Automotive Integrated Control Panel Market to Grow at a CAGR of 3.7% during the 2023 to 2031 Forecast Period: TMR Study
The automotive integrated control panel industry is experiencing robust growth, propelled by the rising demand for electric vehicles (EVs). Integrated control panel systems are pivotal in enhancing EVs’ driving experience and efficiency, contributing significantly to the industry’s expansion.
Wilmington, Delaware, United States, Oct. 10, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global automotive integrated control market stood at US$ 87.6 billion in 2023, and the global market is projected to reach US$ 117.4 billion in 2031. The global electric actuator market is anticipated to expand at a CAGR of 3.7% between 2023 and 2031.
The automotive industry is experiencing substantial growth, driven by the increasing adoption of advanced technologies within vehicles. An integral part of this tech-savvy transformation is the automotive integrated control panel, which comprises various critical components such as touchpads, roof controls, electric windows, roof lights, intelligent roof systems, door lights, locking functions, side mirrors, and driver monitoring cameras. Sophisticated automotive electronic control management systems currently manage and control these components.
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One of the primary drivers of this burgeoning market is the rising demand for electronic components in passenger vehicles and the commercial vehicle segment. Consumers are progressively gravitating towards cars that offer safety and a comfortable and tech-rich driving experience. These integrated control panels are at the heart of delivering user-friendly, intuitive, and efficient controls, thus catering to the evolving preferences of modern vehicle owners.
The increasing awareness among consumers about safety and comfort has led to a surge in the adoption of advanced driver assistance systems (ADAS). This heightened awareness and the active involvement of original equipment manufacturers (OEMs) in enhancing automotive electronics propels the global market for integrated automotive control panels.
Key Takeaways of Market Report
- Global automotive integrated control market market to generate absolute dollar opportunity worth US$ 117.4 billion until 2031.
- The global automotive integrated control market is valued at US$ 87.6 billion in 2023.
- Global automotive integrated control market market stood at US$ 84.1 billion in 2023.
- The global automotive integrated control market management’s market value from 2018 to 2022 was 3.1%.
Global Automotive Integrated Control Panel Market: Growth Drivers
- The automotive integrated control panel plays a pivotal role in the modern automotive industry, encompassing a range of essential components. These include touchpads, roof controls, electric windows, roof lights, innovative roofs, door lights, locking functions, side mirrors, and driver monitoring cameras.
- The global automotive integrated control panel market is experiencing heightened demand, driven by the consistent rise in electronic component adoption in passenger and commercial vehicles. Customers increasingly prioritize safety and comfort in their cars, making them prefer vehicles equipped with advanced electronic systems.
Global Automotive Integrated Control Panel Market: Regional Landscape
- During the forecast period, Asia Pacific is poised to assert its dominance in the global automotive integrated control panel market. This regional market’s growth is fueled by consumer awareness of passenger and vehicle safety.
- Additionally, the increasing popularity of technologically advanced head-up displays in Asia Pacific is further propelling the development of the automotive integrated control panel industry. The adoption of augmented reality (AR)-based head-up shows is on the upswing due to their convenience, promising a positive outlook for the market’s future in the region.
- In North America, automotive manufacturers increasingly incorporate integrated advanced driver assistance systems (ADAS) capabilities in their vehicles, responding to heightened customer awareness regarding comfort and safety. The control panel landscape in vehicles is evolving with the introduction of multiple display systems, and this trend is expected to drive up the price of instrument clusters shortly.
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Global Automotive Integrated Control Panel Market: Key Players
- Polestar has unveiled its latest all-electric SUV, designed to cater to the global market. One of its standout features is an innovative climate control system that enhances passenger comfort during extended journeys.
- BMW has introduced an intriguing advancement in electric vehicle design with its iNext electric crossover. The vehicle features a revolutionary curved display unit that merges the control display and information areas into a singular, curved unit oriented toward the driver.
Global Automotive Integrated Control Panel Market Segmentation
By Operation Type
- Control Panel with HVAC
- Control Panel without HVAC
- Instrument Panel
- Door Panel
- Center Console
- Overhead Console
- Rotary Switch
- Roof Control
- Roof Light
- Smart Roof
- Electric Window
- Locking Function
- Side Mirror
- Door Light
- Driver Monitoring Camera
By Vehicle Type
- Passenger Vehicle
- Utility Vehicle
- Light Duty Vehicle
- Medium & Heavy Duty Truck
- Bus & Coach
By Sales Channel
- North America
- Asia Pacific
- Middle East & Africa
- South America
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