The automotive speed alert system monitors the speed of the vehicle and alerts the driver when a predetermined set speed has been exceeded. For vehicles that are not fitted with an over speed warning, several aftermarket systems are available.
The production of speed alert systems is directly proportional to vehicle production, as automotive associations for vehicle manufacturers have made speed alert systems mandatory for all vehicles. Increasing production of vehicles, at a growth rate of nearly 5%, is likely to positively impact the production of automotive speed alert systems. Increasing road fatalities is a major concern in various developed nations. Most fatalities are related to rash driving. The automotive speed alert system is employed in order to avoid such fatalities and enhance the safety systems. These factors are propelling the automotive speed alert system market.
The global automotive speed alert system market can be segmented based on product type, vehicle type, sales channel, and region.
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Based on product type, the automotive speed alert system can be divided into optical vehicle speed sensor, hall-type vehicle speed sensor, and magnetic-electric vehicle speed sensor. Optical sensors produce beats at a frequency equivalent to the rotation of the rotor and it measures the light permitted to go through slits or reflected light, instead of evaluating magnetic flux. The optical vehicle speed sensor segment held a prominent share of the market in 2017. The magnetic-electric vehicle speed sensor is highly effective owing to advancements in the speed alert systems used in automobiles. Therefore, the magnetic-electric vehicle speed sensor segment is anticipated to expand at a notable CAGR during the forecast period.
In terms of vehicle type, the automotive speed alert system market can be classified into as passenger vehicle and commercial vehicle. The passenger vehicle segment can be further sub-segmented into hatchback, sedan, and SUV/ MPV. Demand for SUVs is high in countries such as India and China and hence, the segment is expanding at a higher growth rate as compared to the other two sub-segments. The commercial vehicle segment can be further split into light commercial vehicles, heavy commercial vehicles, and buses & coaches.
Based on sales channel, the automotive speed alert system market can be bifurcated into OEM and aftermarket. The aftermarket segment includes speed alert systems equipped after failure of the original systems.
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In terms of region, the automotive speed alert system market can be segmented into Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. Asia Pacific dominated the global market for automotive speed alert system in 2017. China accounted for nearly 28% to total vehicle production across the globe, which is much more than other countries. Presence of major economies, such as China, Japan, South Korea, and India, in Asia Pacific led to the region accounting for a dominant share of more than 50% of the global automotive speed alert system market in 2017.
Europe is home to various system manufacturers in the automotive industry, making the region a prominent producer of automotive components and systems, after Asia Pacific, including the speed alert system. Countries in Latin America are focusing on higher economic growth after witnessing considerable political and economic turmoil. Therefore, the market in Latin America is projected to expand at a significant compounded annual growth rate (CAGR) during the forecast period. Another factor for this expansion is the increasing vehicle production in Brazil and Mexico in order to meet the higher demand from consumers in these countries.
Major players operating in the automotive speed alert system market include Continental AG, Delphi Automotive, Robert Bosch, ZF TRW, WABCO, Hitachi Metal, AISIN SEIKI, and Pricol Limited.
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