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.
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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.
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.
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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
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