Instrument cluster market to be worth $10 billion by 2023: report
And driven by increasing production and the growth of government regulations, the global market for instrument clusters will be worth US$9.02 billion in 2018, the report from MarketsandMarkets says.
Driven by increasing production and the growth of government regulations, the global market for instrument clusters will be worth US$9.02 billion in 2018, a new report says.
Furthermore, the report from Northbrook, Ill.-based business research group MarketsandMarkets forecasts that the global instrument cluster market will expand at a compound annual growth rate (CAGR) of 3.5%, reaching a value of US$10.72 billion by 2023.
Increasing vehicle production worldwide and stringent government regulations for vehicle and passenger safety across the globe are the major drivers in the growth of the instrument cluster market, the report said.
Major players profiled include Continental, Denso, Visteon, Nippon Seiki, Magneti Marell, Aptiv, Calsonic, Pricol, Robert Bosch, Yazaki, and Stoneridge, among others.
“Hybrid instrument clusters led the market in 2017 and are expected to maintain a major share during the forecast period,” the report said. “They are used in various vehicles such as two-wheelers, passenger cars, buses and coaches. Increasing adoption of hybrid instrument clusters in passenger cars and commercial vehicles is expected to drive the market during the forecast period.”
The report also noted that the instrument cluster market for two-wheeler vehicles is expected to grow at a high CAGR between 2018 and 2023. Asia/Pacific, especially China and India, is the leading two-wheeler market. Globally, India was the leading country in 2016 and 2017 for the sale of two-wheelers (17.7 million units), followed by China.
“Factors such as a large middle-class and young population and changing lifestyles influence the preference for passenger cars and two-wheelers,” the report said. “Greater fuel efficiency is also one of the major factors that affect consumer purchase decisions. This will compel leading companies across the two-wheeler segment to focus on delivering performance-oriented vehicles.”
In Asia/Pacific, China is expected to be the major contributor for the instrument cluster market between 2018 and 2023, the report continued. “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,” it said. “The region is known for producing compact and cost-effective cars.”