As per MRFR analysis, the Automotive Speedometer Market Size was estimated at 18.79 (USD Billion) in 2022.The Automotive Speedometer Market Industry is expected to grow from 19.71(USD Billion) in 2023 to 30.2 (USD Billion) by 2032. The Automotive Speedometer Market CAGR (growth rate) is expected to be around 4.86% during the forecast period (2023 - 2032).
Key Automotive Speedometer Market Trends Highlighted
The automotive speedometer market is driven by several key factors, including the increasing demand for safety features, the growing popularity of digital speedometers, and the rising sales of luxury and premium vehicles. Additionally, the adoption of advanced driver assistance systems (ADAS) and the integration of telematics into vehicles are presenting new opportunities for market growth.Recent trends in the automotive speedometer market include the incorporation of advanced technologies such as GPS and dual-axis sensors, which provide more accurate and reliable speed measurements. Furthermore, the integration of speedometers with infotainment systems and smartphone connectivity allows for the display of additional information and the customization of the user interface. The increasing focus on sustainability is also driving demand for eco-friendly speedometers that use energy-efficient components and materials
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Speedometer Market Drivers
Increasing Demand for Advanced Driver Assistance Systems (ADAS)
The growing adoption of ADAS features in vehicles is a major driver of the automotive speedometer market. ADAS systems rely on accurate and reliable speed data to function properly. Speedometers provide this data, enabling ADAS features such as adaptive cruise control, lane departure warning, and automatic emergency braking. As the demand for ADAS-equipped vehicles increases, so too does the demand for automotive speedometers. ADAS systems are becoming increasingly sophisticated, requiring more accurate and reliable speed data.This is driving demand for speedometers with higher precision and faster response times. In addition, the integration of ADAS systems with other vehicle systems, such as navigation and infotainment systems, is creating new opportunities for speedometer manufacturers. The increasing demand for ADAS features is expected to continue in the coming years, driven by factors such as rising safety concerns, traffic congestion, and the development of autonomous vehicles.This will continue to drive growth in the automotive speedometer market.
Rising Popularity of Electric Vehicles
The growing popularity of electric vehicles (EVs) is another key driver of the automotive speedometer market. EVs require specialized speedometers that can accurately measure and display speed and other vehicle data in both electric and gasoline-powered vehicles. Speedometers for EVs must be able to accurately measure speed over a wide range of conditions, including high speeds and low speeds. They must also be able to display information such as battery level, range, and charging status.In addition, speedometers for EVs must be designed to withstand the harsh conditions of an electric vehicle, such as high temperatures and vibrations. The rising popularity of EVs is expected to continue in the coming years, driven by factors such as increasing environmental concerns and government incentives. This will continue to drive growth in the automotive speedometer market.
Growing Demand for Connected Vehicles
The growing demand for connected vehicles is also driving growth in the automotive speedometer market. Connected vehicles are equipped with a variety of sensors and devices that allow them to connect to the internet and other vehicles. This connectivity enables a wide range of features and services, such as real-time traffic updates, remote diagnostics, and over-the-air software updates. Speedometers play a key role in connected vehicles by providing accurate and reliable speed data to other vehicle systems and services.This data can be used to improve safety, efficiency and convenience. For example, speed data can be used to adjust the speed of the vehicle based on traffic conditions or to provide warnings to the driver about upcoming hazards. The growing demand for connected vehicles is expected to continue in the coming years, driven by factors such as the increasing availability of affordable connectivity options and the development of new connected vehicle technologies.This will continue to drive growth in the automotive speedometer market.
