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“Instrument cluster market expected to grow at a CAGR of 3.5% between 2018 and 2023”
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 demand for instrument clusters from the APAC region due to the increase in two-wheeler sales, stringent government regulations for vehicle and passenger safety across the globe, and increasing vehicle production worldwide are some of the driving factors for the growth of the instrument cluster market. On the other hand, the rise in price of instrument clusters due to advancements in features restrains the growth of the instrument cluster market.
“Digital instrument cluster expected to grow at the highest CAGR during the forecast period”
The market for digital instrument cluster is expected to grow at the highest CAGR between 2018 and 2023. Digital instrument clusters allow automakers to present new features and information to drivers with over-the-air software updates, preventing clusters from becoming outdated throughout a vehicle’s lifecycle. There is also a growing interest in technologies enabling 3D effects for a more immersive experience. All these initiatives would increase the scope of instrument clusters in vehicles, thereby helping the instrument cluster market to grow.
“Passenger car held the largest share of the instrument cluster market in 2017”
Passenger car held the largest share of the instrument cluster market in 2017. The demand for passenger cars is increasing in China, which has become the largest automobile market worldwide in terms of both production and sales. Factors such as large middle-class population, young population, launches of new car 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. The passenger car segment is dominant among all vehicle type segments in the instrument cluster market. The demand for passenger cars has surged tremendously in the last few years, especially from emerging markets. The demand for instrument clusters is highly dependent on vehicle production and is likely to be more in emerging markets than the developed markets owing to the increase in vehicle manufacturing.
“Instrument cluster market in APAC expected to grow at the highest CAGR during the forecast period”
The instrument cluster market in APAC is expected to grow at the highest CAGR between 2018 and 2023. APAC is expected to provide ample of opportunities for the instrument cluster market during the forecast period for different types of vehicles, including two-wheelers, passenger cars, and commercial vehicles, among others. APAC is the leading two-wheelers market, with the major demand driven by China and India. APAC ranked 1st for the sales of passenger cars. China is the major contributor for the growth of APAC with 24.37 million units of passenger cars sold in 2016. This could be attributed to the growing population and rising income levels, which raise the demand for automobiles. The rise in automotive production is also driving the instrument cluster market in APAC.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with people holding key positions across several regions.
The breakup of the profiles of primary participants has been given below:
- By Company Type: Tier 1 – 40%, Tier 2 – 36%, and Tier 3 – 24%
- By Designation: C-Level Executives – 40%, Directors – 32%, and Others – 28%
- By Region: North America – 30%, Europe – 34%, APAC – 28%, and RoW – 8%
Major players operating in the instrument cluster market and profiled in this 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 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).
The report defines, describes, and forecasts the instrument cluster market on the basis of application, vehicle type, technology, and geography. It provides detailed information regarding major factors influencing the growth of the instrument cluster market (drivers, restraints, opportunities, and industry-specific challenges). It also analyzes competitive developments such as new product launches and developments, collaborations, agreements, contracts, partnerships, acquisitions, and expansions carried out by key players to grow in the market.
Reasons To Buy the Report:
- Illustrative segmentation, analysis, and forecast pertaining to the instrument cluster market based on application, vehicle type, technology, and geography have been conducted to provide an overall view of the market.
- Major drivers, restraints, opportunities, and challenges for the instrument cluster market have been detailed in this report.
- The report includes a detailed competitive landscape of the key players in the market and their revenues.