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.
Another factor driving the automotive digital instrument cluster market is the rising demand for electric cars. It is due to factors including increasing focus toward greener and cleaner environment, growing prices of fossil fuels, and rising focus on energy conservation that the requirement for electric vehicles is surging. Electric vehicles are more advanced in terms of technology than conventional fuel vehicles, due to which they have more display content. Furthermore, as these cars run on electricity, they need to show information including amount of electricity stored and expected mileage on current charge.
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.
Hence, the market is growing due to the rising sales of premium cars and increasing demand for electric cars.
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