The instrument cluster market is expected to be worth USD 9.02 billion in 2018 and is expected to reach USD 10.72 billion by 2023, at a CAGR of 3.5% between 2018 and 2023. Increasing vehicle production worldwide and stringent government regulations for vehicle and passenger safety across the globe are driving the growth of the instrument cluster market. Growing demand for digital instrument clusters provides opportunities for the market players.
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The
instrument cluster market for speedometer and odometer application is expected
to grow at the highest CAGR between 2018 and 2023. Speedometer is a standard
equipment in various types of vehicles. The major demand for speedometers is
from passenger cars, two-wheelers, and commercial vehicles. The demand for
speedometers and odometers is growing due to the growing need for vehicle
safety. Many countries such as the US, China, and India are focusing on the safety
of vehicle and passengers, which requires frequent monitoring of factors such
as speed, fuel level, temperature level, oil level, among others.
By
vehicle type, two-wheeler is expected to grow at the highest CAGR between 2018
and 2023. Two-wheelers are one of the most versatile forms of transportation.
APAC is the leading region for the two-wheelers market. The major demand for
two-wheelers in APAC is mainly derived from countries such as China and India
while other important countries include Indonesia, Thailand, Philippines,
Malaysia, and Singapore. The demand for two-wheelers is highly dependent on the
economic stability and average income levels of the country. Massive government
spending in rural programs, large road-construction projects, and increasing
population and urbanization are the major factors driving the growth of the
two-wheelers market.
By
technology, digital instrument cluster is expected to grow at the highest CAGR
during the forecast period. OEMs preferring digital instrument clusters due to
the growing demand from end users is the major driving factor for the digital
instrument cluster market. Most automobile manufacturers are seeking to
differentiate their vehicles through the provisioning of digital instrument
clusters in their vehicles. Growing advancements in display technology also
help drive this market. Many players are focusing on providing advanced display
technology for their clusters considering the growing interest of end users in
3D technologies for a more immersive experience. Players providing digital
instrument clusters include Continental (Germany), Visteon (US), DENSO (Japan),
Robert Bosch (Germany), and Magneti Marelli (Italy), among others.
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