Instrument Cluster Market to Grow at 3.5% CAGR by 2023
PUNE, India, June 14, 2018 /PRNewswire/ --
ReportsnReports.com adds 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.
Browse 67 Market Data Tables and 57 Figures spread through 143 Pages and in-depth TOC on "Instrument Cluster Market by Application (Speedometer, Odometer, Tachometer, and Others), Vehicle Type (Passenger Car, Commercial, Two-wheeler, Agriculture, Off-highway), Technology (Analog, Hybrid, Digital), and Geography - Global Forecast to 2023" http://www.reportsnreports.com/reports/1369322-instrument-cluster-market-by-application-speedometer-odometer-tachometer-and-others-vehicle-type-passenger-car-commercial-two-wheeler-agriculture-off-highway-technology-analog-hybrid-digital-and-ge-st-to-2023.html .
Instrument Cluster Market Major players operating in the and profiled 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 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present new features and information to drivers with over-the-air software updates, preventing clusters from becoming outdated throughout a vehicle's lifecycle.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.
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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.
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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.
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%
Another research titled Mobile Video Surveillance Market Global Forecast to 2023 says, The mobile video surveillance market was valued at 1.40 billion in 2017 and is expected to reach USD 2.32 billion by 2023, at a CAGR of 8.77% between 2017 and 2023. The growth of this market can be attributed to the increasing concerns for public safety and security, growing adoption of IP cameras owing to a better functionality at a reduced cost, rising demand for cloud-based mobile video surveillance solutions, rising demand for intelligent and scalable surveillance solutions, and improving infrastructure and deployment capabilities. The major players operating in the mobile video surveillance market include Axis Communications (Sweden), Bosch Security Systems (Germany), Dahua (China), Hikvision (China), FLIR (U.S.), Avigilon (Canada), Pelco (U.S.), and Hanwha Techwin (Samsung Techwin) (South Korea) have been profiled in this 181 pages research report available at http://www.reportsnreports.com/purchase.aspx?name=1221474 .
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