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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The instrument cluster market has been segmented on the basis of geographic regions into North America, Europe, APAC, and RoW. The market in APAC is expected to grow at the highest CAGR between 2018 and 2023. The Asia Pacific region is expected to provide ample opportunities to the instrument cluster market during the forecast period for different types of vehicles, including two-wheelers, passenger cars, and commercial vehicles, among others. The automotive industry in Asia Pacific has been very dynamic over the past few years, owing to the changing consumer preferences, increasing per capita income of the middle-class population, and low vehicle costs.