As per MRFR analysis, the Automotive Speedometer Cable Market Size was estimated at 1.64 (USD Billion) in 2022. The automotive speedometer cable market is expected to grow from 1.68 (USD Billion) in 2023 to 2.09 (USD Billion) by 2032. The automotive speedometer cable market CAGR (growth rate) is expected to be around 2.48% during the forecast period (2024 - 2032).
Key Automotive Speedometer Cable Market Trends Highlighted
The growing demand for advanced driver assistance systems (ADAS) and autonomous vehicles drives the automotive speedometer cable market. The integration of speedometer cables with electronic sensors and controllers enhances vehicle safety and efficiency.
Additionally, the rising popularity of electric vehicles and the need for accurate speed monitoring fuel the market growth.
Key market drivers include stringent government regulations on vehicle safety, increasing consumer awareness regarding vehicle performance, and advancements in automotive technology.
Opportunities exist in the development of wireless speedometer cables and the integration of artificial intelligence (AI) for enhanced data analysis and prediction.
Recent trends include the adoption of IoT-connected speedometer cables, enabling remote monitoring and diagnostics. The growing adoption of telematics systems and the increasing demand for customized speedometer cables provide further growth opportunities.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Speedometer Cable Market Drivers
Increasing Demand for Advanced Driver Assistance Systems (ADAS)
Lane departure warning, adaptive cruise control, and blind spot monitoring are examples of ADAS features that require accurate speed data. Automotive speedometer cables are used to transmit the speed data of the wheels to the ECU of a vehicle.
The increasing implementation of ADAS in several cars is anticipated to drive the growth of the automotive speedometer cable market. For instance, the EU has decreed that all newly manufactured vehicles should feature ADAS, such as lane departure warning and autonomous emergency braking, from 2022.
One of the main factors driving the growth of the ADAS market is the increase in the number of regulations enacted by different countries with the aim of improving road safety. For example, the EU has regulated that ADAS features, such as lane departure warning and autonomous emergency braking, should be included in all new vehicles from 2022 onwards.
Another factor is the growing consumer demand for safety and convenience features. As a result of these factors, more automotive producers are mass-producing vehicles equipped with ADAS features.
The adoption of ADAS is anticipated to help drive the demand for automotive speedometer cables in the future. Automotive speedometer cables used in electric vehicles need to be specially designed for these types of cars.
Due to the high temperature and amount of vibration caused by electric motors, EVs have specific requirements for their speedometer cables. There is an increasing interest in electric vehicles, and manufacturers in the target market could benefit from the growing EV market.
Growing Popularity of Connected Vehicles
The proliferation of connected vehicles is another key driver of growth in the automotive speedometer cable market. Connected vehicles are equipped with sensors and telematics devices that allow them to communicate with other vehicles, infrastructure, and the cloud.
This connectivity enables a wide range of applications, including real-time traffic updates, remote diagnostics, and predictive maintenance. Automotive speedometer cables play a vital role in connected vehicles by providing accurate speed data to the vehicle's electronic control unit (ECU).
This data is used for a variety of purposes, including optimizing fuel efficiency, improving safety, and providing drivers with real-time traffic updates. The growing adoption of connected vehicles is expected to drive demand for automotive speedometer cables over the forecast period.
Rising Adoption of Autonomous Vehicles
The development and deployment of autonomous vehicles are expected to have a significant impact on the automotive speedometer cable market. Autonomous vehicles rely on a variety of sensors and technologies to navigate their surroundings and make decisions without human input.
Automotive speedometer cables provide accurate speed data to the vehicle's autonomous driving system, which is essential for safe and efficient operation. The increasing adoption of autonomous vehicles is expected to drive demand for automotive speedometer cables over the forecast period.
As autonomous vehicles become more prevalent, the need for reliable and accurate speed data will become even more critical. Automotive speedometer cables play a vital role in ensuring the safety and efficiency of autonomous vehicles, which is expected to drive demand for these components in the coming years.
Automotive Speedometer Cable Market Segment Insights:
Automotive Speedometer Cable Market Vehicle Type Insights
The research contains detailed information and data regarding the Automotive Speedometer Cable Market. This market is dived on the basis of vehicle type into Passenger Cars, Commercial Vehicles, Two Wheelers and Others.
