The global odometer market is expected to witness a market value of US$ 2.45 billion in 2023 and is expected to accumulate a market value of US$ 5.9 billion by registering a CAGR of 9.2% in the forecast period 2023 to 2033. The market for odometer market registered a CAGR of 4.7% in the historical period 2018 to 2022. An increase in the production of vehicles, coupled with rapid growth in road safety parameters across the globe is likely to accelerate the market growth.
As per FMI – a market research and competitive intelligence provider, the global market value for odometers has increased, attributed to the factors such as stringent government rules & regulations, urbanization & technology advancements, the surge in hybrid odometer technology, increase in demand for wireless odometers, and enhanced calibration for diagnostic capabilities.
Further, in recent years, the growth of electronics content in vehicles has brought significant changes in the automotive industry. The two-wheelers segment has been dominant in the automobile market, attributed to the growth in the middle class and young population. In addition, analog odometers have been widely used in automotive, owing to the benefits they offer, such as better visual appearance, and easier speed readability. All these factors are expected to fuel the growth of the automotive odometer market during the forecast period.
The increasing adoption of electrical systems in vehicles by automotive manufacturers is another major factor pushing the market growth. Manufacturers have been implementing electrification applications in vehicles, which will foster the demand for automotive odometers in the near future. Also, factors such as growing demand for accuracy in the distance mapping techniques will fuel the sales of odometers in the coming time.
Constructive advancements made by manufacturers in the automotive industry is one of the major factors that is projected to propel the sales of the odometers during the forecast period. Additionally, the manufacturers are rapidly inclining towards electromechanical odometers, owing to their longer life, which in turn is anticipated to act as a driving factor for the growth of the odometer market. Also, changing consumer preferences towards reliable and cost-effective solutions is another factor that will augment the revenue share of the market over the analysis period.
On the regional end, Asia Pacific is expected to dominate the market share during the forecast period, attributing to increasing automation practices by prominent players in the region. In addition, large consumer base for passenger cars and commercial vehicles and the growing adoption of electrification in the region are the major factors contributing to the growth of the regional odometer market.
Moreover, China and Japan are projected to account for the largest share in the market, attributed to the well-established electronics and automotive components manufacturing sector in the countries. Both the countries have enormous production capacities and fleet sizes, which are anticipated to fuel the growth of the APAC Odometer industry in the forthcoming years.
Europe, being the second-highest producer of automobile components and systems is expected to account for a significant share in the odometer market, attributed to the factors such as growing penetration of the automotive odometer network and the increasing per capita usage of passenger cars in the region.
As per the data from Mass Road Transit, more than 12% of world passenger cars are manufactured and sold in Europe. Germany holds a prominent share in the market, alongside Italy and the United Kingdom, owing to the growing perception of manufacturers towards the production of cars with enhanced electric system integration. Consequently, the production of passenger and commercial vehicles with odometers has increased in these countries. Hence, the aforementioned factors are expected to propel the prospects of the regional market over the analysis period.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 2.45 billion |
| Projected Market Value in 2033 | US$ 5.9 billion |
| Growth Rate (2023 to 2033) | CAGR of 9.2% |
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According to latest study, odometer market is set to witness steady growth during 2021-2031. Demand will witness steady recovery in short term, with optimistic growth outlook in the long run. Surge demand from automotive industry, thereby augmenting the need of odometer over the forecast period.
The distance traversed or travelled by a vehicle is calculated using an odometer. In some regions of the world, an odometer is also known as a milometer or a milometer. In the past, these products were entirely mechanical, but thanks to technological advancements, electronic products have been invented and are now commonly utilised. Some of these products are hybrid of mechanical and electrical components.
The distance travelled by a vehicle is calculated by multiplying the number of wheel rotations by the tyre circumference. GPS is now utilised as an odometer and is thought to be more exact and accurate. A GPS receiver with odometer mode functions as both an odometer and a speedometer, and is considered a low-cost, high-precision instrument. Which a potential factor is driving the global market.
The expansion of these products is predicted to be fuelled by an increase in automobile manufacturing carried out by the automotive sector over the forecast period.
Furthermore, the product is a crucial component of any car, and the fact that production of these vehicles has increased over time has been credited as a major driving reason in the market's rise.
Principal Consultant
The market is being fuelled by an increase in vehicle electrification combined with an increasing demand for accuracy. Manufacturers prefer electromechanical odometers to wired odometer systems because of their dependability and cost-effectiveness, as well as their longer lifespan. As a result, the global demand is growing.
Furthermore, the demand is being fuelled by a rise in consumer preference for advanced electrical components. The product is an important component of a car, and rising vehicle demand around the world is fuelling the demand. Furthermore, due of their low cost, demand for electromechanical odometers is expanding, supporting the global sales.
Asia Pacific is thought to be one of the most important regions on the planet. During the assessment period 2021 to 2031, China and Japan are expected to account for a significant proportion of the global market.
The expansion of this product is directly tied to the demand for passenger and commercial vehicles. The fact that China and Japan have enormous production capacities and fleet sizes within their countries will promote product sales. Furthermore, electric vehicles and self-driving vehicles will alter the current marketplace's definition of mobility.
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Many European countries have been affected by the COVID-19 problem, which has resulted in a reduction in economic activity. However, Europe is home to a number of odometer manufacturers, making it a key producer of automobile components and systems.
Due to high rate of adoption in OEM/aftermarket and the growth of the automotive industry in the region, Europe holds a significant share of the global market. As a result, the production of passenger and commercial vehicles with odometer has increased. Especially in Germany, the United Kingdom, France, and Italy. These factors are projected to boost the market's growth prospects in the area.
Some of the leading manufacturers and supplier includes
Many leading manufacturers and supplier have longstanding contracts with end-users to supply these products. Further, manufacturers are focused on establishing their manufacturing facilities in the countries from Asia Pacific such as India, China, Thailand, and Taiwan to cater increasing demand in the region.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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