Industry Background:
The growing demand in the automobile sector will help to boost the global Instrument Panel market in the forecasted period. In a car or an airplane, or in any equipment that functions automatically, the instrument panel, often known as the dashboard, is the control panel that holds numerous instruments. It assists in the monitoring and control of a variety of activities, including speed detection, amount of fuel left in a car, altitude measurement, navigation guidance for a plane, product fault detection and batch removal, measurement and regulation of temperature inside a furnace by a set of predefined programs, and others. The speedometer, fuel gauge, odometer, door lamp, seatbelt lamp, and other gauges that may be viewed when seated in a car or airplane are all etched on the instrument panel. Due to the increased number of vehicles produced globally, the demand for innovative instrument panels used in various applications such as automotive, aerospace and defense, marine, industrial, and others is driving the growth of this market.
According to AMA Research, the market for Instrument Panel is expected to register a CAGR of 7.2% during the forecast period to 2030. This growth is primarily driven by The Rise in Demand for the Automobiles across the Globe
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Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Volume Unit | K Unit |
Value Unit | USD (Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Industrial Conglomerates sector in the North America region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Manufacturers, such as Calsonic Kansei Corporation (Japan), Dongfeng Electronic Technology (China), Faurecia (France), IAC Group LLC (Luxembourg), Johnson Controls International Plc (Ireland), Leon Plastics (United States), Reydel Automotive SAS (France), Toyoda Machinery (United States), Visteon Corporation (United States) and Yanfeng Automotive Interiors (China), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In July 2021, Visteon Corporation announced a joint venture with Cerence Incorporation to integrate conversation AI systems with SmartCore products for two-wheelers.
On 26th Feb 2019, Faurecia, one of the world’s leading automotive technology companies, and Japan Display Inc. (JDI), a leader in automotive displays, has announced a partnership to enhance the digital user experience in vehicles.The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies.
Regulatory Insights:
Implementation of Interior Fitting Regulation (ECE R21) in India: Common Failures and Countermeasures in Instrument Panel Development. Head form impact tests are carried out on the instrument panels as part of meeting the requirements of the interior fitting regulation ECE R21. India adopted the ECE R21 regulation and interior fitting impact tests became mandatory in April 2005 for models manufactured from April 2005 and April 2006 for models being manufactured before April 2005. Energy dissipation testing of the vehicle’s interior fitments is done at various selected and defined locations. With the implementation of interior fitting regulation in India, it is mandatory that every manufacturer tests and certifies their product to comply with the energy dissipation standards as defined in the regulation ECE R21.
Influencing Trend:
The Upsurging Demand from the Aerospace & Defense Industry, Increasing Inclination towards the Digital Solutions and High Demand for the high-performance vehicles
Market Growth Drivers:
The Rise in Demand for the Automobiles across the Globe, The Growing disposable income of the population globally and The Growing Popularity of Sporty and Attractive Instrument Panel
Challenges:
The High Demand for the Huge Investments in R&D and High Cost of the Digital Cluster
Restraints:
The Concern is Related to restrictions on the type of materials used and The changing demand that the instrument panel should not injure the occupant in case of collision
Opportunities:
High Demand from the Developed and Developing Countries and Rapid Growth in the Demand for Electrical Vehicles
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Manufacturers landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of Instrument Panel Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the mediums utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of Instrument Panel Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols: By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, and SEC filings of Instrument Panel players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Instrument Panel Study Sheds Light on
The Instrument Panel Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Instrument Panel industry Manufacturers. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Instrument Panel industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Manufacturers can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.