The Passenger Cars segment in 2023 is expected to dominate this market owing to the fact that passenger cars are being produced and sold in an increasing number on the global level. This segment is also expected to be the fastest growing during the given period of time.
The Commercial Vehicles segment is also expected to show a noticeable rate of growth as vehicles of this class are becoming more popular in multiple areas, including logistics, transportation and construction.
The Two Wheelers are also projected to show constant growth since motorcycles and scooters have always been popular in the developing countries.
The market size will be as follows: for the Passenger Cars – it will be USD 1.46 billion in 2032 with a CAGR of 2.2%; for the Commercial Vehicles – it will be USD 0.47 billion in 2032 with a CAGR of 3.1%; and for the Two Wheelers it will be USD 0.16 billion in 2032 with a CAGR of 2.6%.
The key drivers of the market under consideration include the growing number of produced vehicles, the increasing demand for more advanced safety features and the rising popularity of electric vehicles. The key restraining factors are the coronavirus pandemic and the resulting supply chain disturbance.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Speedometer Cable Market Speedometer Type Insights
The Automotive Speedometer Cable Market is segmented by Speedometer Type into Mechanical Speedometers and Electronic Speedometers. Mechanical Speedometers accounted for the majority of the market share in 2023, owing to their lower cost and simpler design.
However, Electronic Speedometers are expected to witness significant growth over the forecast period due to their higher accuracy and reliability. The Automotive Speedometer Cable Market for Electronic Speedometers is projected to grow from USD 1.02 billion in 2023 to USD 1.32 billion by 2032, at a CAGR of 3.2%.
The growth of the Electronic Speedometers segment can be attributed to the increasing demand for advanced driver assistance systems (ADAS) and the growing adoption of electric vehicles.
Automotive Speedometer Cable Market Material Insights
The Automotive Speedometer Cable Market is segmented based on Material into Metal, Plastic, and Composite. The Metal segment held the largest market share in 2023 and is expected to continue its dominance throughout the forecast period.
The growth of the Metal segment can be attributed to its durability, reliability, and ability to withstand harsh environmental conditions. Plastic, on the other hand, is a cost-effective and lightweight material, making it a suitable choice for budget-conscious consumers.
The Composite segment is expected to witness significant growth in the coming years due to its high strength-to-weight ratio and resistance to corrosion.
Automotive Speedometer Cable Market Application Insights
The automotive speedometer cable market is segmented by Application into OEM and Aftermarket. The OEM segment is expected to account for the larger share of the market due to the increasing production of new vehicles.
The Aftermarket segment is expected to grow at a faster rate due to the increasing demand for replacement parts. The market growth is attributed to the increasing production of vehicles and the growing demand for replacement parts.
Automotive Speedometer Cable Market Regional Insights
The North American region accounted for the largest share of the Automotive Speedometer Cable Market in 2023 and is expected to maintain its dominance throughout the forecast period. This is primarily due to the presence of major automotive manufacturers and a large consumer base in the region.
The European region is expected to witness significant growth in the coming years, driven by the increasing adoption of electric and hybrid vehicles. The APAC region is also expected to grow at a steady pace, driven by the growing automotive industry in countries such as China and India.
South America and MEA are expected to contribute a small share of the Automotive Speedometer Cable Market but are expected to witness moderate growth in the coming years.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Speedometer Cable Market Key Players and Competitive Insights:
In the current scenario, key players in the automotive speedometer cable market are constantly focusing on gaining a competitive edge by adopting multiple strategies such as product diversification, arranging strategic partnerships and joining hands with local players.
The industry of automotive speedometer cable market is characterized by cut-throat competition by the key players who are eager to expand their product line, ramp up their production capacity and multiply their distribution network to capture a massive market share.
Furthermore, the development of automotive speedometer cable market is mainly credited to the rising demand of superior safety features and mushrooming adoption of electronic speedometers in the automotive sector.
Among key players in the industry of automotive speedometer cable market, the top manufacturing brand is the (name of the first top company), which has embarked as a pioneer manufacturer of automotive speedometer cable. The first top company has a solution-driven approach backed by a robust focus on research and development under its kitty.
The top priority of the company is quality and reliability which consequently has earned the first top company an unblemished reputation of serving as the functionally efficient entity in this ever-growing market. The company has an extensive range of products, at global presence and implemented an effectual distribution network which finally led to enhanced customer base.
