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 study provides a detailed analysis of the industry, including the global automotive speedometer cable market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How big is the automotive speedometer cable market?
| Report Attributes | Details |
| Market Size in 2022 | US$ 1,773.93 Million |
| Market Forecast in 2028 | US$ 2,498.18 Million |
| Growth rate (2023 to 2028) | CAGR of 6.10% |
| Base Year of the Analysis | 2022 |
| Forecast Period | 2023-2028 |
What is automotive speedometer cable?
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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What are the growth prospects and trends in the automotive speedometer cable industry?
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.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Type:
- Stainless Steel Material
- Rubber Material
- Plastic Material
Breakup by Application:
- OEM
- Aftermarket
Breakup by Region:
- North America
- Asia-Pacific
- Europe
- Latin America
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- ATP Automotive
- S. International
- Silco Automotive Solution LLP
- Speedy Cables (London) Ltd.
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