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NEW YORK , Jan. 26, 2022 /PRNewswire/ -- An instrument cluster is a panel placed in front of the rider in a motorcycle. The cluster includes instruments such as fuel gauge, engine temperature gauge, speedometer, tachometer, and odometer. The growth of the global automotive components and accessories market will be driven by factors such as an increase in electronic components in automobiles, integration of safety systems, and increasing safety regulations.
The Motorcycle Instrument Cluster Market Share is expected to increase by 3.14 million units from 2019 to 2024, at an accelerated CAGR of 1.75%, according to the recent market study by Technavio.
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The declining prices of LCD/TFT display and OLED are an advantage for the motorcycle instrument cluster market as the OEMs can easily introduce the same in the mass market, at least by the end of the forecast period in developed regions such as the Americas and Europe . The anticipated decline in costs associated with the development and production of fully digital instrument clusters is an indicator that hybrid displays will be affordable and significantly penetrate the mass market by the end of the forecast period. As the prices of LCD/TFT displays continue to fall, the penetration of high-end instrument clusters, such as fully reconfigurable digital clusters and hybrid clusters, is expected to increase in the global motorcycles market.
The 3D graphics interfaces are gaining popularity among customers as they allow a more precise view of the cluster information. The more realistic these 3D graphics are, the more is the customer satisfaction. Therefore, vendors are working continuously to develop displays that allow realistic 3D graphics, and this is the crucial driver for the adoption of the digital instrument cluster in the automotive market. The multilayer display technology is the latest addition to the digital instrument cluster, which provides a 3D graphics experience without glasses or complicated eye-tracking or detection. The multilayer display technology creates a sense of depth using two high-fidelity digital displays layered on top of each other.
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The motorcycle instrument cluster market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market.
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93% of the market's growth will originate from APAC during the forecast period. India , China , Indonesia , Thailand , and Taiwan are the key markets for motorcycle instrument clusters in APAC. Market growth in this region will be faster than the growth of the market in Europe , North America , and South America .
The rising use of motorcycles for personal transport and the increasing demand for heavyweight motorcycles will facilitate the motorcycle instrument cluster market growth in APAC over the forecast period.
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Motorcycle Instrument Cluster Market Scope
Accelerate at a CAGR of 1.75%
APAC, North America, Europe, South America, and MEA
India, China, Indonesia, Thailand, US, and Taiwan
Leading companies, competitive strategies, consumer engagement scope
Continental AG, Dakota Digital Inc., JPM Group, KKR & Co. Inc., Marelli Holdings Co. Ltd., Nippon Seiki Co. Ltd., Pricol Ltd., Robert Bosch GmbH, Texas Instruments Inc., and Visteon Corp.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period,
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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: [email protected] Website: www.technavio.com/
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