Global automotive gauge market
DUBLIN, February 2, 2024 (GLOBE NEWSWIRE) — “Global Automotive Gauges Market (2023-2028) by Gauge Types, Vehicle Types, Sales Channels, Regions, Competitive Analysis, COVID-19 ( Covid-19) Impact and Ansoff Analysis” report added ResearchAndMarkets.com Recruitment.
A comprehensive study on the global automotive gauges market forecasts strong growth by 2028, fueled by advancements in vehicle technology and surge in demand in the Asia-Pacific region.
Our latest industry research, centered around the evolving field of automotive gauges, highlights key market trends and opportunities expected between 2023 and 2028. The global automotive gauge market is currently valued at USD 7.09 billion in 2023 and is expected to expand to USD 9.71 billion. It will reach 1 billion by 2028, boasting a CAGR of 6.50%.
The driving force behind the development of the automotive gauge market
Automotive gauges are critical components that provide dynamic feedback to the driver, such as vehicle speed, engine revolutions per minute (RPM), temperature readings, and various pressure readings. The automotive industry is seeing an upturn in electric and autonomous vehicles, driving demand for advanced gauges that address the specific needs of battery monitoring, driver assistance, and other connected car features.
These factors improve safety and fuel efficiency and enable early detection of potential vehicle issues, and this characteristic acts as a strong growth catalyst for this market trajectory. Meanwhile, regulations across several countries require the installation of certain gauges in passenger vehicles, contributing to sales in this segment.
Emerging trends and challenges
Although the market faces several restraining factors, including increased costs associated with advanced gauge technology and competition from alternative solutions such as heads-up displays, the overall ecosystem shows a positive outlook. . The Asia-Pacific region serves as a bellwether of market demand, primarily due to the rapid growth of the automotive sector and increasing consumer affluence.
The market research is segmented on the basis of gauge type, vehicle type, and sales channel, providing a detailed view of the ecosystem. Among the emerging product categories, battery voltmeters are expected to experience the fastest growth rate, although the OEM sector continues to dominate the sales channel with pre-installation in passenger vehicles.
geographical highlights
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of Asia Pacific This region accounts for a significant portion of the market share, highlighting rapid economic development, increasing car ownership, and consumer demand for advanced vehicle features.
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The report also provides insights on the global Automotive Gauges market. America, Europe, Middle East, Africarevealing growth dynamics and implications for overall forecasts.
Competitive environment and Ansoff analysis
The competitive quadrant assesses the market situation and positions key industry players based on their market performance and strategic outlook. Integral to the detailed analysis is the Ansoff matrix, which is presented to understand the strategic directions that a company may adopt to increase its presence in the market.
This cutting-edge research takes into account the impact of COVID-19 and provides a multifaceted look at the challenges and potential avenues for resilience in the face of the economic impact of the pandemic. Provide perspective to the player.
For stakeholders and industry enthusiasts, this report (https://www.researchandmarkets.com/r/knsv4f) sheds light on the future path of the automotive gage industry and highlights the trends, opportunities that will define the coming years. , illustrating competitive strategy.
key attributes
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report attributes |
detail |
|
number of pages |
207 |
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Forecast period |
2023-2028 |
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Estimated market value in 2023 ($) |
$7.09 billion |
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Projected market value to 2028 ($) |
$9.71 billion |
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compound annual growth rate |
6.5% |
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Target area |
global |
Companies mentioned
For more information about this report, please visit https://www.researchandmarkets.com/r/knsv4f.
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