Friday, 22 December 2017

Automotive Digital Instrument Cluster Market 2017-2021

MRC Announces the Publication of its Research Report – Global Automotive Digital Instrument Cluster Market 2017-2021
MRC recognizes the following companies as the key players in the global automotive digital instrument cluster market: Bosch, Continental, Delphi, DENSO, and Visteon
Other Prominent Vendors in the market are: Alpine Electronics, ID4Motion, Luxoft, Mitsubishi Electric, Nippon Seiki, SHARP, and YAZAKI.
Commenting on the report, an analyst from MRC’s team said: “The latest trend gaining momentum in the market is Development of superior graphic display. The digital instrument clusters adopt sophisticated technology to provide the users the freedom to customize the information being displayed on the cluster. As a result, global automotive digital instrument cluster market is one of the fastest growing market in the automotive electronics; currently at third place in the global automotive electronics market.”
According to the report, one of the major drivers for this market is Digital instrument cluster to bring down costs for the automotive OEMs. Currently, digital instrument clusters are high-priced. This caused the users to perceive them as premium asset offerings in a vehicle. In the highly competitive luxury cars market, automotive OEMs use the digital instrument cluster as product differentiators. As a result, the penetration rate of digital instrument clusters is low in the global automotive market. However, the digital instrument cluster is a medium for the automotive OEMs to reduce their manufacturing costs. Cost reduction is a crucial element for OEMs, as manufacturing costs impact the pricing and the demand for a vehicle. Hence, adoption of digital instrument clusters is expected to rise during the forecast period.
Further, the report states that one of the major factors hindering the growth of this market is Low penetration of digital instrument cluster due to cost pressure on the automotive OEMs. The addition of digital instrument clusters is bound to escalate the cost of the existing vehicles. Hence, automotive OEMs face humongous cost pressures due to dynamic regulations that impose several components within a vehicle. Factors like implementation of stringent emission norms, need for heavy investments in R&D programs, increased market competition, and evolving customer demands add to the rising cost pressure. For instance, as per NHTSA, the imposition of a new rule in 2014 requires all light vehicles (including cars, SUVs, trucks, and vans) to have a backup camera by 2018. The rule holds good for May 1, 2016, models, and manufacturers must achieve 100% compliance by May 1, 2018. Such developments will likely increase vehicle costs due to a competitive market, as OEMs have to bear the costs and cannot pass these on to end-customers.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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