LONDON--The global commercial vehicle instrument cluster market is expected to grow at a CAGR of close to 3% during the forecast period, according to Technavio’s latest market research.
In this market research report, Technavio covers the market outlook and growth prospects of the global commercial vehicle instrument cluster market for 2017-2021. The market is further categorized into three segments based on technology which include analog, hybrid and digital instrument clusters. The analog instrument clusters segment dominated with 58% of the market share in 2016.
“The commercial vehicle instrument cluster market is expected to grow due to the reduced prices of TFT displays, which is making graphics-based instrument cluster affordable. Another factor is the integration of advanced driver assistance systems in commercial vehicles, where the driver gets alerts for forward collision warning, lane departure, pedestrian detection, surround view, park assist and traffic light detection,” says Ganesh Subramaniam, a lead automotive electronics research expert from Technavio.
Technavio’s research analysts segment the global commercial vehicle instrument cluster market into the following regions:
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Commercial vehicle instrument cluster market in Americas
North America has a very well-developed transportation infrastructure with proper transport policies. In 2016, the US and Canada were the major contributors to the commercial vehicle instrument cluster market in the Americas. The US, being one of the largest manufacturers of commercial vehicles in the world, contributes significantly to the growth of commercial vehicle instrument cluster market.
“Major OEMs like Ford, General Motors, and Tesla among others are based in the US. The use of automated trucks in the North American region further supports the demand for hybrid and analog instrument clusters. In Brazil, the demand for analog instrument clusters is high as automated vehicles are not extensively used,” says Ganesh.
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Commercial vehicle instrument cluster market in APAC
In APAC, the dominant countries for commercial vehicle instrument cluster are China, Japan, and Australia. However, during the forecast period, most of the growth for instrument clusters is expected to come from emerging countries. The growing demand for e-commerce logistics, construction, and mining are driving the growth for commercial vehicles in emerging countries, such as India, Thailand, and Indonesia. This in turn, is driving the demand for analog instrument clusters because commercial vehicles in these regions are not fully automated.
On the other hand, in countries like Japan, Australia, and China, the demand for hybrid instrument cluster is high as the commercial vehicles in these countries are automated to some extent.
Commercial vehicle instrument cluster market in EMEA
In Europe, countries like Germany, France, Italy, Spain, and the UK were major contributors to the commercial vehicle instrument cluster market. Improving economic conditions in these regions are driving the demand for commercial vehicle instrument clusters. However, the stringent emission standards by the European governments will impact the growth of heavy commercial vehicles. OEMs have achieved all emission standards up to Euro VI stage. Now, the standards are being upgraded to Euro VII standards. If OEMs are not able to achieve those standards by 2021, then their vehicles will not be allowed on the roads, and this decline in commercial vehicle sales will, in turn, lead to decline commercial vehicle instrument cluster sales.
The top vendors in the global commercial vehicle instrument cluster market as highlighted in this market research analysis are:
- Delphi Automotive
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