Automotive Speedometer Market Segment Insights:
Automotive Speedometer Market Technology Insights
The Global Automotive Speedometer Market is segmented by Technology into Analog Speedometers, Digital Speedometers, GPS-Based Speedometers, and Heads-Up Display (HUD) Speedometers. Analog Speedometers: Analog Speedometers are traditional speedometers that use a needle to indicate the vehicle's speed. They are relatively inexpensive to produce and are still widely used in entry-level vehicles. However, analog speedometers can be less accurate than digital speedometers, and they can be difficult to read in low-light conditions. Digital Speedometers: Digital Speedometers use a digital display to indicate the vehicle's speed.They are more accurate than analog speedometers, and they are easier to read in low-light conditions. However, digital speedometers can be more expensive to produce than analog speedometers. GPS-Based Speedometers: GPS-Based Speedometers use GPS technology to determine the vehicle's speed. They are the most accurate type of speedometer, and they can also provide additional information, such as the vehicle's location and altitude. However, GPs-based speedometers can be more expensive than analog or digital speedometers, and they may not be as reliable in areas with poor GPS reception.Heads-Up Display (HUD) Speedometers: HUD Speedometers project the vehicle's speed onto the windshield, allowing the driver to keep their eyes on the road while monitoring their speed. HUD Speedometers are becoming increasingly popular, as they can improve safety and convenience. The growth of the market is attributed to the increasing demand for advanced driver assistance systems (ADAS), the growing popularity of electric vehicles, and the increasing adoption of digital technologies in the automotive industry.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Speedometer Market Vehicle Type Insights
The Global Automotive Speedometer Market segmentation by Vehicle Type reveals significant insights into the market dynamics. The market is divided into three primary vehicle types: Passenger Cars, Commercial Vehicles and Motorcycles. In 2023, Passenger Cars held the largest market share due to the increasing production and sales of passenger vehicles globally. The segment is expected to maintain its dominance throughout the forecast period, reaching a projected valuation of USD 11.2 billion by 2032 and exhibiting a steady growth rate. Commercial Vehicles, including trucks, buses and other heavy-duty vehicles, account for a significant portion of the market.The growing demand for transportation and logistics services is driving the growth of this segment. Motorcycles, while having a smaller market share, are gaining popularity in emerging markets, contributing to the overall market growth.
Automotive Speedometer Market Type Insights
The Global Automotive Speedometer Market is segmented by Market Type into OEM and Aftermarket. The OEM segment accounted for a larger market share in 2023 and is projected to continue to dominate the market during the forecast period. This is due to the increasing production of new vehicles, which are equipped with advanced speedometers. The After-market segment is also expected to grow at a significant rate during the forecast period as more and more consumers are opting to replace their old speedometers with new ones.
Automotive Speedometer Market Regional Insights
The Global Automotive Speedometer Market is segmented into North America, Europe, APAC, South America and MEA. Among these regions, APAC is expected to hold the largest market share in the coming years. The growth of the APAC market is attributed to the increasing production and sales of automobiles in the region. China and India are the major contributors to the APAC market. The North American and European markets are also expected to witness significant growth in the coming years. The growing demand for luxury and premium vehicles in these regions is driving the growth of the Automotive Speedometer Market.The South American and MEA markets are expected to grow at a moderate pace in the coming years. The increasing urbanization and disposable income in these regions are expected to drive the growth of the Automotive Speedometer Market.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Speedometer Market Key Players And Competitive Insights:
Major players in Automotive Speedometer Market industry are continuously developing new and innovative products to meet the changing needs of customers. Leading Automotive Speedometer Market players are investing heavily in research and development to create technologically advanced products. The Automotive Speedometer Market industry is highly competitive, and companies are constantly striving to gain market share. Key players in the Automotive Speedometer Market are adopting various strategies, such as mergers and acquisitions, to expand their global presence and strengthen their market position. Automotive Speedometer Market development is being driven by the increasing demand for advanced and reliable speedometers.Continental AG is a leading provider of automotive components and systems. The company offers a wide range of automotive speedometers, including digital, analog, and hybrid models. Continental AG's speedometers are known for their accuracy, durability, and reliability. The company has a strong global presence and supplies its products to major automotive manufacturers around the world. Continental AG is committed to innovation and continuously invests in research and development to create new and improved products.Denso Corporation is another major player in the Automotive Speedometer Market. The company offers a wide range of automotive components and systems, including speedometers. Denso Corporation's speedometers are known for their high quality and reliability. The company has a strong global presence and supplies its products to major automotive manufacturers around the world. Denso Corporation is committed to innovation and continuously invests in research and development to create new and improved products. The company is also focused on expanding its global presence and strengthening its market position.
