Global Automotive Speed Limiter Market: Industry Analysis and Forecast (2020-2026)

[Jay Mangade]

Global Automotive Speed Limiter Market size was valued at US$ XX Mn in 2019 and expected to reach US$ XX Mn by 2019 at a CAGR of 9.4% during the forecast period.

The Global Automotive Speed Limiter market report is a comprehensive analysis of the industry, market, and key players. The report has covered the market by demand and supply-side by segments. The Global Automotive Speed Limiter report also provides trends by market segments, technology, and investment with a competitive landscape.

Global Automotive Speed Limiter Market

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Global Automotive Speed Limiter Market Overview:

The speed limiter is a device used to control the speed of a vehicle. It is a type of cruise control device popular for its compact design and high speed limiting capability across all types of vehicles irrespective of vehicle size and power. Increasing automobile manufacturing across the globe and hence increasing no. of accidents are the factors considered to drive the automotive speed limiter market growth. Furthermore, drivers are allowed to set their own speed limit using a command module which is connected directly to the speed limiter.

Moreover, as the vehicle is operated with limiting speed, consumption of fuel is very low and amount of emission is also reduced, the above factor is expected to drive the market growth during the forecast period. Increasing research and development in the field of automobile manufacturing and increasing demand for safe driving by consumers are the supporting factors driving the automotive speed limiter market growth.

Use of the Internet of Things (IoT) coupled with speed limiter devices are the key factor predicted to drive the market growth during the forecast period.

For the sake of research and development, Continental AG is introducing voice-activated speed limiter devices for a good customer experience and safe cruise control. According to the company, the new developments in the system are providing a positive impact on the consumers and on the market dynamics. Approximately 1 billion USD is invested by the company in speed limiter technology integration in 2019.
Global Automotive Speed Limiter Market Dynamics:

Easy installation of the speed limiter system and increasing focus of key players towards increasing manufacturing of passenger cars in affordable rate are the factors attributing automotive speed limiter market growth. Moreover, governmental policies regarding safety norms and development of road transport in developing countries across the globe is the supporting factor boosting the opportunities for key players in the market.

Growing demand for reliable speed control system and advanced features in the vehicle are the trending factors in the market supporting the growth of the automotive speed limiter market. Increasing fuel prices across the globe and hike in the electronics equipment prices amid the Covid pandemic are the factors restraining the market growth. Transportation charges post-pandemic and increasing data leaks for automotive software system are the increasing concerns for automotive manufacturers in the market and are expected challenges considered to hamper the automotive speed limiter market growth.
Global Automotive Speed Limiter Market Segment Analysis:

Adaptive speed limiter devices is the dominating segment in the automotive speed limiter market:

Adaptive speed limiter devices are accounted for approximately 500 million USD in the year 2019 owing to the high accuracy of the devices and permitted speed control customization. Moreover, adaptive speed limiters are coupled with front cameras of some vehicle models to provide more accurate data with almost negligible customer fatigue. Adaptive controllers are used in the limiters to set their speed as per assistance by the driver or with an intelligent module system. Adaptive speed limiters also give voice recommendations to the driver if the speed limit is exceeded and the limiter device is turned off for some reasons which make the adaptive speed limiters more compatible with the system. According to GRL Engineers, the adaptive speed limiter market is growing by 2.3% per year with a CAGR of approximately 6.11% owing to increasing adaptation of the system in automobiles.
Passenger vehicles dominated the automotive speed limiter market:

Passenger vehicles are low weight and low power consuming vehicles. These vehicles are ideally used in developing countries of the Asia Pacific and European regions. Owing to less consumption of power and cost-effectiveness of passenger cars, automotive manufacturers in the region are focusing on the speed limiters device integration. Passenger cars are accounted for approximately 740 million USD in the year 2019. Consumption of low utilities and simple mechanisms are the driving factors for passenger cars in the automotive speed limiter market.
Impact of Covid pandemic on the Automotive Speed Limiter market:

Due to several restrictions imposed on the manufacturing as well as transportation sector by governments, the automotive speed limiter market is facing severe issues for production as well as transportation. Increasing supply chain margins and pricing have hampered the growth of the market in the years 2020-2021. Although, the market is expected to surge in the forecasting period owing to increasing demand for rising safety issues in vehicles including commercial, off-highway, and others.

According to Robert Bosch GmbH, automotive speed limiters market was accounted for approximately 1.44 billion USD in the year 2019 and expected to reach approximately 3 billion USD during the forecasting period owing to rapid mass production in the automotive sector.

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Electric cars are the future of automotive speed limiter market:

Electric cars are more economical and efficient than any other vehicle. Electric cars have almost negligible fuel consumption and very low emission. Owing to the above parameters, electric cars are the best application for speed limiters. Electric cars are easily adaptable to system changes and IoT-enabled devices and hence speed limiters are more adaptable and easy to integrate into electric cars.

According to Tesla, electric cars manufacturing company, electric cars revenue was accounted for approximately 20 billion USD in the year 2019 and expected to reach approximately 45 billion USD in the next 5 years owing to a surge in electric cars demand in the market.
Global Automotive Speed Limiter Market Regional Insights:

North America is the dominating as well as the fastest-growing region in the market with 48% of total revenue share in the automotive speed limiter market registering approximately 4% CAGR in the year 2019. Factors attributing to market growth in the region are the highly developed manufacturing sector and increasing awareness towards road safety norms. Moreover, increasing disposable income of consumers in the region are the factors expected to drive the market growth during the forecast period. USA is the dominating country in the region owing to 40% market share of the USA in the automotive manufacturing sector. Increasing use of electric cars and increasing research and development in the speed limiting devices are the supporting factors considered to drive the market growth.

The Asia Pacific is the second dominating region in the automotive speed limiter market with approximately 30% market share. Factors attributing growth in the market are well-developed production infrastructure in the region and the increasing focus of key players on automation and mass production in the region. China accounts for approximately 49% market share in the region along with India and Japan.

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The objective of the report is to present a comprehensive analysis of the Global Automotive Speed Limiter Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Global Automotive Speed Limiter Market dynamics, structure by analyzing the market segments and project the Global Automotive Speed Limiter Market size. Clear representation of competitive analysis of key players by Type, price, financial position, Type portfolio, growth strategies, and regional presence in the Global Automotive Speed Limiter Market make the report investor’s guide

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Global Automotive Speed Limiter Market 3
Global AUTOMOTIVE SPEED LIMITER Market, by Region

• North America
o US
o Canada
o Mexico
• Europe
o U.K
o France
o Germany
o Italy
o Spain
o Sweden
o CIS Countries
o Rest of Europe
• Asia Pacific
o China
o India
o Japan
o South Korea
o Australia
o ASEAN
o Rest of Asia Pacific
• Middle East and Africa
o South Africa
o GCC Countries
o Egypt
o Nigeria
o Rest of ME&A
• South America
o Brazil
o Argentina
o Rest of South America
Global AUTOMOTIVE SPEED LIMITER Market Key Players

• GRL Engineers
• Rosmerta Technologies Ltd.
• Continental AG
• Pinnacle Systems Ltd.
• Pricol Ltd.
• MicroAutotech
• AVS Ltd.
• MKP Parts B.V.
• Remote Control Technology Pvt. Ltd.
• SABO Electronic Technology Co. Ltd.
• Vodafone Automotive S.P.A.
• SSN Technologies
• Aerotic India Pvt. Ltd.
• Ensave Energy Pvt. Ltd.

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