status and many other types of
information, with great ease and comfort. As a result, the rising adoption of
electric vehicles due to increasing government focus on reducing carbon
emissions is expected to drive the adoption of automotive instruments as well.
As reported by TechSci Research, the global market for electric vehicle
infrastructure is projected to grow at a CAGR of over 27% through 2021 owing to
the government support in the
form of subsidies, grants and tax rebates which would directly impact the
demand for electric vehicle instrument cluster in HEVs and EVs.
Total Sales of Electric Vehicles in Selected Nations, By Type, 2016
Source: International Energy Agency (IEA)
- Increasing
Production and Sales of Passenger Cars and Commercial Vehicles: The vast production scale of
automobiles is complemented with the growing demand for vehicles throughout the
globe. The rising middle-class consumer spending and increasing need for
personal mobility is driving the sales of passenger cars across the globe. In
addition to this, the expansion in transportation sector is comprehending the
sales of commercial vehicles at a rapid scale. Subsequently, the incorporation
of intelligent driver assistance systems, etc. in the modern transports
featuring in-vehicle safety and comfort functions are contributed to the growth
of global automotive instruments market.
- Mandatory
Government Regulations:
As per the global road crash
statistics published by the Association for Safe International Road Travel
(ASIRT), road traffic injuries are predicted to become the fifth leading cause
of death by 2030 if no strict actions are taken. Across various countries, the
government is increasing emphasis over the adoption and implementation of automotive
instruments such as mandatory rear-view sensors for passenger cars to avoid car
accidents. For instance, the US
Department of Transportation’s National Highway Traffic Safety Administration finalized
rules mandating rear visibility technology in all new vehicles under 10,000
pounds by May 2018.
Multifaceted Opportunities in Asia-Pacific Region:
The
Asia-Pacific market is showcasing exemplary growth in the global Automotive
instrument market owing to the healthy vehicle production and sales statistics
exhibited by the region. The increasing discretionary income of population in
developing nations such as China and India are driving the sales of vehicles in
the region and consequently surging the demand for automotive instruments as
well. As a result, the shifting of foreign automobile manufacturing plants to developing
countries and the expanding automotive hub are poised to accelerate the global
automotive instrument market.
Conclusion:
In conclusion, Automotive Instrument are essentially
information hotspot for driver, which shows significant data about the status
of the vehicle. An automotive instrument includes the fuel gauge, speedometer,
electronic control unit (ECU), illumination & warning indicators, screen
and sensors. The Automotive Instrument Market is anticipated to expand due to
increasing number of sales of vehicles globally. Global Automotive Instrumentmarket is expected to grow at a CAGR of over 4%, in volume terms over the next
five years, on the back of technological advancements and rising vehicle
production. Moreover, rising demand for electric vehicles, hybrid electric
vehicles, advanced driver assistance system (ADAS) and autonomous driving which
would require cultured instrument, is anticipated to drive the Global
automotive instrument market during 2017-22.
Some of the major players operating globally in
Automotive Instrument are Denso, Robert Bosch GmbH, Delphi Automotive LLP,
Mitsubishi Electric, Continental AG, Innolux Corporation, Visteon (the U.S),
Luxoft, Pricol, JP Minda Group etc.