According to latest research, road speed limiter market is set to witness steady growth during 2021-2031. Demand for speed reducer will witness steady recovery in short term, with optimistic growth outlook in the long run. Surge demand from automotive industry will create opportunities in near future.
What is Driving Demand for Road Speed Limiter?
One of the vehicle's most important features is the road speed limiter. It prevents the vehicle from exceeding a manufacturer-specified speed restriction. Due to the rising usage of speed limiters by commercial vehicles as well as passenger automobiles, the speed limiter market is predicted to rise rapidly. The escalating number of traffic accidents around the world has prompted governments and international organisations to enact various vehicle safety regulations.
Vehicles with speed limiters are likely to save gasoline as well. Due to the installation of speed limiters, vehicles are unable to exceed the set limit, resulting in vehicle operation within a specified range, which saves fuel and drives the road speed limiter market.
The increase in automobile manufacturing carried out by the automotive sector is likely to boost the expansion of the road speed limiter market throughout the forecast period.
Fuel-efficient and Safe Driving is Expected to Drive the Road Speed Limiter Demand
The COVID-19-induced slowdown has had an impact on global automotive sales. As a result, car parts and materials sales have fallen. In the car business, road speed limiters are commonly employed. Despite the fact that car production has been impeded by lockdown and shelter-at-home laws, sales are expected to rise throughout the duration of the forecast period.
The safety of the vehicle and its occupants is ensured by the use of a speed limiter. The use of speed limiters has become necessary due to increased traffic and events involving accidents and trauma. Furthermore, when gasoline prices rise, vehicle operators now have another tool in their armoury to limit a driver's speed, particularly when driving on highways.
The growth trajectory of the worldwide road speed limiter demand is bolstered by an optimistic forecast for rising fleets of passenger automobiles around the world. Aside from that, the ease with which a speed limiter may be installed adds to the component's growing popularity and helps to drive the market for speed limiters forward. Rapid urbanisation and increased disposable income would support the expansion of the road speed limiter market in economic terms.
Asia Pacific Road Speed Limiter Demand Outlook
Asia Pacific is expected to be one of the most important markets in the world. During the assessment period 2021-2031, China and Japan are expected to account for a significant proportion of the global market.
The growth of the speed limiter industry is directly related to the demand for passenger cars and commercial vehicles. The fact that China and India have larger fleets within their countries will push the sale of speed limiter.
The speed limiter manufacturing companies in Asia Pacific trying to target North America and APAC region to capture the market of speed limiter in near future to increase their market presence.
Europe Automotive Speed Limiter Sales Outlook
Many EU countries have been affected by the COVID-19 situation, which has resulted in a reduction in economic activity. In the automotive business, however, Europe is home to several speed limiter producers, making it a key producer of vehicle components and parts.
Europe's automobile sector is rapidly increasing. For smaller interchange routes across the country, there is a considerable demand for passenger and commercial vehicles. A big consumer base and a strong desire for automobiles as a form of transportation are key elements propelling the country's automotive vehicle market forward at a rapid pace. As the number of passenger and commercial vehicles grows, so does the demand for road speed limiters.
Who are the Key Manufacturers and Suppliers of Road Speed Limiter?
Some of the leading manufacturers and suppliers of road speed limiter includes
- Continental A.G.
- Vodafone Automotive
- AVS LTD.
- Elson GmbH
- Highway Digital
- SABO Electronic Technology
- Autograde International
- IMPCO Technologies
- Pricol Ltd. and others.
Key manufacturers have heavily invested in R&D to develop precise speed limiter that help to reduce road accidents.
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By Product Type:
- Adjustable Speed Limiter
- Intelligent Speed Limiter
- Passenger vehicle
- Commercial vehicle
- Light commercial vehicle
- Heavy commercial vehicle
- Buses & coaches
- 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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