India
Automotive Speed Alert System market is anticipated to grow at a greater CAGR in
the forecast period.
India
Automotive Speed Alert System Market Scope
The market for automotive speed alert systems in
India has a high potential of market penetration. It is a crucial component of
a vehicle's safety. This device keeps track of the vehicle's speed and
issues an alarm if the predetermined speed is exceeded. Due
to the growing usage of speed alert systems by both passenger cars and
commercial vehicles, the market for automotive speed alert systems is
anticipated to rise strongly. The scope of the vehicle's speed alert system is
also anticipated to expand globally as a result of the constant growth in
traffic accidents, which has prompted governments and other international
organizations to create a number of safety standards. Moreover, all these
factors are expected to boost the demand for automotive speed alert system in
Indian market over the forecast period.
India Automotive Speed Alert System Market Overview
Speed alert systems are essential
to keep vehicles from moving at high speeds. All fatal motor vehicle accidents
have been linked to vehicle speeding as a major contributing factor. Also, the
likelihood of suffering a serious injury will be greatly affected by even minor
variations in impact speed. In addition, driving
excessively fast will make it harder for a driver to navigate road curves properly.
It is also common knowledge that centrifugal force affects moving vehicles as
they navigate curves or objects. Every curve also has a crucial curve
speed, which, depending on the circumstances, should be followed at the
specified speed or lower. With this objective in
consideration, the vehicle speed warning system has been developed to track the
vehicle's speed and identify if it exceeded above the predetermined speed limit.
Furthermore, the speed alert system is calibrated for proper operation when
the unit is installed in the automobile. The driver gets alerted of approaching
speeding offences by this device's audio warning. Subsequently, the driver
should slow down the car, in order to greatly lower the likelihood of a
collision.
With the advancement of cutting-edge
technology, these speed alert systems also demonstrate their cost-effectiveness
while enhancing the comfort and functioning of the vehicle. Additionally, the introduction of electric vehicles has
also increased the demand for speed alert systems, along with necessary advanced
driving assistance features in vehicle in India.
India Automotive Speed Alert System Market Driver
India's automotive speed alert
system market is driven by a number of variables, primarily due
to the nation's expanding vehicle demand. In addition, India's automotive
associations for vehicle manufacturers have mandated alert systems for all vehicles,
which directly relates the country's automotive speed alert system with vehicle
manufacturing. The manufacturing of car speed
alert systems is projected to increase as vehicle production rises at a rapid
rate. In addition, according to Invest India, from April
2021 to March 2022, the automobile sector manufactured a total of 22.93 million
vehicles, including all types of vehicles such passenger cars, commercial
vehicles, three-wheelers, two-wheelers, and quadricycles. Around 17.4% of
the country's total vehicle production were passenger cars. Additionally,
between April 2021 and March 2022, exports of passenger vehicles surged from
404,397 to 577,875 units (a gain of 42.9%), and exports of commercial cars
escalated from 50,334 to 92,297 units which further increased the demand and
popularity of automotive speed alert system market. Overall,
the market for automotive speed alert systems in India is growing with the
number of vehicles manufactured.
India Automotive Speed Alert System Market Challenges
The primary issue for Indian
manufacturers is still the prices of electrical components. Additionally, the
operating revenue is impacted by its variable prices of components and sensors.
Furthermore, the market is constrained by high costs of purchasing and maintaining
complex speed alert systems, restricting the penetration in Indian automobile industry.
Furthermore, the speed alert system requires high efficiency sensors to provide
accurate results. Additionally, it is predicted that the automotive speed alert
system market in all of India will be constrained by a lack of vehicle
infrastructure and rising system maintenance expenses. Moreover, the sector is
anticipated to gain momentum in the next years by accelerating value chain
processes and developing future capabilities.
India Automotive Speed Alert System Market Trends
The
development of more effective and affordable speed alert systems for vehicles
is an objective of research and development spending by manufacturers. In
addition, as part of the 2015 Paris Agreement, India vowed to lower its GDP's
emission intensity (the amount of greenhouse gases it emits per unit of GDP) by
33% to 35% over 2005 levels by 2030. Furthermore, Governments of different
region in India are pushing for the use of electric vehicles, and many
manufacturers are concentrating on creating safety features like alarm systems
for electric vehicles. The EV market in India is predicted to develop at a
compound annual growth rate (CAGR) of 22% between 2023 and 2028, with electric
vehicles sales likely to surpass 17 million units annually by 2028. Moreover, with these
developments and increasing penetration of electric vehicles in the Indian
automobile industry, the automotive speed alert system market is expected to
rise in coming years due to the introduction of more safety features in
vehicles.
