LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global motorcycle instrument cluster market is expected to reach USD 140.61 million by 2021, growing at a CAGR of more than 7%.
This research report titled ‘Global Motorcycle Instrument Cluster Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
The current advances and transition of technology in the motorcycle shows a steady growth in the global motorcycle instrument cluster market. The sale of motorcycle instrument cluster is highest in the APAC region, and it contributes around 80% to the global motorcycle instrument cluster market.
According to Praveen Kumar, a lead automotive components research analyst from Technavio “The demand for hybrid and fully digital instruments cluster will witness a surge in the coming years in developing countries like India and China, leading to less demand for traditional analog clusters. Motorcycles are used as a regular mode of transportation rather than for leisure and adventure purposes in the APAC region.”
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Technavio’s automotive analysts categorize the global motorcycle instrument cluster market into three major segments by motorcycle type. They are:
- Mid-premium motorcycles
- Premium motorcycles
- Commuter motorcycles
The market for the motorcycle instrument cluster in mid-premium motorcycles is expected to reach 91.40 million units globally by 2021. Mid-premium motorcycles have an engine capacity of 125 cc to 600 cc. The change in the preference from commuter motorcycles to mid-premium motorcycles in the APAC region will boost the market for the global motorcycle instrument cluster market during the forecast period.
The global motorcycle instrument cluster market for premium motorcycles is expected to grow at a CAGR of close to 14% during the forecast period. Premium motorcycles have an engine capacity of more than 600 cc. Premium motorcycles will show a steady growth in the global motorcycle instrument cluster market due to the rising adoption of touring motorcycles in mature markets like the US, Japan, and Western Europe.
“Commuter motorcycles have an engine capacity of less than 125 cc and these types of motorcycles are ideal for regular commuting. Commuter motorcycles have high popularity in APAC because the traffic congestions and poor road infrastructure in the region are unsuitable for heavyweight motorcycles. Another reason for the increasing adoption of these vehicles in the region is the low-cost factor when compared with other vehicle types,” adds Praveen.
Technavio research analysts pinpoint that the global motorcycle instrument cluster market for commuter motorcycles will decline during the forecast period due to the rising demand for mid-premium motorcycles in developing regions like India, China, Indonesia, and Thailand.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Nippon Seiki
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