LONDON--(BUSINESS WIRE)--The automotive instrument panel market is expected to grow by 13 million units during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Consumers are increasingly becoming aware of the benefits of safety systems and technologies in vehicles. Hence, automobile manufacturers are introducing advanced safety systems such as cameras, forward collision warning, blind-spot detection (BSD), lane departure warning system (LDWS), surround-view systems, and night vision systems (NVS) even in entry-level and mid-level vehicles. These systems continuously examine road conditions and alert drivers about probable risks and avoid accidents. With growing competition in the automobile industry, vendors are focusing on providing differentiated products such as enhanced comfort systems in vehicles. These factors are contributing to the overall growth of the global automotive instrument panel market.
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As per Technavio, the demand for advanced vehicle features in display and infotainment will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Automotive Instrument Panel Market: Demand for Advanced Vehicle Features in Display and Infotainment
Over the years, vehicle infotainment systems have witnessed significant improvements in terms of technology. Infotainment systems now come equipped with features such as telematics, phone integration, and navigation systems. The growing popularity of infotainment systems is encouraging automobile manufacturers to collaborate with in-vehicle infotainment systems and software manufacturers to offer infotainment solutions in mid-range vehicles. With the growing adoption of mid-range vehicles in developing regions such as APAC, the demand for infotainment systems will increase further during the forecast period. This will have a positive impact on the growth of the global automotive instrument panel market.
“Increased demand for enhanced levels of personalization and growth in the sale of luxury cars will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Automotive Instrument Panel Market: Segmentation Analysis
This market research report segments the automotive instrument panel market by application (Passenger cars and Commercial vehicles) and geography (North America, APAC, Europe, South America, and MEA).
The North American region led the automotive instrument panel market in 2019, followed by APAC, Europe, South America, and MEA respectively. During the forecast period, North America is expected to register the highest incremental growth due to the presence of established automotive manufacturers, such as GM, Ford, Tesla, Chrysler, and Porsche in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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