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The speed limiter is one of the essential features in the vehicle. It doesn’t let the vehicle to cross a specified speed limit set by the manufacturer. The automotive speed limiter market is expected to witness good growth owing to the increasing adoption of speed limiters by commercial vehicles as well as passenger cars. Worldwide rising cases of road accidents have led government and international organizations to implement various safety norms on vehicles. Key manufacturers have heavily invested in R&D to develop precise speed limiters that help to reduce road accidents. Installation of speed limiters in vehicle is also expected to save fuel. Amid installation of speed limiters, the vehicle couldn't travel beyond the set limit hence, vehicle run on a specified range this proves to be fuel saving. The growing inclination of consumers towards fuel-efficient and safe driving is expected to drive the speed limiter market.
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Some of the major companies that are present in the Speed limiterManagement market Continental AG, GRL Engineers, Pinnacle Systems Ltd., Rosmerta Technologies Limited, MicroAutotech, and Pricol Limited among the other players.
The global speed limiter management market is segmented by type, connectivity type, and geography. By type, speed limiter management is segmented into an adjustable speed limiter and intelligent speed limiter. The intelligent speed limiter is expected to dominate the market during the forecast period. This speed limiter automatically detects the speed of the vehicle and offers controlled combustion as per the speed and proves to be fuel-efficient. By vehicle type, the speed limiter market is segmented into passenger cars, light commercial vehicles, and heavy commercial vehicles. The Passenger car segment is expected to dominate the market over the forecast period. The rising production of passenger cars globally is expected to maintain dominance over the forecast period. The growing inclination of consumers towards safe driving is expected to maintain the dominance of passenger cars in this market.
Key Market Driver -
Increasing sales and production of passenger cars globally is anticipated to drive the market
Key Market Restraint -
Rising concern regarding data theft expected to hinder the growth of the smart fleet management market
Geographically, the speed limiter market has been segmented into North America, Europe, Asia Pacific, and the rest of the world. Asia Pacific dominates the global speed limiter market. The presence of key manufacturers and the adoption of advanced technology in this region is anticipated to maintain the dominance of Asia Pacific in this market. Europe holds the second-largest position in the market. Stringent regulations by the government to curb emissions in this region is expected to maintain the second-largest position in this market. North America is expected to show good growth in the market amid rising accident cases.
By Vehicle Type
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