The global automotive dashboard market is projected to exhibit a significant growth, at a CAGR of around 6.4%, during the forecast period. The major factors driving the global automotive dashboard market includes the increasing demand for passenger vehicles and introduction of digital dashboards across every vehicle. Moreover, in terms of overall automotive sales, Asia-Pacific is expected to be the major consumer market, China is the largest consumer of the automobiles with a share of 30%, globally as per International Organization of Motor Vehicle Manufacturers. Increasing automotive production and sales raises the demand of the infotainment systems that can be a music system, GPS systems, display unit and others.
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In India, the automobile exports grew with 14.5% during the fiscal year 2019, as per IBEF. The annual production has also increased substantially in the past few years. According to Invest India, the India’s annual production of automobiles reached to around 29.1 million in 2018 from 25.3 million in 2017, registering a growth of 14.8%. However, the average cost of vehicles is lower in the region as it is a price sensitive market. Perhaps, most of the American and European companies such as Audi, BMW, Ford, and GMC have set-up their manufacturing units in China and India and are providing latest technologies to the consumers; hence, it is expected to show significant growth in the automotive dashboard market during the forecast period.
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Furthermore, with the growth of sales and production of cars, the market for luxurious car brands is also increasing across the globe. A luxury car has comparatively more infotainment systems such as GPS navigation and voice recognition to a vehicle and has more deployment of new technology. Mercedes, Range Rover, Rolls-Royce, Bentley Mulsanne, Porsche, BMW, Audi A8, Bentley, Jaguar, Lexus are among the top brands of luxury vehicles, that are contributing in the automotive industry. Rising per capita disposable income and growing awareness towards safety has increased the demand for more feature rich cars across the globe. These factors are expected to contribute in the growth of the automotive dashboard market.
Contract manufacturing, in particular to the automotive sector, is highly prevalent owing to ease of manufacturing the final product and increased productivity. The contract manufacturers are providing the facility for design and development, component manufacturing, electronics, and whole vehicle assembly. Additionally, due to high risk, before entering into a new market or in a new region, the automotive OEMs use the facility of the available contract manufacturing. Contract manufacturing provides a feasible way of adding capacity and flexibility with no investment in the new facilities. For instance, Mercedes appointed AM General for producing 12,000 of their R-class vehicles targeted for export to China.
Global Automotive Dashboard Market-Segmentation
By Type
- Analog Dashboard
- Digital Dashboard
By Vehicle Type
- Passenger Cars
- Commercial Vehicles
By Sales Channel
- OEM
- Aftermarket
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