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, growing at a CAGR of 3.5% between 2018 and 2023. The growth of this market can be attributed to the increasing vehicle production worldwide, stringent government regulations for vehicle and passenger safety across the globe, and increasing demand for instrument clusters from the APAC region due to the increase in sales of two-wheelers.


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This report segments the instrument cluster market based on application, vehicle type, technology, and region. The market, based on application, has been segmented into speedometer, odometer, tachometer, and others. The market for speedometer and odometer is expected to grow at the highest CAGR between 2018 and 2023. Speedometer is a standard equipment used in various types of vehicles. The major demand for speedometers and odometers is derived from passenger cars, two-wheelers, and commercial vehicles. The sales of passenger cars is increasing globally, which simultaneously increases the demand for speedometers and odometers.


The instrument cluster market based on vehicle type has been segmented into passenger car, commercial, two-wheeler, agriculture, and off-highway vehicles. The market for two-wheelers is expected to grow at the highest rate during the forecast period. The price of vehicles and income level of consumers are the key factors that influence the buying decision for two-wheelers. The significant demand for two-wheelers from developing countries such as China and India in the APAC region will provide growth opportunities for this market during the forecast period.


The instrument cluster market based on technology has been segmented into analog, hybrid, and digital. The hybrid technology is expected to lead the market. The rising adoption of hybrid instrument clusters for various types of vehicles such as passenger cars, two-wheelers, and commercial vehicles is expected to drive the growth of the hybrid instrument cluster market for during the forecast period.


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APAC is expected to dominate the instrument cluster market. APAC is the leading region for sales of different types of vehicles, including passenger cars, two-wheelers, agriculture vehicles, and off-highway vehicles. APAC is expected to provide ample of opportunities for this market in the coming years for different types of vehicles. For two-wheelers, the major demand is driven by China and India. China and India are expected to be the major contributors to the growth of the instrument cluster market in APAC between 2018 and 2023.


The rise in price of instrument clusters due to advancements in features may restrains the growth of the market in the coming years.


Key players in the instrument cluster market include 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).