The instrument cluster market is expected to be worth USD 10.72 Billion by 2023, growing at a CAGR of 3.5% between 2018 and 2023.
Key strategies adopted by the major players in the instrument cluster market between 2014 and 2017 include new product launches and developments, acquisitions, joint ventures, partnerships, agreements, collaborations, and expansions. Companies such as Continental (Germany), DENSO (Japan), Visteon (US), Nippon Seiki (Japan), and Magneti Marelli (Italy) have adopted these strategies to expand their customer base and enhance their product portfolio.
Continental (Germany) ranked first in the instrument cluster market in 2017. The company has a global presence and has established itself as a strong competitor in the automotive industry. The company offers its hybrid instrument cluster products for different types of vehicles such as passenger cars, off-highway vehicles, marine vehicles, agriculture vehicles, and commercial vehicles, among others. The company is attempting to develop innovative products that would provide better vehicle comfort and convenience. It has developed a highly accurate route information database, which can increase the predictive capabilities of various advanced driver assistance systems. The company has robust technological capabilities, as it is actively investing in R&D and has many R&D centers across the globe. In April 2017, the company opened a new research center in California, US, where up to 300 experts from various departments of the company would work on projects concerned with automated driving, electromobility, connectivity, and mobility services. The company is continuously increasing its product line and developing its manufacturing capabilities in emerging countries such as China and India to leverage the growth opportunities.
DENSO (Japan) ranked second in the instrument cluster market in 2017. It is one of the global suppliers of advanced automotive technologies, systems, and components for various applications. The company is working actively towards expanding its global business activities. DENSO is collaborating with other companies to develop next-generation products and to maintain its position in the highly competitive market. For instance, in 2017, it collaborated with IBIDEN Co., Ltd. (Japan) to jointly develop the next-generation vehicle exhaust system. The company is also expanding its business to cater to the needs of customers. In 2017, to enhance the competitiveness of the group’s production capacity in Japan, the company announced to build an additional plant to expand production to include instrument clusters at the DENSO Iwate plant in Japan. Through these efforts, DENSO has continued to expand its business worldwide. The company has a global network of 188 consolidated subsidiaries covering 35 countries and various regions.
Instrument Cluster Market by Application (Speedometer, Odometer, Tachometer, and Others), Vehicle Type (Passenger Car, Commercial, Two-wheeler, Agriculture, Off-highway), Technology (Analog, Hybrid, Digital), and Geography - Global Forecast to 2023
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