Conversely, the other key player (name of the second top company) which second the top company has emerged as a stalwart player in the automotive speedometer cable market. The company placed a hefty prominence on customer satisfaction and offers high-quality products at competitive prices.
The second top company has a wide spectrum of manufacturing units and has strengthened its market share through the reinforcement of ties with leading automotive manufacturing brands. The second manufacturing entity has a major focus on innovation backed by a staunch commitment level with sustainability.
Key Companies in the automotive speedometer cable market Include:
Automotive Speedometer Cable Market Developments
The increasing demand for advanced driver assistance systems (ADAS) and the growing popularity of electric vehicles are key factors driving market growth.
Recent news developments include the launch of new products by major players such as Continental AG and ZF Friedrichshafen AG, as well as the expansion of production capacity by companies like ThyssenKrupp AG.
Market participants are also focusing on developing innovative technologies to improve safety and efficiency.
Overall, the market is expected to witness steady growth over the forecast period due to the increasing adoption of advanced technologies and the growing demand for passenger and commercial vehicles.
Automotive Speedometer Cable Market Segmentation Insights
Automotive Speedometer Cable Market Vehicle Type Outlook
Automotive Speedometer Cable Market Speedometer Type Outlook
Automotive Speedometer Cable Market Material Outlook
Automotive Speedometer Cable Market Application Outlook
Automotive Speedometer Cable Market Regional Outlook
| Report Attribute/Metric | Details |
| Market Size 2022 | 1.64 (USD Billion) |
| Market Size 2023 | 1.68 (USD Billion) |
| Market Size 2032 | 2.09 (USD Billion) |
| Compound Annual Growth Rate (CAGR) | 2.48% (2024 - 2032) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year | 2023 |
| Market Forecast Period | 2024 - 2032 |
| Historical Data | 2019 - 2023 |
| Market Forecast Units | USD Billion |
| Key Companies Profiled | Continental AG, Denso Corporation, BorgWarner Inc., Valeo S.A., Showa Corporation, Hitachi Automotive Systems, Ltd., Hyundai Mobis Co., Ltd., ZF Friedrichshafen AG, KYB Corporation, Jtekt Corporation, TRW Automotive Holdings Corp., Tokai Rika Co., Ltd., Autoliv, Inc., Mitsubishi Electric Corporation |
| Segments Covered | Vehicle Type, Speedometer Type, Material, Application, Regional |
| Key Market Opportunities | 1 Growing demand for electronic speedometers 2 Increasing adoption of safety features in vehicles 3 Technological advancements in the automotive industry 4 Expansion of automotive aftermarket 5 Rising disposable income in emerging economies |
| Key Market Dynamics | Growing demand for digital speedometers Technological advancements Stringent emission and safety norms Rising automotive production Increasing adoption of electric vehicles |
| Countries Covered | North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Automotive Speedometer Cable Market is anticipated to grow from USD 1.68 billion in 2023 to USD 2.09 billion by 2032, registering a CAGR of 2.48% over the forecast period.
Asia-Pacific is anticipated to lead the automotive speedometer cable market throughout the forecast period, owing to the region's rapidly expanding automotive industry and the growing demand for vehicles with advanced safety features.
The increasing production of passenger cars and commercial vehicles, the rising demand for electronic speedometers, and advancements in vehicle safety regulations are primarily driving the automotive speedometer cable market's growth.
Automotive Speedometer Cables are primarily used in passenger cars, commercial vehicles, and off-highway vehicles to accurately measure and display vehicle speed.
Some notable players in the automotive speedometer cable market include Aptiv, Continental AG, Delphi Technologies, Denso Corporation, and Yazaki Corporation.
The adoption of autonomous vehicles is expected to have a moderate impact on the automotive speedometer cable market, as advanced driver assistance systems and autonomous driving technologies may reduce the reliance on traditional speedometer cables.
The integration of digital and electronic speedometers, the adoption of wireless connectivity, and the growing focus on vehicle safety are key trends shaping the automotive speedometer cable market.
Increasing demand for electric vehicles, advancements in vehicle-to-vehicle communication, and the growing adoption of advanced safety features present significant growth opportunities for the automotive speedometer cable market.
Technological disruptions, intense competition, and fluctuating raw material prices pose challenges to the growth of the automotive speedometer cable market.
Economic downturns and changes in consumer spending patterns can affect the demand for vehicles, potentially impacting the automotive speedometer cable market.
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