India Automotive Speed Alert System Market to be Dominated by Passenger Car Segment By 2029
Increasing demand towards advanced electric vehicles with more safety
features is projected to drive the India automotive speed alert system market through
2029.
According to TechSci Research report, “India Automotive Speed Alert System Market- By Competition Forecast and
Opportunities, 2019- 2029F,” India has a high rate of penetration
potential for the automobile speed alert system market. The speed alert system
is one of the most important elements of vehicle’s safety. The market for
automotive speed warning systems is expected to develop significantly as a
result of the increasing use of speed alert systems by both passenger cars and
commercial vehicles. Furthermore, the continuing rise in traffic accidents, which
has driven governments and other international organizations to adopt a variety
of safety regulations, is another factor that is expected to contribute to the
expansion of the vehicle's speed alert system.
Speed alert systems are necessary to
maintain the optimum speed of vehicles by providing information on running
vehicle speeds to drivers and correctly navigating on the road curves. Furthermore,
vehicle speeding has been identified as the leading cause of major fatal
motor vehicle collisions, increasing the demand for speed alert systems. The
vehicle speed warning system was developed with the purpose of minimizing
vehicle speeds on curved roads and near objects to avoid impact. It monitors
the vehicle's speed and detects when it exceeds the predetermined speed limit,
a bright LED display that blinks and buzzes, alerting the driver and
passengers. To provide higher efficiency, this system relies on real-time GPS
monitoring and object tracking.
The market for automotive speed
alert systems in India is influenced by a lot of factors, but the country's
rising car demand is the most significant. Additionally, all vehicles must now
have warning systems, which directly links India's automotive speed alert
system to the country's automobile vehicle manufacturers. According to invest India, between April 2021 and March 2022, the
automobile industry produced a total of 22.93 million vehicles, covering all
types of vehicles, including passenger cars, commercial vehicles,
three-wheelers, two-wheelers, and quadricycles. Overall, the number of vehicles
produced in India and the market for automotive speed alert systems are both
expanding. Along with other essential advanced driving aid features, the
development of electric vehicles has increased demand for safety features such speed
alert systems in automobiles, in India. The automotive speed alert system
market is anticipated to grow in the upcoming years as a result of additional
safety features in vehicles with the latest technology and sensors. The market for speed alert systems is anticipated to be
driven by customers' growing preference for safe and fuel-efficient driving.
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Leading manufacturers have made
significant research investments to help reduce traffic accidents. It is
anticipated that installing speed alert devices will result in fuel savings. If
a driver exceeds the posted speed limit, a more sophisticated variation of this
function known as smart speed adaptation would be able to automatically slow
down the vehicle. Most variations of smart speed adaption could be disabled by
drivers if necessary. Many organizations are developing technologies for safety
of vehicle such as In 2018, Continental created an aquaplaning warning system
to detect a potential aquaplaning scenario and restrict the speed of vehicle. It included tire sensors, networked cameras, and
sophisticated algorithms. In 2023, Continental and HERE collaborated with IVECO
to make it easier to comply with the EU's Intelligent Speed Assistance
requirement and to allow the capabilities of Advanced Driver Assistance
Systems.
Key
market players in the India Automotive Speed Alert System Market include:
·
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
India Automotive Speed Alert System Market can be segmented by vehicle type, by product type, by sales
channel, and by region. On the basis of vehicle type, the market is segmented
into Passenger Car, Light Commercial Vehicle, and Medium & Heavy Commercial
Vehicle. Passenger car segment with its high volume is leading the market and
is expected to maintain its lead in the coming years. Based on the product
type, it is further segmented into Optical Vehicle Speed Sensor, Hall-type
Vehicle Speed Sensor, and Magnetic-electric Vehicle Speed Sensor. Furthermore,
on the basis of sales channel, the market is divided into OEM and Aftermarket.
With increasing popularity, the speed alert system has the potential to grow in
the aftermarket sector, in the coming years. Furthermore, the market is also
divided regions wise mainly North, West, South and East.
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“Rapid growth in automotive industry in India is
expected to boost the automotive speed alert system market in the coming years.
By vehicle type, passenger vehicles continue to dominate the market for speed
alert systems. Additionally, the market's introduction of electric passenger
cars is anticipated to increase demand for enhanced safety features. The
popularity of Optical sensors due to continuous speed detection results
in accurate and dependable alert system which further boost the demand in India”
said Mr. Karan Chechi, Research Director with TechSci Research, a research based
global management consulting firm.
“India Automotive
Speed Alert System Market Segmented
By Vehicle Type (Passenger Car (Hatchback, Sedan, SUV/MPV), Light Commercial
Vehicle (Pickup Truck, Van), Medium & Heavy Commercial Vehicle (Truck,
Buses)), By Product Type (Optical Vehicle Speed Sensor, Hall-type Vehicle Speed
Sensor, Magnetic-electric Vehicle Speed Sensor), By Sales Channel (OEM, Aftermarket), By Region
(North, West, South, East), Competition Forecast
& Opportunities, 2019- 2029F” has evaluated
the future growth potential of India Automotive Speed Alert System market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the India Automotive Speed Alert System market.
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