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The automotive instrument panel market share is expected to increase by 30.87 million units from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 6.16%.
This automotive instrument panel market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers automotive instrument panel market segmentation by application (passenger cars and commercial vehicles) and geography (APAC, North America, Europe, South America, and MEA). The automotive instrument panel market report also offers information on several market vendors, including Continental AG, DENSO Corp., Faurecia SE, IAV GmbH, International Automotive Components Group SA, Johnson Controls International Plc, Marelli Holdings Co. Ltd., Motherson Sumi Systems Ltd., Nihon Plast Co. Ltd, and Robert Bosch GmbH among others.
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The demand for advanced vehicle features in safety and comfort controls is notably driving the automotive instrument panel market growth, although factors such as a rise in car-sharing or pooling services in several countries may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the automotive instrument panel industry. The holistic analysis of the drivers will help deduce end goals and refine marketing strategies to gain a competitive edge.
Key Automotive Instrument Panel Market Driver
Demand for advanced vehicle features in display and infotainment is one of the major drivers impacting the automotive instrument panel market. During 2006-2010, the infotainment market witnessed advancements in technology and the introduction of telematics with phone integration and navigation systems. Currently, the systems are shifting toward embedded and phone-based applications. Some of the leading automobile manufacturers, such as Volkswagen, Ford, Mahindra and Mahindra, Tata Motors, and General Motors, are collaborating with in-vehicle infotainment systems and software manufacturers to provide infotainment solutions in mid-range vehicles. The demand for mid-range vehicles is increasing in APAC, especially in India and China, owing to the improving economic conditions in these countries, which are increasing the disposable income of consumers. Therefore, the demand for telematics, which includes navigation systems and wireless connectivity, is increasing in mid-range vehicles. This, in turn, is expected to boost the market focus significantly during the forecast period.
Key Automotive Instrument Panel Market Trend
Product developments and innovations in the design of instrument panels are one of the major trends influencing the automotive instrument panel market. Advancements in technology and product innovations are changing the global automotive instrument panel market. Automobile instrument panels are now being equipped with additional features, such as ashtrays, larger glove boxes, defrost systems, airbags, and air outlets. Therefore, the housing requirements for instrument panels are on the rise. Vendors are investing in the development of new products and technologies to be competitive in the market, thereby creating demand from various segments. They are focusing on expanding product portfolios and increasingly investing in developing instrument panel materials with specific properties for specific end-user applications. Increased competition in the market has also resulted in innovations in products, cost-effective production, and equipment used for production, which favor market growth.
Key Automotive Instrument Panel Market Challenge
The rise in car-sharing or pooling services in several countries is one of the major challenges impeding the automotive instrument panel market. People who need to commute can choose to carpool and reach their destination without owning a car. Sharing allows the users to avoid the investment needed to buy the vehicle. Instead, the users can pay for the service only when needed. With carpooling gaining popularity, it is expected that the vehicle's sales may go down during the forecast period. Moreover, the rising cost of fuel and stringent emissions regulations are encouraging carpooling, thereby reducing the number of vehicle sales and posing a challenge to the automotive instrument panel market. The growth of international tourism will impact the global automotive instrument panel market. In 2019, the tourism industry witnessed significant growth globally, which resulted in more than 400 million tourists across the world. Tourists prefer various ridesharing service apps, such as Uber, Lyft, and Gett, for their commute. Hence, the increasing number of tourists will impact the global demand for vehicles, which in turn will drive global automotive sales, as well as the global automotive instrument panel market.
This automotive instrument panel market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global automotive instrument panel market as a part of the global automotive components and accessories market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the automotive instrument panel market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the automotive instrument panel market encompasses successful business strategies deployed by the key vendors. The automotive instrument panel market is fragmented and the vendors are deploying growth strategies such as product innovation to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The automotive instrument panel market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the automotive instrument panel market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the automotive components and accessories market includes the following core components:
The report has further elucidated other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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