The global Road Speed Limiter market is expected to witness a market value of US$ 1.9 Billion in 2023 and is expected to accumulate a market value of US$ 4.8 Billion by registering a CAGR of 9.4% in the forecast period 2023 to 2033. The Road Speed Limiter market registered a CAGR of 4.4% in the historical period 2018 to 2022. Factors such as an increase in automobile manufacturing carried out by the automotive sector, rapid urbanization, as well as increased disposable income, are expected to boost the market growth over the analysis period.
As per Future Market Insights - market research and competitive intelligence provider, the global market value for Road Speed Limiter has been flourished. One of the major factors that is expected to boost the market growth includes the increasing focus on road safety. Road safety is a critical concern, and governments around the world are taking steps to improve road safety. The use of road speed limiters is one such measure that is being widely adopted to reduce the risk of accidents and improve road safety.
Governments across the globe have been implementing stringent regulations to improve road safety, and the use of road speed limiters is a mandatory requirement in many countries. For instance, the European Union has made the use of speed limiters mandatory for all new heavy-duty vehicles. This is one of the major factors that is anticipated to boost the market growth in the forthcoming years.
Additionally, the market is also driven, owing to the factors such as rising demand for fuel efficiency. The use of road speed limiters can also help improve fuel efficiency by reducing the fuel consumption of vehicles. As fuel prices continue to rise, there is a growing demand for fuel-efficient vehicles, and the use of road speed limiters can help meet this demand.
Furthermore, telematics is a rapidly growing field that involves the use of technology to monitor and manage vehicles. Road speed limiters can be integrated with telematics systems to provide real-time monitoring of vehicle speed, which can help improve fleet management and reduce maintenance costs. Hence, the increasing adoption of telematics is one of the major factors that is likely to fuel the market growth during the forecast period.
Besides, the demand for commercial vehicles is expected to increase with the growth of e-commerce and the logistics industry. The use of road speed limiters can help improve the safety of commercial vehicles, which is critical for the efficient operation of these vehicles. In addition, the road speed limiters are becoming more advanced, with the use of technologies such as GPS and vehicle-to-vehicle communication. These advancements are expected to escalate the market growth, as they offer improved safety and performance.
Moreover, with the increasing focus on road safety, there is growing awareness among consumers about the benefits of road speed limiters. This in turn, is expected to create lucrative opportunities for these devices, particularly among fleet owners and commercial vehicle operators.
On the regional end, the Road Speed Limiter market in North America is expected to account for the maximum share during the analysis period, owing to the factors such as the stringent government regulations in the region. The use of road speed limiters, in the region is mandatory for all commercial vehicles. For instance, in the United States, the Federal Motor Carrier Safety Administration (FMCSA) has implemented regulations that require all new commercial vehicles to be equipped with speed limiters. These regulations are expected to fuel the regional market growth.
Recent developments in the technology, mergers and acquisitions, and partnerships within the companies involved in the designing of Road Speed Limiter are expected to create lucrative opportunities for the market growth over the analysis period.
For instance, in 2021, Mercedes-Benz announced that it would be introducing an intelligent speed limiter system in the cars. The system would use map data and speed limit signs to adjust the car's speed accordingly.
Subsequently, in 2020, Ford announced that the company will be introducing a new technology called "Intelligent Speed Assistance" in their cars. This technology would use a camera and GPS to detect speed limit signs and adjust the car's speed accordingly.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 1.9 Billion |
| Projected Market Value in 2033 | US$ 4.8 Billion |
| Growth Rate (2023 to 2033) | 9.4% CAGR |
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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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.
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.
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Asia Pacific is expected to be one of the most important markets in the world. During the assessment period 2021 to 2031, China and Japan are expected to account for a significant proportion of the global market.
The growth of the speed limiter industry is directly related to the demand for passenger cars and commercial vehicles. The fact that China and India have larger fleets within their countries will push the sale of speed limiter.
The speed limiter manufacturing companies in Asia Pacific trying to target North America and APAC region to capture the market of speed limiter in near future to increase their market presence.
Many EU countries have been affected by the COVID-19 situation, which has resulted in a reduction in economic activity. In the automotive business, however, Europe is home to several speed limiter producers, making it a key producer of vehicle components and parts.
Europe's automobile sector is rapidly increasing. For smaller interchange routes across the country, there is a considerable demand for passenger and commercial vehicles. A big consumer base and a strong desire for automobiles as a form of transportation are key elements propelling the country's automotive vehicle market forward at a rapid pace. As the number of passenger and commercial vehicles grows, so does the demand for road speed limiters.
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Some of the leading manufacturers and suppliers of road speed limiter includes
Key manufacturers have heavily invested in R&D to develop precise speed limiter that help to reduce road accidents.
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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Road Speed Limiter Market
