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APAC automotive instrument cluster market set for growth
In recent years, the automotive industry in Asia-Pacific (APAC) has witnessed a significant shift towards advanced instrumentation in vehicles, as consumers increasingly demand modern features and technologies. From digital displays to driver assistance technologies, consumers are increasingly seeking vehicles that offer not just transportation but a holistic driving experience. As such, the volume of the advanced instrument cluster market is projected to increase steadily over the next few years, from an estimated 51.8 million units in 2024 to reach 55.2 million units in APAC by 2029, according to GlobalData, a leading data and analytics company.
GlobalData’s latest report, “Sector Innovation Report: Instrumentation - Q3 2024” * reveals that in 2024, the volume of instrument cluster market in APAC is estimated to record a compound annual growth rate (CAGR) of 1.3% over the forecast period from 2024 to 2029.
Gorantala Sravan Kumar, Associate Project Manager - Automotive at GlobalData, comments: “The growth in the market is also driven by the rising consumer awareness about vehicle safety and performance monitoring. Consumers in the APAC region are increasingly looking for vehicles equipped with technologies that provide real-time data and alerts. This trend is further fueled by the growing popularity of electric vehicles (EVs) in the region, with local manufacturers leading the charge in innovation and technology integration.”
Automotive companies in Asia are at the forefront of innovation in automatic instrumentation. The integration of digital cockpit systems, air quality sensors, and advanced signal evaluation systems is driving the growth of the instrumentation market in the region. Denso and Continental are among the major innovators in the APAC instrumentation market, with a focus on automatic transmission. Hyundai Motor Company is another leading innovator, with a patent for an adaptive transmission system that learns and adapts to individual driving styles.
Sravan Kumar concludes: “With local manufacturers leading the charge in innovation and technology integration, the future of automatic instrumentation in vehicles in the APAC region looks promising. As automotive companies continue to invest in research and development (R&D), a new era of smart, connected vehicles that redefine the driving experience is expected to shape the future of automatic instrumentation in the region.”
* GlobalData Automotive Intelligence Center – Databases – Component Forecast, accessed in October 2024
"APAC automotive instrument cluster market set for growth" was originally created and published by Just Auto , a GlobalData owned brand.
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