Transparency Market Research
In certain regions, such as North America, regulatory bodies are likely to make speed limiters mandatory for heavy duty commercial vehicles. Moreover, the speed limiter protects the engine, which in turn indirectly increases the lifespan of the vehicle. Demand for safety features in vehicles is likely to boost the automotive speed limiter market during the forecast period. Rise in safety concerns in heavy duty vehicles is likely to drive the automotive speed limiter market during the forecast period.
The global automotive speed limiter market can be segmented based on type, vehicle type, sales channel, and region. In terms of type, the market can be segregated into electronic speed limiter, variable speed limiter, adaptive speed limiter, and other. The electronic speed limiter is a newly developed device that controls the fuel injection system in order to regulate the maximum driving speed limit. In variable speed limiter, the vehicle’s exact position is detected through the GPS system and the speed limit is regulated automatically from the programed data base.
Based on vehicle type, the automotive speed limiter market can be divided into passenger vehicle, commercial vehicle, and electric vehicle. Governments are likely to make speed limiters mandatory for commercial vehicles in the near future, which in turn is anticipated to propel the automotive speed limiter market during the forecast period. Rapid industrialization, expansion of the construction industry and the demand for electric heavy commercial vehicles are anticipated to drive the automotive speed limiter market during the forecast period. The passenger vehicle segment can be further sub-segmented into hatchback, sedan, and utility vehicle. Rise in demand for SUVs and high engine power vehicles is likely to boost the automotive speed limiter market during the forecast period.
In terms of sales channel, the automotive speed limiter market can be categorized into aftermarket and OEM. Government mandate, demand from consumers, and reduction in road traffic accidents have prompted OEMs to provide the speed limiter in their vehicles. Consequently, the OEM segment is likely to expand at a significant pace, which in turn is anticipated to drive the automotive speed limiter market during the forecast period.
In terms of region, the automotive speed limiter market can be classified into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. Developed regions, such as North America and Europe, are focusing on road safety and hence, regulatory bodies in these regions are expected to make speed limiters mandatory for heavy duty vehicle and other class of vehicles. Therefore, North America and Europe are likely to dominate the global automotive speed limiter market. The market in Asia Pacific likely to expand at a rapid pace during the forecast period owing to the aggressive government initiatives for road safety in the region.
Key players operating in the automotive speed limiter market include Continental AG, GRL Engineers, Pinnacle Systems Ltd., Rosmerta Technologies Limited, MicroAutotech, and Pricol Limited.
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