Odometer Market Overview
According to latest study, odometer market is set to witness steady growth during 2021-2031. Demand will witness steady recovery in short term, with optimistic growth outlook in the long run. Surge demand from automotive industry, thereby augmenting the need of odometer over the forecast period.
What is Driving Demand for Odometer?
The distance traversed or travelled by a vehicle is calculated using an odometer. In some regions of the world, an odometer is also known as a milometer or a milometer. In the past, these products were entirely mechanical, but thanks to technological advancements, electronic products have been invented and are now commonly utilised. Some of these products are hybrid of mechanical and electrical components.
The distance travelled by a vehicle is calculated by multiplying the number of wheel rotations by the tyre circumference. GPS is now utilised as an odometer and is thought to be more exact and accurate. A GPS receiver with odometer mode functions as both an odometer and a speedometer, and is considered a low-cost, high-precision instrument. Which a potential factor is driving the global market.
The expansion of these products is predicted to be fuelled by an increase in automobile manufacturing carried out by the automotive sector over the forecast period.
Furthermore, the product is a crucial component of any car, and the fact that production of these vehicles has increased over time has been credited as a major driving reason in the market’s rise.
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Electrification in Automotive Industry Likely to Augmenting the Need of Odometer
The market is being fuelled by an increase in vehicle electrification combined with an increasing demand for accuracy. Manufacturers prefer electromechanical odometers to wired odometer systems because of their dependability and cost-effectiveness, as well as their longer lifespan. As a result, the global demand is growing.
Furthermore, the demand is being fuelled by a rise in consumer preference for advanced electrical components. The product is an important component of a car, and rising vehicle demand around the world is fuelling the demand. Furthermore, due of their low cost, demand for electromechanical odometers is expanding, supporting the global sales.
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Who are the Key Manufacturers and Suppliers of Odometer?
Some of the leading manufacturers and supplier includes
- OBD Auto Diagnostic Equipment Co. Ltd.
- TENET AUTO ELECTRONICS LIMITED
- OBDSTAR
- Hae Tech Co. Ltd.
- Odometer Gears
- Amsted Seals
- Tricore Corporation
- Nidec Sankyo Electronics (Shaoguan) Co. Ltd.
- Udon Mastertech Co. Ltd.
- Nanjing Haumin Electronics Co., Ltd. and others.
Key Segment
By Product Type:
- Mechanical
- Electronics
- Hybrid
By Application:
- Passenger vehicle
- Hatchback
- Sedan
- SUV
- Commercial vehicle
- Light commercial vehicle
- Heavy commercial vehicle
- Buses & coaches
By Sales Channel:
- OEM
- Aftermarket
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Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in 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 key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprints.
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