Impact of COVID-19 on the Automotive Instrument Cluster Market
The global spread of the COVID-19 pandemic has substantially impacted the growth of the automotive instrument clusters market. The transmission of the virus has affected most industries worldwide. Governments of several countries have imposed lockdowns, compelling people to stay at home, which, in turn, has reduced the physical interaction among people. Companies have allowed employees to work remotely from their homes to ensure business continuity during the COVID-19 pandemic, which is expected to hinder the growth of the automotive instrument clusters market over the forecast timeframe. The increasing focus on remote working has restricted the growth of the automotive industry, which, in turn, is likely to limit the growth of the automotive instrument clusters market.
Manufacturing operations in the global automotive sector have been disrupted due to the COVID-19 crisis. The shift in consumer preference towards essential products is likely to influence the automotive instrument clusters market over the projected period. Moreover, the COVID-19 outbreak has resulted in the sealing of international borders, which has caused a severe decline in the global demand for automotive instrument clusters. Government authorities worldwide have imposed strict restrictions on travel. Hence, the automotive instrument clusters market is expected to be affected due to the lowered vehicle usage. Additionally, restrictions on public gatherings and travel in numerous countries are expected to hinder the growth of the automotive instrument clusters market during the forecast period.
New passenger car registrations in the EU (Units IN THOUSAND)
The figure above shows the statistics for automobile registrations in the EU from January 2020 to March 2020. Automotive instrument clusters are vital for improved driver response during long journeys, providing enhanced vehicle control along with driver and occupant safety. The statistics show the fluctuations in new-vehicle registrations in the EU during Q1 of 2020, which have affected the demand for automotive instrument clusters severely. The increased focus towards personal hygiene and care is likely to affect the demand for rental vehicles in the coming months. Thus, there is high uncertainty regarding the growth of the automotive instrument clusters market over the projected timeframe.