To measure and display the speed of the vehicles speed-sensing gauge used in vehicles known as speedometer or speed meter. There are two types of speedometer mechanical speedometer and electronic speedometer. The speedometer cable attached to driving shaft of the vehicle, which is driven by engine. The drive shaft turns the wheels of the vehicle simultaneously rotate the magnet inside the cable, which produces the eddy current. Eddy current make the speed cup rotate that is indicates the speed of the vehicle.
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Rapid increase the production of vehicles across the globe is major driving factors, which fuel the market of the automotive speedometer in forecast period. Increase in the road safety parameters to reduce fatalities demand for automotive speedometer is likely to remain higher during forecast period. However, when tires get worn-out accuracy of the speedometer is less and it shows variations in speed due the several factors such as diameters of wheels, load of the vehicle, size of the vehicles and other factors.
The automotive speedometer market can be segmented into, types, display mode, sales channel, vehicle and region. There are three types of speedometer such as mechanical speedometer, electronic speedometer and other. Electronic speedometer is introduced very late as compare to mechanical speedometer. Currently electronic speedometer is dominated the automotive speedometer market owing to its simple arrangement, low cost availability, and proven technology it indicates the speed during reverse turn. It consist of electronic control unit, magnetic field sensors, CAN bus and other components.
Analog speedometers are used widely in automotive compare to the digital speedometer owing its advantages such as it is much easier to read, it gives immediate idea about the speed whether it is increasing or decreasing, better visual appearance due to which demand for analog speedometer is likely to remain high during forecast period.
Based on vehicles the automotive speedometer market is segregated into passenger vehicle and commercial vehicle. Passenger vehicle sub-segment is likely to dominate the automotive speedometer market during forecast period owing to rapidly increase in the production of passenger vehicles, continuous increase in demand for SUVs across the globe. Increase in the per capita income, decreasing in the bank rates, rapid urbanization these factors is likely to drive the market of passenger vehicle in forecast period.
Based on sales channel the automotive speedometer market is segmented into OEM and aftermarket. OEM sub segment is likely to dominate the automotive speedometer market owing to producing more reliable systems, grater life span and in low cost.
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Based on region, the automotive speedometer market can be segmented into, North America, Europe, Asia Pacific, and Middle East & Africa. North America is the dominating region in the automotive speedometer market and it will remain in forecast period. Government of the countries is implementing stringent vehicle speed norms to improve all transportation modes and become for safe for all passengers. On the other hand, region like Europe and Asia Pacific are expected to show high growth in the automotive speedometer market in forecast period owing to continuous increase in demand for passenger and commercial vehicles.