Global Automotive Gauges Market (2023-2028) Competitive Analysis, Impact of Covid-19, Ansoff Analysis

It is also driven by a combination of continuous technological advancements, growing environmental awareness, and the rising need for streamlined operations

The Global Automotive Gauges Market is estimated to be USD 7.23 Bn in 2023 and is expected to reach USD 9.9 Bn by 2028 growing at a CAGR of 6.51%.

Automotive gauges are devices used in automobiles to monitor and indicate parameters such as speed, RPM, temperature, pressure, and fuel level, among others. These metrics provide essential feedback to drivers and help them monitor the performance and well-being of their vehicles. It provides various advantages, such as increasing driving safety, fuel efficiency, and Early detection of potential issues.

The growing demand for automobiles worldwide is a significant driving factor for the automotive gauges market. As vehicle production increases, the need for gauges to monitor and display various parameters also rises. Also, with increasing emphasis on vehicle safety and driver assistance systems, there is a rising demand for gauges that can monitor critical parameters such as speed, fuel level, engine temperature, tire pressure, and more.

Moreover, in recent years, there has been a rise in electric and autonomous vehicles. These vehicles often require specialized gauges to monitor battery levels, charging status, power consumption, and advanced driver assistance systems, as the growing demand for connected vehicles is one of the significant opportunities for the automotive gauge market. Connected vehicles can collect and share data, which can be used to improve the performance of automotive gauges.

However, the high cost of advanced gauges is one of the major restraining factors for the automotive gauge market. Advanced gauges are more expensive than traditional gauges. This high cost may prevent some customers from upgrading to advanced gauges. Furthermore, the availability of alternative technologies, such as head-up displays and voice-activated controls, is another major challenge factor for the automotive gauge market. Head-up displays and voice-activated controls are becoming increasingly popular and may eventually replace automotive gauges.

Market Segmentations

• The Global Automotive Gauges Market is segmented based on Type of Gauge, Vehicle Type, Sales Channel, and Geography.
• By Type of Gauge, the global automotive gauges market is classified into speedometers, Tachometers, Fuel Gauge, Temperature Gauges, Oil Pressure Gauges, Battery Voltage Gauges, and Tire Pressure Gauges. Battery Voltage Gauges are predicted to grow with the highest CAGR in the forecasting period. Batteries power electric vehicles, and battery voltage gauges are essential for monitoring the battery's health and ensuring it operates properly. As the popularity of electric vehicles continues to grow, so will the demand for battery voltage gauges, which further fuelled the need for the Global Automotive Gauges Market.
• By Vehicle Type, the global automotive gauges market is classified into Passenger and Commercial Vehicles. The Passenger Vehicles segment is anticipated to grow with the highest CAGR in the forecasting period. In many countries, some regulations require passenger cars to be equipped with certain types of automotive gauges. For example, in the United States, all passenger cars must have a speedometer, odometer, and fuel gauge. Furthermore, some automotive gauges are designed to add a touch of luxury to a passenger car. These gauges may be made from high-quality materials, such as wood or leather, and they may feature advanced features, such as a digital display. As a result of these factors, the demand for the automotive gauges market is expected to remain strong in the passenger car market.
• By Sales Channel, the global automotive gauges market is classified into OEM and Aftermarket. The OEM segment is predicted to hold the largest market share. This is because most passenger cars come equipped with OEM gauges from the factory. A few prominent players, such as Robert Bosch, Delphi Automotive, and Continental AG, dominate the OEM market. These companies have the resources to invest in research and development, which allows them to develop innovative new gauges that meet the needs of car manufacturers.
• By Geography, the global automotive gauges market is classified into the Americas, Europe, Middle East & Africa, and Asia-Pacific. Asia-Pacific region holds the largest market share in the forecasting period. The economies of many countries in Asia-Pacific are proliferating, such as India, China, Japan, and others. This is leading to an increase in vehicles on the road. As living standards in countries from this region rise, people are becoming more affluent and demanding more features in their vehicles. This includes digital gauges, which are becoming increasingly popular in the region.

Recent Development

• Bosch Rexroth has opened a new customer innovation center near Austin, Texas. The facility will provide a unique technology development experience for Bosch Rexroth factory automation customers from multiple industry segments, including electric vehicle manufacturing, battery production, consumer packaged goods, and semiconductor manufacturing. - December 2022

Company Profiles

The report provides a detailed analysis of the competitors in the market. It covers the financial performance analysis for publicly listed companies in the market. The report also offers detailed information on the companies' recent development and competitive scenario. Some of the companies covered in this report are Bosch Automotive Service Solutions, Continental Ag, NVIDIA Corp., etc.

Countries Studied

• America (Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru, United States, Rest of Americas)
• Europe (Austria, Belgium, Denmark, Finland, France, Germany, Italy, Netherlands, Norway, Poland, Russia, Spain, Sweden, Switzerland, United Kingdom, Rest of Europe)
• Middle East and Africa (Egypt, Israel, