Automotive Speedometer Cable Market Size:
The global automotive speedometer cable market size reached US$ 1,773.93 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 2,498.18 Million by 2028, exhibiting a growth rate (CAGR) of 6.10% during 2023-2028. The growing number of road accidents, rising installation to prevent the occurrence of fatalities, and increasing production of heavy-duty vehicles required for industrial and commercial purposes are some of the major factors driving the automotive speedometer cable market.
|Automotive Speedometer Cable Market Size in 2022
||US$ 1,773.93 Million
|Automotive Speedometer Cable Market Forecast in 2028
||US$ 2,498.18 Million
|Automotive Speedometer Cable Market Growth Rate (2023-2028)
A speedometer is an automotive device designed to measure and maintain the speed of a vehicle. It comprises a rotating flexible cable that is connected to the transmission gearbox. This cable facilitates the functions of the speedometer by transmitting the rotational speed and providing an accurate reading of the speed of a vehicle on road while it is in motion. An automotive speedometer cable also assists in turning of a magnet inside the speed cup within the speedometer casing via the process of electromagnetism.
At present, the increasing production of heavy-duty vehicles required for industrial and commercial purposes is propelling the growth of the market. Besides this, the rising installation of automotive speedometers to prevent the occurrence of fatalities and increase the safety of passengers and drivers is impelling the growth of the market. In addition, the burgeoning e-commerce sector, rising delivery of goods and services at the doorstep of buyers, and increasing online shopping activities of individuals, is resulting in the growing number of commercial vehicles. This, in turn, is creating a favorable market outlook. Furthermore, the wide availability of automotive speedometer cables that are designed in various forms and dimensions as per the vehicle tire size and rear gear ratio is bolstering the growth of the market.
Automotive Speedometer Cable Market Trends/Drivers:
Rising sales of personal cars positively influencing the market
Public vehicles are mostly crowded, not well maintained, and they follow a specific schedule, which often leads to uncomfortable traveling encounters for people. On the other hand, personal cars enable individuals to avoid the hassle of taking public transportation and traveling comfortably according to their convenience. As a result, there has been a rise in the sales of personal cars across the globe, which is impelling automotive companies to produce various models of cars with different features and customizations to fulfill the personal requirements of individuals. They are also manufacturing car models with enhanced safety features for drivers and passengers. In addition, car manufacturers are integrating global positioning system (GPS) with their speedometers to provide accurate information about speed limits of specific locations to the driver.
Rising road accidents and stringent road safety regulations impelling the market growth
Maintenance of road safety is an utmost necessity to prevent accidents, and for that, an automotive speedometer cable is necessary. Additionally, governing agencies of various countries are implementing strict policies for the maintenance of road safety and encouraging automobile manufacturers to create vehicles with enhanced safety features and efficient speedometers. In line with this, automotive companies are incorporating sensors and alerting systems to make passengers wear their seat belts while sitting inside the car to enhance safety measures. Besides this, traffic control systems are adopting effective road safety maintenance methods to prevent road rushing and speeding. They are also utilizing drones, motion detection cameras, and sensors for surveillance purposes and detecting cars breaking the law.
Increasing demand for efficient container trucks in the logistics sector stimulating market growth
With the burgeoning logistics sector, there has been a rise in the need for heavy-duty vehicles, such as box trucks, semi-trailer trucks, dry vans, tail lift trucks, and jumbo trailer trucks, with an adequate amount of storage space to carry the products. It has also resulted in the shipping of various fragile and expensive items, which require special care and maintenance, as they are transported via specialized vehicles and have proper storage compartments. Besides this, logistic companies deal with the transportation of various perishable items, such as meat, poultry, fish, eggs, vegetables, fruits, and pharmaceutical products, which need to be transported within a short time, thereby increasing the installation of speedometers. They are also focusing on utilizing efficient container trucks equipped with speedometers to prevent drivers from over speeding while transporting goods. Speedometers are also necessary to remind drivers to maintain the correct speed limit to avoid fines and causing an accident.
Automotive Speedometer Cable Industry Segmentation
IMARC Group provides an analysis of the key trends in each segment of the global automotive speedometer cable market report, along with forecasts at the global, regional, and country levels from 2023-2028. Our report has categorized the market based on type and application.
Breakup by Type:
- Stainless Steel Material
- Rubber Material
- Plastic Material
The report has provided a detailed breakup and analysis of the automotive speedometer cable market based on the type. This includes stainless steel, rubber, and plastic materials.
Automotive speedometer cables made from stainless steel offer various advantages, including high tensile strength and durability, enhanced robustness, and improved finish. Stainless steel provides enhanced corrosion resistance along with high and low temperature resistance, which is essential for maintaining the proper functioning of the speedometer. Besides this, it requires minimum maintenance and can be easily cleaned and sustained.
Automotive speedometer cables made from rubber offer enhanced abrasion and weathering resistance and are particularly suitable for harsh environments. They are soft, flexible, and resistant to oil, acid, alkali, and extreme temperatures while possessing a long service life.
Automotive speedometer cables made from plastic materials are cost-effective compared to other materials and provide efficient electrical insulation by trapping charges within. They are also resistant to temperature variations and help in dampening vibrations effectively.
Breakup by Application:
A detailed breakup and analysis of the automotive speedometer cable market based on the application has also been provided in the report. This includes OEM and aftermarket.
Automotive speedometer cables are widely used by automotive original equipment manufacturers (OEMs) to increase the overall safety of the driver and passengers and meet the stringent road safety regulations.
Aftermarket refers to the marketplace selling automotive hardware, which can be purchased as a single product for the maintenance of an existing vehicle. It enables vehicle owners or car repair centers to purchase automotive speedometer cables according to their requirements at affordable pricing.
Breakup by Region:
- North America
- United Kingdom
- Asia Pacific
- South Korea
- Latin America
- Middle East and Africa
Asia Pacific exhibits a clear dominance, accounting for the largest automotive speedometer cable market share
The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa.
Asia Pacific held the biggest market share due to the presence of well-established manufacturing infrastructure and investments from key players. Besides this, the growing disposable income of individuals, increasing purchase of energy efficient cars, and rising awareness about the necessity of maintaining road safety are some of the factors expanding the automotive speedometer cable market in the Asia Pacific region.
North America is estimated to witness stable growth during the forecast period, owing to the growing utilization of technologically advanced manufacturing processes, rising implementation of strict road safety rules, and increasing construction of roads and railways in various remote locations.
The key market players in the global automotive speedometer cable market are tackling rising demand from the masses due to increasing purchases of personal cars. They are also focusing on installing highly accurate speedometers to prevent the tires from getting damaged. Leading manufacturers are integrating global positioning system (GPS) with speedometers to track the distance travelled and help drivers avoid fines by not over speeding in various locations. Based on the driving location, GPS speedometers warn the driver when the speed limit changes to prevent them from breaking traffic laws and causing an accident. Furthermore, top manufacturers are focusing on integrating digital speedometers to present accurate speed data to drivers and enhance their driving experience.
The report has provided a comprehensive analysis of the competitive landscape in the automotive speedometer cable market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:
- ATP Automotive
- R.S. International
- Silco Automotive Solution LLP
- Speedy Cables (London) Ltd.
- In March 2021, ATP Automotive released 25 new cable, flex plate, and flywheel categories, which expands coverage on mid and late model application.
- In May 2023, Speedy Cables (London) Ltd. introduced a fully electronic speedometer with mechanical counter movements adjustment to sort any ratio and works with most speed sensors.
- In February 2022, Silco Automotive Solution LLP organized an electric motor vehicle show in India to provide an opportunity to electric vehicle manufacturers to showcase their innovative products, which include electric passenger cars, motorcycles, and scooters.
Automotive Speedometer Cable Market Report Scope:
|Base Year of the Analysis
|Scope of the Report
||Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
||Stainless Steel Material, Rubber Material, Plastic Materia
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||ATP Automotive, R.S. International, Silco Automotive Solution LLP, Speedy Cables (London) Ltd., etc.
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Key Questions Answered in This Report:
- How has the global automotive speedometer cable market performed so far, and how will it perform in the coming years?
- What are the drivers, restraints, and opportunities in the global automotive speedometer cable market?
- What is the impact of each driver, restraint, and opportunity on the global automotive speedometer cable market?
- What are the key regional markets?
- Which countries represent the most attractive automotive speedometer cable market?
- What is the breakup of the market based on the type?
- Which is the most attractive type in the automotive speedometer cable market?
- What is the breakup of the market based on the application?
- Which is the most attractive application in the automotive speedometer cable market?
- What is the competitive structure of the global automotive speedometer cable market?
- Who are the key players/companies in the global automotive speedometer cable market?
Key Benefits for Stakeholders
- IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the automotive speedometer cable market from 2017-2028.
- The research study provides the latest information on the market drivers, challenges, and opportunities in the global automotive speedometer cable market.
- The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
- Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the automotive speedometer cable industry and its attractiveness.
- Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.