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Recent
Development
ZF Group India established a new 300,000
square foot tech center facility in Hyderabad, in 2022.
By
providing early warnings regarding the location of vehicles on wrong-way, speed
limit, and direction of travel, Continental demonstrated the future of
mobility in December 2021 at CES 2022, enabling drivers to take preventative
safety steps.
In order to facilitate compliance with
the EU's Intelligent Speed Assistance requirement and to enable the
functionalities of Advanced Driver Assistance Systems, Continental and HERE
team up with IVECO in 2023.
In
order to identify an impending aquaplaning situation, Continental developed an
aquaplaning warning system in 2018. It includes networked cameras, tire
sensors, and smart algorithms.
India Automotive Speed Alert System Market Opportunities
The
demand for speed alert systems is anticipated to increase as the automotive
industry develops, creating opportunities for specialized service providers in
the aftermarket. Additionally, the demand for automobiles equipped with these
systems is being fueled by the rise in the number of value-added services.
Consumer interest for these types of vehicles is growing, which is driving up
vehicle production and, in turn, propelling the speed alert system market
across the nation's major cities. Additionally, the increasing growth of
electric vehicles offers more chances for new operators to enter the
aftermarket and establish a service network.
Market
Segmentation
The
India Automotive Speed Alert System Market is segmented
based on vehicle type, product type, sales channel, and by region. On the basis
of vehicle type, the market is segmented into Passenger Car, Light Commercial
Vehicle, Medium & Heavy Commercial Vehicle. Based on the product type, it
is further segmented into Optical Vehicle Speed Sensor, Hall-type Vehicle Speed
Sensor, Magnetic-electric Vehicle Speed Sensor. Furthermore, on the basis of sales
channel, the market is divided into OEM and Aftermarket. Furthermore, the
market is also divided region-wise, mainly North, West, South and East.
Company
Profiles
Some
of the major players leading in India Automotive Speed Alert System market are Aisin
Seiki Co. Ltd., Hitachi Metals Ltd., ZF India Pvt. Ltd., WABCO INDIA Limited,
Robert Bosch GmbH, Hyundai Mobis Co. Ltd., Continental AG, Aptiv PLC, Autoliv
Inc, Delphi Automotive.
|
Attribute
|
Details
|
|
Base
Year
|
2023
|
|
Historical
Years
|
2019 – 2022
|
|
Estimated
Year
|
2024
|
|
Forecast
Period
|
2025 – 2029
|
|
Quantitative
Units
|
Revenue
in USD Million and Volume in Units and CAGR for 2019-2023 and 2024-2029
|
|
Report
Coverage
|
Revenue forecast,
company share, competitive landscape, growth factors, and trends
|
|
Segments
Covered
|
By
Vehicle Type
By
Product Type
By
Sales Channel
By
Region
|
|
Key
Companies Profiled
|
Aisin
Seiki Co. Ltd., Hitachi Metals Ltd., ZF India Pvt. Ltd., WABCO INDIA Limited,
Robert Bosch GmbH, Hyundai Mobis Co. Ltd., Continental AG, Aptiv PLC, Autoliv
Inc, Delphi Automotive
|
|
Customization
Scope
|
10%
free report customization with purchase. Addition or alteration to country,
regional & segment scope.
|
|
Pricing
and Purchase Options
|
Avail
customized purchase options to meet your exact research needs. Explore purchase options
|
|
Delivery
Format
|
PDF
and Excel through Email (We can also provide the editable version of the
report in PPT/pdf format on special request)
|
Report Scope:
In this report, India Automotive
Speed Alert System market has been segmented into following categories, in
addition to the industry trends which have also been detailed below:
- India Automotive Speed Alert System Market, By Vehicle Type:
- Passenger Car
- Light Commercial Vehicle
- Medium & Heavy Commercial Vehicle
- India Automotive Speed Alert System Market, By Product Type:
- Optical Vehicle Speed Sensor
- Hall-type Vehicle Speed Sensor
- Magnetic-electric Vehicle Speed Sensor
- India Automotive Speed Alert System Market, By Sales Channel:
- India Automotive Speed Alert System
Market,
By Region:
Competitive Landscape
Company Profiles: Detailed analysis of the
major companies present in India Automotive Speed
Alert System Market.
Available Customizations:
With the given market data, TechSci
Research offers customizations according to a company’s specific needs. The
following customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market players (up to
five).