According to latest study, odometer market is set to witness steady growth during 2021-2031. Demand will witness steady recovery in short term, with optimistic growth outlook in the long run. Surge demand from automotive industry, thereby augmenting the need of odometer over the forecast period.
What is Driving Demand for Odometer?
The distance traversed or travelled by a vehicle is calculated using an odometer. In some regions of the world, an odometer is also known as a milometer or a milometer. In the past, these products were entirely mechanical, but thanks to technological advancements, electronic products have been invented and are now commonly utilised. Some of these products are hybrid of mechanical and electrical components.
The distance travelled by a vehicle is calculated by multiplying the number of wheel rotations by the tyre circumference. GPS is now utilised as an odometer and is thought to be more exact and accurate. A GPS receiver with odometer mode functions as both an odometer and a speedometer, and is considered a low-cost, high-precision instrument. Which a potential factor is driving the global market.
The expansion of these products is predicted to be fuelled by an increase in automobile manufacturing carried out by the automotive sector over the forecast period.
Furthermore, the product is a crucial component of any car, and the fact that production of these vehicles has increased over time has been credited as a major driving reason in the market's rise.
Electrification in Automotive Industry Likely to Augmenting the Need of Odometer
The market is being fuelled by an increase in vehicle electrification combined with an increasing demand for accuracy. Manufacturers prefer electromechanical odometers to wired odometer systems because of their dependability and cost-effectiveness, as well as their longer lifespan. As a result, the global demand is growing.
Furthermore, the demand is being fuelled by a rise in consumer preference for advanced electrical components. The product is an important component of a car, and rising vehicle demand around the world is fuelling the demand. Furthermore, due of their low cost, demand for electromechanical odometers is expanding, supporting the global sales.
Asia Pacific Odometer Demand Outlook
Asia Pacific is thought to be one of the most important regions on the planet. During the assessment period 2021-2031, China and Japan are expected to account for a significant proportion of the global market.
The expansion of this product is directly tied to the demand for passenger and commercial vehicles. The fact that China and Japan have enormous production capacities and fleet sizes within their countries will promote product sales. Furthermore, electric vehicles and self-driving vehicles will alter the current marketplace's definition of mobility.
Europe Odometer Sales Outlook
Many European countries have been affected by the COVID-19 problem, which has resulted in a reduction in economic activity. However, Europe is home to a number of odometer manufacturers, making it a key producer of automobile components and systems.
Due to high rate of adoption in OEM/aftermarket and the growth of the automotive industry in the region, Europe holds a significant share of the global market. As a result, the production of passenger and commercial vehicles with odometer has increased. Especially in Germany, the United Kingdom, France, and Italy. These factors are projected to boost the market's growth prospects in the area.
Who are the Key Manufacturers and Suppliers of Odometer?
Some of the leading manufacturers and supplier includes
- OBD Auto Diagnostic Equipment Co. Ltd.
- TENET AUTO ELECTRONICS LIMITED
- Hae Tech Co. Ltd.
- Odometer Gears
- Amsted Seals
- Tricore Corporation
- Nidec Sankyo Electronics (Shaoguan) Co. Ltd.
- Udon Mastertech Co. Ltd.
- Nanjing Haumin Electronics Co., Ltd. and others.
Many leading manufacturers and supplier have longstanding contracts with end-users to supply these products. Further, manufacturers are focused on establishing their manufacturing facilities in the countries from Asia Pacific such as India, China, Thailand, and Taiwan to cater increasing demand in the region.
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By Product Type:
- Passenger vehicle
- Commercial vehicle
- Light commercial vehicle
- Heavy commercial vehicle
- Buses & coaches
By Sales Channel:
- North America
- Latin America
- South Asia Pacific
- Australia & New Zealand
- East Asia
- South Korea
- Middle East & Africa
- South Africa
- North Africa
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