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According to the latest report by IMARC Group, titled, “Automotive Speedometer Cable Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global automotive speedometer cable market size reached US$ 1,773.93 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 2,498.18 Million by 2028, exhibiting a growth rate (CAGR) of 6.10% during 2023-2028.
An automotive speedometer cable is flexible cable connected to the transmission gearbox, which transmits the rotational speed to the speedometer, a device that measures and displays the speed of a vehicle. Automotive speedometer cables work by using electromagnetism to rotate a magnet inside the speed cup within the speedometer casing. This rotation is then translated into a visual speed reading on the speedometer dial. The automotive speedometer cables enable the accurate calculation and display of the vehicle’s speed while in motion. Consequently, it finds widespread applications across the globe.
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Automotive Speedometer Cable Market Trends and Drivers:
The automotive speedometer cable market is primarily driven by the increasing production of heavy-duty vehicles across countries for utilization in industrial and commercial purposes. Additionally, the escalating installation of automotive speedometers to enhance passenger and driver safety, on account of the rising number of accidents, is acting as another significant growth-inducing factor. Apart from this, the implementation of stringent road safety regulations by government bodies aimed at controlling road rushing and speeding is also positively influencing the market growth. Moreover, the expanding e-commerce sector and the inflating demand for delivery services and online shopping are leading to an increase in the number of commercial vehicles, which is further fueling the market growth. Besides this, the elevating availability of automotive speedometer cables in various forms and dimensions, tailored to vehicle tire size and rear gear ratio, the growing logistics industry, and the shifting preferences toward efficient container trucks with sufficient amount of storage space is expected to bolster the market over the forecasted period.
Automotive Speedometer Cable Market 2023-2028 Competitive Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
The report has segmented the market based on type and application.
Breakup by Type:
Breakup by Application:
Breakup by Region:
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Key highlights of the report:
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