LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global automotive reconfigurable instrument cluster market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022.
According to Technavio market research analysts, the global automotive reconfigurable instrument cluster market will grow at a CAGR of close to 22% during the forecast period. Flexibility, integration ability, and customization features at no additional cost is a major factor driving the market’s growth.
Reconfigurable instrument clusters can be modified without the need for additional hardware. Many OEMs and Tier-1 players are working on the software to enhance the functionalities of digital instrument clusters. This keeps the cost under control even for additional features and, at the same time, offer the benefits of the enhanced software added to the existing product.
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In this report, Technavio highlights the development of superior graphic displays as one of the key emerging trends in the global automotive reconfigurable instrument cluster market:
Development of superior graphic displays
Reconfigurable instrument clusters use sophisticated technology to enable customization of the information displayed on the cluster. As a result, the reconfigurable instrument cluster market is one of the fastest growing markets in the automotive electronics segment. The development of sophisticated 2D and 3D graphic instrument clusters is becoming vital for increasing the adoption of instrument clusters globally. Prominent players in the market are developing innovative products, thereby driving the success of reconfigurable instrument clusters.
“Players play a crucial role in shifting the modern vehicle cockpit from the traditional one to fully digital cockpit. Thus, superior graphics interfaces development will be a vital trend in the reconfigurable instrument cluster market during the forecast period,” says a senior analyst at Technavio for research on automotive electronics.
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Global automotive reconfigurable instrument cluster market – segmentation analysis
This market research report segments the global automotive reconfigurable instrument cluster market into the following products (partially reconfigurable instrument cluster and fully reconfigurable instrument cluster) and key regions (the Americas, APAC, and EMEA).
The partially reconfigurable instrument cluster segment held the largest market share in 2017, accounting for nearly 87% of the market. The market share for this product is expected to decrease nearly 3% by 2022. The fastest growing product is fully reconfigurable instrument cluster, which will account for nearly 15% of the total market share by 2022.
The Americas was the leading region for the global automotive reconfigurable instrument cluster market in 2017, accounting for a market share of nearly 42%. By 2022, APAC is expected to register the highest growth rate of 3%.
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