Technavio analysts forecast the global motorcycle instrument cluster market to grow at a CAGR of nearly 6% during the forecast period, according to their latest market research report.
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Technavio has published a new market research report on the global motorcycle instrument cluster market for the period 2019-2023. (Graphic: Business Wire)
The adoption of infotainment system and multi-information display in motorcycles is one of the major trends being witnessed in the global motorcycle instrument cluster market 2019-2023. Globally, there has been an increase in demand for premium and mid-premium motorcycles due to the enhanced riding experience and its safety benefits. Electronic components increase the efficiency and enhance the riding experience. As a result, there is rapid electrification of mechanical components which is driving the adoption of infotainment system in motorcycles.
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According to Technavio analysts, one of the key factors contributing to the growth of the global motorcycle instrument cluster market is the economies of scale benefits owing to declining prices of LCD/TFT display:
Global motorcycle instrument cluster market: Economies of scale benefits owing to declining prices of LCD/TFT display
The primary concern for OEMs in the two-wheeler and automotive industry is hardware cost. Any new technology being adopted in the consumer electronics segment leads to volume growth, which reduces its prices and benefits related industries. Thus, OEMs can adopt new technology in a cost-effective manner. The cost of LCD panels reduced due to their implementation in smartphones. This enabled the suppliers to reduce the cost of LCDs, thereby reducing the overall cost of the Human Machine interface system. Moreover, smartphones have technologies such as graphics, haptics, and speech recognition, which are used in display-and non-display-based HMI systems.
According to a senior analyst at Technavio for research on automotive components, “A major advantage for the global motorcycle instrument cluster market is the declining prices of LCD/TFT display and OLED as the OEMs can easily introduce the same in the mass market, in developed regions such as the Americas and Europe. Hybrid displays are expected to be affordable and will significantly penetrate the mass market owing to the decline in costs associated with the development and production of a fully digital instrument cluster.”
Global motorcycle instrument cluster market: Segmentation analysis
The global motorcycle instrument cluster market research report provides market segmentation by type (hybrid, analog, and digital) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The hybrid segment held the largest market share in 2017, accounting for nearly 45% of the market. However, by 2023, the digital segment is expected to dominate, with nearly 56% market share.
APAC led the market in 2017 with a market share of nearly 92%. This region is expected to dominate the market through 2023.
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