Automotive Gauge Market: Introduction
- Automotive gauge is an instrument cluster that displays information such as engine oil, speed, mileage, fuel level, and various other parameters. Earlier, the automotive gauge was a simple instrument that provided indication of basic parameters. Advent of digitalization and use of electronics have spurred the development of the digital gauge.
Key Drivers of Automotive Gauge Market
- Automotive gauges such as odometer and engine oil level are mandatory and hence, are used in all vehicles
- Rise in sales of vehicles, globally, is a major factor driving the automotive gauge market. Increase in demand for commute among consumers owing to rising employment opportunities in developing countries and urbanization are projected to boost the automotive gauge market.
- Rapid advances in the field of electronics and sensors and adoption of various safety features, such as tire pressure monitoring system, anti-lock brake system, and electronic stability program, are likely to boost the automotive gauge market. Adoption of various safety, entertainment, and infotainment features is likely to further propel the automotive gauge market during the forecast period.
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Aftermarket segment held a significant share of the global automotive gauge market
- Transport authorities around the world require vehicles to be fitted with proper and functioning automotive gauges. The gauge needs to be replaced in case of failure, without which the vehicle is deemed unfit for driving on the road. Thus, the aftermarket segment holds a significant share of the global automotive gauge market.
Asia Pacific to hold dominant share of global automotive gauge market
- In terms of region, Asia Pacific held a major share of the automotive gauge market owing to the high production volume of vehicles in China, India, Japan, and South Korea. Asia Pacific is followed by Europe and North America in terms of market share. The market in Latin America is projected to expand significantly owing to the expansion of economies such as Brazil, Argentina, Colombia, Uruguay, and Chile in the region.
Key Players Operating in Automotive Gauge Market
The global automotive gauge market is expanding consistently, as a large number of players operate in the market. A few of the key players operating in the global automotive gauge market are:
- Continental AG
- YAZAKI Corporation
- Calsonic Kansei Corporation
- IAC Group
- NVIDA Corporation
- HARMAN International, Inc.
- DENSO Corporation
- Visteon Corporation
- Nippon Seiki Co., Ltd.
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