Press release
Automobile Meters Market Reflecting a CAGR of 5.1% by 2025
Automobile Meters Market
The global automobile meters market was valued at USD 8.7 billion in 2022 and is projected to reach USD 11.8 billion by 2025, registering a CAGR of 5.1% during the forecast period (2023-2025). The growing demand for automobiles worldwide, the increasing focus on vehicle safety, and the advancements in automotive technologies are some of the key factors driving the growth of the automobile meters market.
Automobile meters are a critical component of any vehicle's dashboard. They display important information related to the vehicle's performance, such as speed, fuel level, engine temperature, and odometer readings. These meters are essential in helping drivers to monitor their vehicle's condition and to make informed decisions while driving.
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Automobile meters such as Tachometers are used for measuring Rotation per Meter (RPM) of the automobile. It also helps to understand optimum time to change the gear to get maximum power and speed in a particular gear, so it is extensively used in dynamic terrains such as locomotion on inclined planes. Speedometers are used for measuring the rate of speed and estimation of mileage.
Oil pressure meter is used to check the lubricant reach in the engine in the areas which are in need and help to reduce the wear and tear of engine parts and smooth run of engine in different weather such as the pressure is high in cold weather due to its high viscosity, high indication is good for the engine and without this the engine seize to work. Another device known as the fuel gauge is used for measuring and indicating the fuel level which is available in the tank and estimates the next fueling point according to the mileage of the car which prevents from the trouble of fuel tank empty.
Automobile Meters Industry: Market Dynamics
The continued use of automotive vehicles and its subsequent production is projected to drive the automobile meters market. In addition, government regulations such as fuel efficiency has also propelled the use of automotive meters in automobiles. New product developments and increasing cope of end-use applications such as hour RPM meters is also expected to provide growth to the globl automobile meters market.
In terms of market trends, upcoming technologies such as adaptive cruise control, roundabout shunt prevention, and lane changer converter are likely to be implemented in the automobile meters industry. Also, digitalization, compact size, customization, etc. are some notable trends in the industry.
Automobile Meters Industry: Market Segmentation
Poduct
Speedometer
Tachometer
Pressure gauge
Fuel gauge
Temperature gauge
End-use
Light commercial vehicles
Heavy commercial vehicles
Passenger Cars
Two and Three Wheelers
Sports Cars
Display
Analogue display
Digital display
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Automobile Meters Market: Regional Outlook
Asia-Pacific, Europe, Africa and North America regions are estimated to hold more than half of the total market shares of the global automobile meter market. These regions have the advantage of technologies advancement in the industry. The Asia-Pacific region, specifically China, Japan and India have recorded the high demand for the automobile meter as compared to other regions.
Also, regions such as North America are forecasted to grow at the same pace in next decade attributed to increasing demand for updated automobile meters. Additionally, regions such as the Middle East and Africa, Latin America, etc. are expected to witness substantial growth in the global automobile meters market.
Automobile Meters Market: Key Market Players
Examples of some of the market participants in the Automobile Meters market identified across the value chain are Auto Meter Products Inc., Flue-Tec Instruments & Controls; JOULE UNIVERSAL; Minimeter Automotive Instruments & Accessories; Indus Services; Technoton Sensors; Ono Sokki Co., Ltd; Ace Meters & Instruments; Auto Jaw Co., Ltd.; Avitar Tech Int'l Group Inc.; and Apex meter & Control.
This report covers a thorough analysis of:
• Market segment
• Market dynamics
• Market size
• Supply demand
• Current Trends/Issues/Challenges
• Competition and related companies
• Technology
• Value chain
Regional analysis includes:
• North America (USA, Canada)
• Latin America (Mexico, Brazil)
• Western Europe (Germany, Italy, France, UK, Spain)
• Eastern Europe (Poland, Russia)
• Asia Pacific (China, India, ASEAN, Australia and New Zealand)
• Japan
• Middle East and Africa (GCC countries, South Africa, North Africa)
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Report highlights:
• Detailed overview of the top markets
• Changing market dynamics of the industry
• In-depth market segmentation
• Historical, current and projected market size in terms of volume and value
• Recent industry trends and developments
• competitive landscape
• Strategies of major players and products provided
• Potential and niche segments, areas showing promising growth
• A neutral view of market performance
• Essential information for market participants to maintain and strengthen their market footprint
Related reports:
Electric Vehicle Sound Generator Market: https://www.persistencemarketresearch.com/market-research/electric-vehicle-sound-generator-market.asp
India Golf Carts Market: https://www.persistencemarketresearch.com/market-research/india-golf-carts-market.asp
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The Automotive and Transportation division of PMR provides exclusive coverage and actionable insights about the automotive and transportation industry encompassing the automotive, aviation, shipping and marine, and railway sectors. Market findings and competition intelligence of OEM, aftermarket, services, and technology landscape have helped numerous industry stakeholders' right from automakers, component manufacturers, channel partners, and service providers in taking informed decisions and keeping them up-to-date with market behavior.
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