Automotive Speed Alert System: Introduction
- The speed alert system is a safety technology that alerts driver and passengers when the vehicle exceeds the set speed limit. This system works on real-time GPS for accuracy. Driver and passengers are alerted by a bright LED display that blinks and buzzes. The system can be customized as per customer needs. Excessive speeding can include unintentional, intentional, unethical sporting or racing, rash driving, stress driving, and fun tripping. All these are likely to cause damage.
- Several aftermarket systems are available for vehicles that are not fitted with an over speed warning
Key Drivers of Global Automotive Speed Alert System Market:
- The production of speed alert systems is directly proportional to vehicle production, as automotive associations for vehicle manufacturers have made alert systems mandatory for all vehicles. Increase in production of vehicles, at a growth rate of nearly 5%, is likely to boost the production of automotive speed alert systems.
- Increase in number of 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 safety systems. These factors are propelling the automotive speed alert system market across the globe.
- A surge in migration from rural areas to urban areas has been witnessed across the globe in order to earn a livelihood and explore standardization in living. Rise in urbanization increases the use of vehicles and boosts the production of vehicles within the region. Thus, growing fleet of vehicles to cater to the mobility needs of urban people is driving the automotive speed alert system market across the globe.
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Global Automotive Speed Alert System Market to Offer Attractive Opportunities:
- Increase in number of value added services is fueling the demand for vehicles integrated with these systems. Rising preference for these type of vehicles among consumers is boosting the production of vehicles and consequently, driving the speed alert system market across the globe.
Challenges in Automotive Speed Alert System Market:
- High cost associated with procurement and maintenance of complex speed alert system restrains the market. Furthermore, failure of sensors to detect the issue in vehicle results in an injury and also causes high fatal accident. These concerns related to costs and malfunction of the system hampers the market. Lack of infrastructure in vehicles and rising maintenance cost of the system are also estimated to restrain the automotive speed alert system market across the globe.
Asia Pacific to Hold Significant Share of Global Automotive Speed Alert System Market:
- The automotive speed alert system market in Asia Pacific is estimated to expand at a rapid pace during the forecast period, followed by North America and Europe. Expansion of the market in Asia Pacific can be attributed to the high rate of adoption of automotive speed alert system in countries such as China, which manufactures maximum number of vehicles across the globe.
- Development of optical sensors and adoption of speed alert system by automotive OEMs have fulfilled the requirements from the speed alert system market in India, which also contributed to the expansion of the automotive speed alert system market in Asia Pacific
Key Players Operating in Global Market:
The global automotive speed alert system market is consulted with top manufacturers across the global market. A few of the key players operating and potential in the global automotive speed alert system market are:
- Delphi Automotive
- TRW Automotive Holdings Corp.
- WABCO Corporation