LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global automotive reconfigurable instrument cluster market to grow at a CAGR of almost 32% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global automotive reconfigurable instrument cluster market for 2016-2020. To understand and calculate the automotive reconfigurable instrument cluster, the market has been derived from its penetration in the overall passenger cars market.
The fully automotive reconfigurable instrument clusters market growth is directly associated with the market dynamics of the fully digital instrument cluster market that are yet predominant only in the high-end cars segment. However, partially automotive reconfigurable instrument clusters that feature hybrid instrument cluster models are likely to dominate the market throughout the forecast period because of their wider adoption in the passenger vehicle market and not being confined only to the luxury cars segment.
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Technavio automotive analysts highlight the following four factors that are contributing to the growth of the global automotive reconfigurable instrument cluster market:
- Falling prices of LCD/TFT display
- Ability to reduce driver distraction, eyes-off road, and glance times: Over 90% of accidents are due to drivers' error
- Adoption of automotive safety technologies to curb surging vehicle crashes by over 50%
- Reconfiguration needs from consumer electronics market
Falling prices of LCD/TFT display
Technavio believes that the falling prices of LCD/TFT display and OLED is an added advantage for the automotive reconfigurable instrument cluster market. OEMs may find it less pressurizing from the cost point to introduce the LCD/TFT display in the mass market at least toward the end of the forecast period in developed regions such as the Americas and Europe. This is likely to offer significant growth prospects for the automotive reconfigurable instrument cluster market. The market is already seeing the entry of hybrid displays in the mid-level cars segment in developed regions.
Siddharth Jaiswal, a lead automotive electronics analyst at Technavio, says, “The anticipated decline in costs associated with the development and production of fully digital instrument clusters or the fully automotive reconfigurable instrument clusters is an indicator that hybrid displays will have attained much more affordability for significant penetration in the mass-market by the end of the forecast period.”
Ability to reduce driver distraction, eyes-off road, and glance times: Over 90% of accidents are due to drivers' error
An international health organization mentions distracted driving as one of the most critical risk factors leading to road fatalities, in addition to other key risk factors such as over speeding and drunk-driving. As per a 2016 July report from NHTSA, vehicle-related crashes surged by over 7% in 2015 and over 90% of accidents were due to driver error.
“An American automobile association also notes that several features of active safety and growing on-board electronics systems with several infotainment options may unintentionally introduce cognitive distraction. Driver distraction can be visual, manual, and cognitive, and some of the key causes for the same may include adjusting the navigation system and reading signals from ADAS displayed on the center console,” adds Siddharth.
Adoption of automotive safety technologies to curb surging vehicle crashes by over 50%
In an effort to curb this, the 2030 Agenda for Sustainable Development, published by the United Nations (UN), has established a target to reduce the global number of deaths and injuries from road traffic crashes by almost half by 2020. In a move to achieve this, 17 countries have aligned their laws with the best practices for driving vehicles.
It has been confirmed by various experimental data that several ADAS can contribute to the curbing of road accidents by making roads, vehicles, occupants, and pedestrians safer. While ADAS contributes to curbing of accidents, the ability of automotive reconfigurable instrument clusters will likely assist drivers in easier information processing of the in-vehicle systems, such as ADAS, to contribute to safer driving.
Reconfiguration needs from consumer electronics market
Smartphone use has proliferated the end-user acceptance of touch screens and touch pads. Also, various electronics products, such as audio/video systems, tablets, laptops, and televisions, follow touch screen mechanisms for various controls, and have features that allow the reconfiguration of customized displays. Technavio believes that this will aid in preventing the initial resistance to adopt fully automotive reconfigurable instrument clusters.
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