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The speed alert system is one of the essential features in the vehicle. This system monitors the speed of the vehicle and alarms when the pre-set speed is exceeded. The automotive speed alert system market is expected to witness good growth owing to the increasing adoption of speed alert systems by passenger cars as well as commercial vehicles. Globally, the ever increasing road accidents have led to the implementation of various safety norms by the governments as well as various international organisations. Moreover, the top manufacturers have invested heavily in the research to develop precise speed alert systems to assist in reducing road accidents. The installation of speed alert systems in a vehicle is also anticipated to save fuel. Amid installation of speed alert system, the driver is alerted with buzzers and indications to lower down the speed within the speed limit pre-set by the manufacturer hence reducing the rate of fatal accidents and rash driving. The rising inclination of consumers towards fuel-efficient and safe driving is projected to drive the speed alert system market.
Globally, the main reason for accidents is owed to rash driving, intentional and unintentional high speeding, driving in stress. The younger generation is majorly prone to these habits. Therefore the government has made it mandatory to install the speed alert system in every vehicle to control over speeding and reduce the rates of accidents. All these factors are leveraging the growth of the speed alert system market.
Key Market Driver -
Increasing sales and production of passenger cars globally and stringent government norms to mandate speed alert system in every vehicle is anticipated to drive the market in the forecast period.
Key Market Restraint -
Complexity in system and disturbance created by alarm may hinder the market growth.
Some of the major companies that are included in the Speed Alert System market are Delphi, Continental, and MOBIS among the other players.
The global speed alert system market is segmented by type, by application type, by vehicle type, by market type, and geography. By type, the speed alert system is segmented into an integrated speed alert system and external speed alert system. The integrated speed alert system is expected to dominate the market during the forecast period. This system is installed in the vehicle that alerts the driver if the predetermined speed limit is exceeded by alarming. The external type is also showing significant growth.
By application type, the market is further segmented into ADAS, ITS, and Law Enforcement. The advanced driver assistance system (ADAS) is expected to dominate the market owing to automated vehicles, advancement in technology, increasing security and safety concerns of passengers and drivers. Also, the intelligent transport system (ITS) is gaining importance in the market. The improved transportation system, the adoption of advanced technologies in various modes of transport, development in traffic management is propelling the market growth.
By vehicle type, the speed alert system market is bifurcated into passenger cars, and commercial vehicles. The passenger car segment is estimated to lead the market over the forecast period. Moreover, the rising production of passenger cars globally is expected to maintain dominance over the market for an extended period.
By market type, OEM market is expected to boom in the coming years, owing to the rise in awareness of the speed alert system, advancement in technology, various government initiatives to mandate speed alert systems in every vehicle for passengers and drivers security and safety purposes, to reduce road accidents.
Geographically, the speed alert system market has been segmented into North America, Europe, Asia Pacific, and the rest of the world. The Asia Pacific dominates the global speed alert system market owing to the high production of vehicles, stringent government norms towards passenger and driver safety, controlling accidents. Moreover, the rapid adoption of advanced technology and the presence of key manugacturers in this region is expected to dominate the speed alert system market.
However, Europe holds the second-largest position in the market. Stringent norms by the government to curb fatal accidents and increase civilian's safety in this region are projected to maintain the second-largest position in this market. North America is also expected to show steady growth in the market amid rising accident cases.
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