Automotive Speed Limiter Market

Automotive Speed Limiter Market Outlook (2022-2032)

The global automotive speed limiter market valued at USD 1.89 Billion in 2022. The market is further expected to cross a valuation of USD 4.64 Billion by 2032. Vehicle speed limiter arcade is likely to grow with a CAGR of 9.4% in the forecast period.

Automotive speed limiters provide a number of important benefits, including reducing driver fatigue and improving driver comfort, preventing unintentional speeding, and reducing carbon footprint. The study's objective is to analyze the most recent dynamics and trends in the market for automotive speed limiters on a global scale.

The automotive speed limiter, one of the essential cruise control systems, is a speed management personal assistant that is mostly used in passenger cars. Your personal speed limiter in an automobile is installed by the original equipment manufacturer. Additionally, drivers can establish variable, voluntary limitations in the automobile speed limiter using an (optional) command module.

Due to the command module established in the automobile speed limiter, the car will no longer accelerate after the predetermined limit has been achieved. However, a hard push on an automotive speed limiter will let the vehicle go faster than the predetermined or threshold (safety) speed.

Additionally, installing an automotive speed limiter set at a moderate speed might result in a notable decrease in fuel consumption, a figure that would significantly lower operate expenses over an average of 4 to 5 years, as well as cut pollutants and lengthen engine life.

Report Attributes	Details
Market size (2022 A)	USD 1.89 Billion
Base Year for Estimation	2022
Forecast duration for this research	2022-2032
Forecasted Market value (2032 F)	USD 4.64 Billion
Global Market Growth rate (2022-2032 E)	CAGR of 9.4%
Key Companies Profiled	MKP Parts B.V. Vodafone Automotive SpA AVS LTD. Remote Control Technologies Pty Ltd (RCT) Continental AG Highway Digital (Nigeria) Limited SABO Electronic Technology Co., Ltd.

What are the demand drivers for vehicle speed limiters?

A vehicle's and its occupants' safety is ensured by an automotive speed limiter. The need for speed limiters has increased along with traffic volume and accidents and trauma-related incidents. Additionally, as gasoline prices continue to rise, vehicle operators now have another tool at their disposal to limit a driver's speed, particularly when traveling on the highway.

The global market for vehicle speed limiters is expected to increase at a steady rate due to a rising global fleet of passenger cars. Aside from this, the speedy and simple installation of automobile speed limiters strengthens the component's emerging use and helps the market for speed limiters grow. Rapid urbanization and increased disposable income will support the expansion of the automotive industry economically.

The popularity of conventional vehicles with less-equipped technology impounds the automotive speed limiter market in Asian countries. Moreover, high acceptance and imposition of fines against speed violations are foreseen to steer the global automotive speed limiters market.

Intelligent automotive speed limiter combines the functionality of key technologies, including adjustable speed limiter and traffic sign recognition. Subsequently, in a nutshell, economic factors and regional demographics play a pivotal role in the global automotive speed limiters market.

Segment wise Insights

On the type of sales channels, the vehicle speed limiter arcade is divided into OEM and aftermarket. The rising government mandates and reduction in road traffic accidents are fostering demand for speed limiters in cars. The OEM is likely to expand with the traction in this market.

Based on the type the vehicle speed limiter market is divided into commercial, passenger, and electric vehicles. Some governments have made it mandatory for vehicles to have speed limiters. The rapid industrialization and development of the construction industry foster demand for speed limiters. The electronic speed limit is a novel addition to automotive speed control systems as with help of GPS the speed limit can be regulated from programmed data.

Competitive Landscape

The market is centered around major manufacturers and brands. These companies are focused on the creation of differentiation in order to keep themselves competitive. Brands focusing on the enhancement of production capacities to serve growing demand. The companies are also engaging with third-party firms to manage distribution.

A high cost of capital is required in this industry which can create a hurdle for the start-up ecosystem. The major labor cost and required infrastructure cost are reasons why small and medium enterprises find this industry unfavorable.

Regional Outlook

With the prevalence of speed cameras in the countries of Western Europe, the technology – automotive speed limiter finds itself a good match. Intelligent automotive speed limiters will augment the safety inclusions in the vehicle. Besides mandatory attachment of automotive speeded limiters in new cars across North America and Western Europe is set to promulgate the growth of the automotive speed limiters market.

Further, the government of India has been striving to mandate the use of automotive speed limiters in a bid to curb speeding and reduce related accidents. Singapore and other ASEAN countries will witness a surge in the utilization of automotive speed limiters over the coming years.

With the substantial disposable income of the people in some countries of the Middle East, a growing fleet of luxury vehicles will encourage the demand for automotive speed limiters. Moreover, Latin America is expected to enhance the use of automotive speed limiters in the near future.

Automotive Speed Limiter Market : Segmentation

• By Product Type :

  • Heavy Commercial Vehicles
    • Trucks and Trailers
    • Buses & Coaches
  • Light Commercial Vehicles
  • Passenger Vehicles
    • Luxury
    • Midsize
    • Compact
  • Motorhomes/RVs
  • Off-Highway
    • Loaders
    • Forklifts
    • Mining Trucks and Others

• By Sales Channel :

  • OEM Automotive Speed Limiter
  • Aftermarket Automotive Speed Limiter

• By Region :

  • North America
  • Europe
  • Latin America
  • East Asia
  • South Asia
  • Oceania
  • Middle East & Africa