LONDON–(BUSINESS WIRE)–The global commercial vehicle instrument cluster market size is expected to grow by 1.98 million units during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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The upward trends in e-commerce channel sales are expected to boost the market for commercial vehicles, as logistics play a major role here. Online sales are steadily rising as a percentage of total retail sales and are slowly becoming the preferred method of channel sales. This growth in e-commerce is driving the demand for delivery vehicles, such as light commercial vehicles and heavy commercial vehicles. Commercial vehicle sales are increasing with the growth in the e-commerce industry. The rise in demand for commercial vehicles due to a rise in e-commerce sales will lead to a rise in demand for instrument clusters as instrument clusters are a standard fitment in all vehicles.
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As per Technavio, the growing popularity of head-up display in commercial vehicles will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Commercial Vehicle Instrument Cluster Market: Growing Popularity of Head-Up Display in Commercial Vehicles
The growing popularity of head-up display in commercial vehicles is one of the key commercial vehicle instrument cluster market trends that will drive market growth. The integration of HUD in commercial vehicles will help the driver to get information through his field of view, thereby reducing distractions while driving. HUDs also provide an option to choose between upper field or lower field of view. The increasing adoption of HUDs in commercial vehicles is also attributed to the rising concerns about driver safety.
“Other factors such as the advent of hybrid futuristic instrument cluster, and the reduced prices of TFT displays, which has made the graphics-based instrument cluster affordable will have a significant impact on the growth of the commercial vehicle instrument market value during the forecast period,” says a senior analyst at Technavio.
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Commercial Vehicle Instrument Cluster Market: Segmentation Analysis
This market research report segments the commercial vehicle instrument cluster market by type (hybrid, digital, and analog) and geography (North America, APAC, Europe, South America, and MEA).
The North American region led the commercial vehicle instrument cluster market share in 2019, followed by APAC, Europe, South America, and MEA respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to the growing preference of automated trucks.
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Some of the key topics covered in the report include:
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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