Enjoy complimentary customisation on priority with our Enterprise License!
The motorcycle instrument cluster market size is estimated to grow at a CAGR of 3.23% between 2022 and 2027. The market size is forecast to increase by USD 209.81 million. The growth of the market depends on several factors, including economies of scale benefits, owing to declining prices of LCD/TFT displays, increasing congestion and overcrowding in cities driving motorcycle sales, and increasing number of electronic components in motorcycles.
This motorcycle instrument cluster market report extensively covers market segmentation by end-user (automotive, construction and mining, and others), type (hybrid, digital, and analog), and geography (APAC, North America, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
To learn more about this report, View Report Sample
Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the motorcycle instrument cluster market growth is the economies of scale benefits owing to declining prices of LCD/TFT displays. As the volume of adoption of new technology in the consumer segment rises, it reduces the price and benefits of the related industries. Therefore, OEMs can adopt new technology in the most cost-effective manner.
Due to the increase in the adoption of smartphones, the cost of LCD panels has been significantly reduced. As a result, it enables the suppliers to minimize the cost of LCDs, thereby reducing the overall cost of the human-machine interface (HMI) system. Hence, factors such as the declining prices of LCD/TFT display and OLED are a significant advantage for the global motorcycle instrument cluster market which is expected to drive the market growth during the forecast period.
A key factor shaping the motorcycle instrument cluster market growth is the adoption of infotainment systems and multi-information displays in motorcycles. There has been an increase in the demand for premium and mid-premium motorcycles due to the factors such as the enhanced riding experience and its safety benefits. One of the main reasons for this is that the electronic components help in increasing efficiency and boosting the riding experience,
As a result, the rapid electrification of mechanical components is significantly driving the adoption of infotainment systems in motorcycles. Instrument clusters are considered a part of the infotainment system. Thus, several developments in the market are leading to the introduction of motorcycles which in turn is expected to drive the global motorcycle instrument cluster market during the forecast period.
The non-popularity of instrument clusters among motorcycle enthusiasts is one of the key challenges hindering the motorcycle instrument cluster market growth. In several countries, motorcycle riding is considered more than just a means to commute but as a lifestyle option, which is reflected in various rider groups and communities globally.
The Harley Owners Group is one of the largest motorcycle communities and is the fastest-growing group of its kind. Hence, a significant section of motorcycle enthusiasts perceives the emergence of electronic content in motorcycles as hindering the riding pleasure offered by these vehicles and thus weakening the essence of riding. Therefore, such factors are expected to hinder the global motorcycle instrument cluster market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Motorcycle Instrument Cluster Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Backcountry.com LLC: The company offers motorcycle instrument clusters such as tachometer gauge, multifunction gauge, and one style gauge under its subsidiary called MotoSport LLC.
The research report also includes detailed analyses of the competitive landscape of the market and information about 19 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The automotive segment is estimated to witness significant growth during the forecast period. Factors such as the consistent pursuit of technical advances by the automotive sector and the incorporation of smart technologies into motorcycles have fuelled the demand for sophisticated instrument clusters.
Get a glance at the market contribution of various segments View the PDF Sample
The automotive segment was the largest segment and was valued at USD 590.49 million in 2017. For instance, manufacturers like Yamaha and BMW Motorrad have been in dominating positions when it comes to creating cutting-edge and user-friendly clusters that offer expanded functionalities like GPS navigation, smartphone connectivity, and advanced diagnostics. Furthermore, motorcycle manufacturers are forced to incorporate cutting-edge instrument clusters due to stringent government regulations, including the Bharat Stage VI norms in India and the Euro 5 emission standards in Europe. Therefore such factors are expected to drive the growth of this segment which, in turn, will drive the global motorcycle instrument cluster market growth during the forecast period.
For more insights on the market share of various regions Download PDF Sample now!
APAC is estimated to contribute 70% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Some of the key countries with a dominating market share in the global motorcycle instrument cluster market include China, India, and Japan due to the manufacturing of motorcycles with an engine displacement of less than 250 cc. Factors such as motorcycles being used for personal transport and are affordable, easy to maintain, convenient, and easy to park, as well as occupying less parking space are fuelling the high demand for motorcycles in the region. The most popular segment in these developing economies such as India and China are commuter and mid-segment motorcycles. Hence, such factors are expected to drive the global motorcycle instrument cluster market growth during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global motorcycle instrument cluster market witnessed a significant slowdown due to travel restrictions, resulting in a decline in motorcycle and related accessories in countries such as India and China However, in 2021, the initiation of large-scale vaccination drives has lifted the lockdown and travel restrictions, which led to the increase in demand for motorcycles. Such factors are expected to drive the market during the forecast period.
The motorcycle instrument cluster market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the global motorcycle instrument cluster market as a part of the global automotive components and accessories market within the global auto components market. The global automotive components and accessories market covers companies engaged in the production of parts and accessories for automobiles like passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
Motorcycle Instrument Cluster Market Scope |
|
Report Coverage |
Details |
Page number |
169 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.23% |
Market growth 2023-2027 |
USD 209.81 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
3.05 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 70% |
Key countries |
US, Canada, China, India, and Indonesia |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Backcountry.com LLC, Cluster Repairs UK, Comoto Holdings Inc., Continental AG, Dime City Cycles Inc., Embien Technologies Pvt. Ltd., Galaxy Indicators India Pvt. Ltd., Infineon Technologies AG, JPM Group, Marelli Holdings Co. Ltd., Minda Corp. Ltd., MTA Spa, Nippon Seiki Co. Ltd., Pricol Ltd., Robert Bosch GmbH, Suprajit Engineering Ltd., Texas Instruments Inc., Visteon Corp., and VVDN Technologies |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.