Key Companies in the Automotive Speedometer Market Include:
Automotive Speedometer Market Industry Developments
The global automotive speedometer market is projected to grow from USD 19.71 billion in 2023 to USD 30.20 billion by 2032, exhibiting a CAGR of 4.86% during the forecast period. The market growth is primarily driven by increasing vehicle production, rising demand for advanced driver-assistance systems (ADAS), and growing adoption of electric vehicles.Recent developments in the market include the launch of innovative speedometer technologies such as augmented reality (AR) and head-up displays (HUDs). These technologies provide drivers with a more intuitive and convenient way to access speed and other vehicle information. Additionally, the integration of 5G technology in vehicles is expected to further enhance the capabilities of automotive speedometers by enabling real-time data transfer and connectivity.
Automotive Speedometer Market Segmentation Insights
Automotive Speedometer Market Technology Outlook
Automotive Speedometer Market Vehicle Type Outlook
Automotive Speedometer Market Market Type Outlook
Automotive Speedometer Market Regional Outlook
| Report Attribute/Metric | Details |
| Market Size 2022 | 18.79(USD Billion) |
| Market Size 2023 | 19.71(USD Billion) |
| Market Size 2032 | 30.2(USD Billion) |
| Compound Annual Growth Rate (CAGR) | 4.86% (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 | Johnson Controls, Delphi Automotive LLP, TRW Automotive, Inc., Magna International, Continental, Lear Corporation, Nisshinbo Holdings, Denso Corporation, Hella KGaA Hueck Co., Valeo SAnparaRobert Bosch, Autoliv, Yazaki Corporation, Hyundai Mobis, Siemens VDO |
| Segments Covered | Technology, Vehicle Type, Market Type, Regional |
| Key Market Opportunities | 1.      Increased demand for digital speedometers 2.      Growing adoption of advanced driver assistance systems 3.      Integration of GPS and navigation systems |
| Key Market Dynamics | 1.      Increasing demand for digital speedometers 2.      Growing popularity of electric vehicles 3.      Integration of advanced technologies 4.      Government regulations on vehicle safety 5.      Advancements in wireless connectivity |
| Countries Covered | North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Automotive Speedometer Market was estimated to be valued at 19.71 billion USD in 2023.
The Automotive Speedometer Market is projected to reach 30.2 billion USD by 2032.
The Automotive Speedometer Market is anticipated to grow at a CAGR of 4.86% from 2024 to 2032
Asia Pacific is expected to account for the largest market share in the Global Automotive Speedometer Market
Automotive Speedometers are primarily used in passenger cars, commercial vehicles, and two-wheelers.
Key players in the Global Automotive Speedometer Market include Continental AG, Robert Bosch GmbH, Denso Corporation, and Visteon Corporation.
Rising demand for advanced driver assistance systems (ADAS), increasing vehicle production, and growing adoption of electric vehicles are driving the growth of the Automotive Speedometer Market.
Challenges include intense competition, technological advancements, and fluctuating raw material prices.
Emerging trends include the integration of digital displays, wireless connectivity, and advanced safety features.
Opportunities lie in the development of autonomous vehicles, connected car technologies, and the growing demand for aftermarket products.
Leading companies partner with us for data-driven Insights.
Kindly complete the form below to receive a free sample of this Report
Team Lead - Research she holds an experience of about 6+ years in market research and business consulting, working under the spectrum of information communication technology, telecommunications and semiconductor domains. aarti conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. her expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
