The global odometer market is predicted to reach a value of US$ 5.9 billion by 2033, scaling up from US$ 2.45 billion in 2023. The target market is set to register a robust CAGR of 9.2% from 2023 to 2033. Historically, the odometer market recorded an average CAGR of 4.7% from 2018 to 2022. The surge in the production of vehicles and the growing implementation of strict road safety measures are responsible for the growth of the odometer market during the forecast period.
An odometer is an integral part of any car, and the growing production of vehicles over the past few years acts as a primary growth driver for the target market. The distance traveled by a vehicle is measured with the help of an odometer. These odometers have slowly progressed from being mechanical to electronic and the integration of technological advancements further enhances the device. Odometers are also produced as a hybrid of mechanical and electrical components.
Request a Sample of this Report:
https://www.futuremarketinsights.com/reports/sample/rep-gb-13963
The growing incorporation of electronic content in vehicles is transforming the automotive sector. With the growing demand for two-wheelers owing to a rising middle class and young population, the demand for odometers is also expected to rise. Further, the extensive use of analog odometers because of advantages like better visual appearance and easier speed readability also drives the growth of the odometer market. The rising adoption of electrical systems in vehicles also augurs well for the odometer market. Numerous manufacturers are also focusing on producing electromechanical odometers as they offer an extended shelf life. Other factors that will likely spur the demand for odometers are the rising demand for accurate distance mapping techniques, and constructive advancements made by market manufacturers in the automotive industry.
The market for odometers is also influenced by shifting consumer preferences for reliable and affordable solutions in terms of their automobile technology and component needs, and a surge in the production of vehicles. Other factors like increasing implementation of stringent road safety regulations, rapid urbanization, growing use of vehicles, technological advancements, and enhancement in odometer technology stimulate the market growth of odometers during the assessment period.
Request to View TOC:
https://www.futuremarketinsights.com/toc/rep-gb-13963
Key Takeaways:
- Rising vehicle electrification coupled with an increasing demand for precision will augment the sales of the odometer market.
- The Asia Pacific odometer market will dominate the global odometer marketplace due to the elevated adoption of automation practices by key players in the region.
- China and Japan will hold the largest share of the market because of well-established electronic and automotive components manufacturing units.
- The odometer market in Europe will register significant growth owing to the deep penetration of the automotive odometer network and increasing per capita income in the region.
Competitive Landscape
OBDSTAR, Hae Tech Co. Ltd., Odometer Gears, Amsted Seals, Tricore Corporation, Udon Mastertech Co. Ltd., and OOBD Auto Diagnostic Equipment Co. Ltd., among others, are some of the major players in the odometer market profiled in the full version of the report.
Leading market players are focusing on expanding their facilities and establishing themselves in emerging economies. These organizations also plan on entering into longstanding contracts with end-users and employing various organic and inorganic strategies to gain a competitive edge.
Ask the Analyst:
https://www.futuremarketinsights.com/ask-question/rep-gb-13963
More Insights into Odometer Market
FMI offers the latest, unbiased, and detailed analysis of the global odometer market, providing historical data from 2018 to 2022 and forecast statistics for 2023 to 2033. To attain a clear understanding of the global market potential, growth, and scope, the market is segmented on the basis of product type, application, sales channel, and region.
According to the reports, based on segmentation, the electronic and hybrid categories of odometers are gaining rapid traction and will continue to do so during the assessment period. The heightened demand for passenger and commercial vehicles will also contribute substantially t the overall market growth.
Based on region, the odometer market in the Asia Pacific region will present impressive growth between 2023 and 2033. The target market in this region will dominate the international market space. China and Japan will account for a significant portion of the regional market share and contribute to the global growth of the market. The odometer market in the Asia Pacific region will be largely driven by the high demand for passenger and commercial vehicles. Thus, Asia Pacific will foster an environment of growth for the odometer market during the forecast period.
Key Segment
By Product Type
- Mechanical
- Electronics
- Hybrid
By Application
- Passenger vehicle
- Hatchback
- Sedan
- SUV
- Commercial vehicle
- Light commercial vehicle
- Heavy commercial vehicle
- Buses & coaches
By Sales Channel
- OEM
- Aftermarket
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
Contact:
Future Market Insights, Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Browse All Reports: https://www.futuremarketinsights.com/reports
LinkedIn| Twitter| Blogs
