Global Automotive Speedometer Cable Market Size to Exceed USD 1.72 Billion By 2033: Market Insight Report

Global Automotive Speedometer Cable Market Size to Exceed USD 1.72 Billion By 2033

According to a research report published by Spherical Insights & Consulting, The Global Automotive Speedometer Cable Market Size is Expected to Grow from USD 1.34 Billion in 2023 to USD 1.72 Billion by 2033, Growing at a CAGR of 2.53% during the forecast period 2023-2033.

Browse 210 market data Tables and 45 Figures spread through 190 Pages and in-depth TOC on the Global Automotive Speedometer Cable Market Size, Share, and COVID-19 Impact Analysis, By Material (Metal, Plastic, Composite), By Sale Channel (OEM, Aftermarket), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, And Africa), Analysis and Forecast 2023 - 2033

The worldwide automotive speedometer cable market refers to the industry involved in the production and distribution of speedometer cables, which are used to measure and manage a vehicle's speed. It is made up of a flexible, rotating cable that is attached to the gearbox of the transmission. Additionally, an automobile speedometer wire uses electromagnetism to help turn a magnet inside the speed cup inside the speedometer shell. The industry is now expanding because of the rising manufacturing of heavy-duty vehicles used for industrial and commercial uses. Aside from this, the market is expanding due to the increasing installation of vehicle speedometers, which are intended to reduce deaths and improve the safety of both drivers and passengers. The market's expansion is also being supported by the abundance of automobile speedometer cables, which come in a variety of shapes and sizes depending on the tire size and rear gear ratio of the vehicle. However, market acquisition faces several obstacles, like high initial costs, technological complexity, regulatory compliance, economic uncertainty, and supply chain disruptions.

The composite segment held a significant share of the global automotive speedometer cable market in 2023 and is projected to grow at a rapid pace over the forecast period.

On the basis of the material, the global automotive speedometer cable market is segmented into metal, plastic, and composite. Among these, the composite segment held a significant share of the global automotive speedometer cable market in 2023 and is projected to grow at a rapid pace over the forecast period. This is because of its outstanding strength-to-weight ratio and resistance to corrosion.

The OEM segment held the largest share of the global automotive speedometer cable market in 2023 and is projected to grow at a substantial CAGR over the forecast period.

On the basis of the sale channel, the global automotive speedometer cable market is segmented into OEM and aftermarket. Among these, the OEM segment held the largest share of the global automotive speedometer cable market in 2023 and is projected to grow at a substantial CAGR over the forecast period. This segment growth contributed to the market expansion due to guaranteed adherence to safety regulations and performance specifications.

Asia Pacific is anticipated to hold the largest share of the global automotive speedometer cable market over the forecast period.

Asia Pacific is expected to hold the greatest share of the global automotive speedometer cable market over the forecast period. the regional automotive speedometer cable market is growing due to factors including increased awareness of the importance of preserving road safety, rising energy-efficient automobile purchases, and rising disposable income of individuals. Moreover, there is a well-established industrial infrastructure and significant investments from key players.

North America is projected to grow at the fastest CAGR growth of the global automotive speedometer cable market over the forecast period. The market's expansion throughout the region is further accelerated due to the increasing use of technologically sophisticated industrial processes, a stronger enforcement of stringent highway safety regulations, and the development of highway and railway construction across many remote areas.

Company Profiling

Major vendors in the global automotive speedometer cable market are Continental AG, Denso Corporation, BorgWarner Inc., Valeo S.A., Showa Corporation, Hitachi Automotive Systems, Ltd., Hyundai Mobis Co., Ltd., ZF Friedrichshafen AG, KYB Corporation, Jtekt Corporation, TRW Automotive Holdings Corp., Tokai Rika Co., Ltd., Autoliv, Inc., and Mitsubishi Electric Corporation, and others.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global automotive speedometer cable market based on the below-mentioned segments: 

Global Automotive Speedometer Cable Market, By Material

• Stainless Steel Material
• Rubber Material
• Plastic Material

Global Automotive Speedometer Cable Market, By Sale Channel

• OEMs
• Aftermarket

Global Automotive Speedometer Cable Market, By Regional

•  North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa