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At 3.5% CAGR instrument cluster market potentially worth USD 10.72 billion by 2023 examined in new market research report

Materials & Chemicals Research

Study papers on Instrument Cluster market and regional forecast. Instrument Cluster market players 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).

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Instrument cluster market is expected to be worth USD 9.02billion in 2018 and is expected to reach USD 10.72billion 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.

Target Audience

  • Component and Material Providers
  • Automotive Instrument Cluster Manufacturers and Suppliers
  • Research Organizations and Consulting Companies
  • Associations, Alliances, and Organizations Related to the Instrument Cluster Market
  • Analysts and Strategic Business Planners
  • OEMs such as Manufacturers of Vehicles including Two-wheelers, Passenger Cars, Commercial Vehicles, Agriculture Vehicles, and Off-highway Vehicles

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 1stfor 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.

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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.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.

Competitive Landscape

1 Introduction
2 Market Ranking Analysis, 2017
2.1 Product Launches/Developments
2.2 Joint Ventures/Partnerships/Collaborations/Agreements
2.3 Acquisitions
2.4 Expansions

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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.

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