The
instrument
cluster market is estimated 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 the major drivers for the growth of the instrument cluster market.
Browse 67 tables and 57
figures spread through 143 pages and in-depth TOC on "Instrument
Cluster Market - Global Forecast to 2023"
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Hybrid
instrument cluster expected to hold a major share during the forecast period
Hybrid instrument cluster led the market in 2017.
Hybrid instrument clusters are used in various vehicles, such as two-wheelers,
passenger cars, buses and coaches, among others. The increasing adoption of
hybrid instrument clusters for passenger cars and commercial vehicles is expected
to drive the market during the forecast period. The increasing sales of
passenger and commercial vehicles will simultaneously increase the demand for
hybrid instrument clusters.
Two-wheeler expected
to grow at a high CAGR between 2018 and 2023
Two-wheeler is
expected to grow at the highest CAGR during the forecast period. APAC is the
leading two-wheeler market, with the major demand driven by China and India.
Globally, India was the leading
country in 2016-17 for the sales of two-wheelers (17.7 million units), followed
by China (Source: Society of Indian
Automobile Manufacturers and China Association of Automobile Manufacturers).
Factors such as large middle-class population, young population, launches of
new models, increase in per capita income, and changing lifestyles increase the
consumption tendency of customers, thus acting as driving factors for increased
buying preference for passenger cars and two-wheelers. Greater fuel efficiency
is also one of the major factors that affect consumer purchase decision. This
will compel leading companies across two-wheelers segment to focus on
delivering performance-oriented vehicles.
APAC expected to hold a major share of instrument cluster market
between 2018 and 2023
Asia Pacific is expected to hold the largest share of the instrument
cluster market during the forecast period. In APAC, China is expected to be the major contributor for
the instrument cluster market between 2018 and 2023. This is due to the
increasing sales of different types of vehicles such as passenger cars,
two-wheelers, and commercial vehicles. The automotive industry in Asia Pacific has been very dynamic over the past
few years, owing to changing consumer preferences, rapid urbanization,
increasing per capita income of the middle-class population, and low vehicle
cost. The region is known for producing compact and cost-effective cars and
comprises some of the fastest-developing economies of the world,
including China and India.
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Major players
profiled in the instrument cluster market report are Continental (Germany), DENSO (Japan),
Visteon (US), Nippon Seiki (Japan), Magneti
Marelli (Italy), Aptiv (UK), Calsonic Kansei (Japan), Pricol (India), Robert Bosch (Germany),
and Yazaki (Japan). The report also includes
profiles of companies such as Alpine Electronics (Japan),
Cypress Semiconductor (US), Dongfeng Electronic Technology (China), JP Minda (India),
Luxoft (Switzerland), Mini Meters Manufacturing
(India), NVIDIA (US), Panasonic Automotive (Germany), Parker Hannifin (US),
and Stoneridge (US).
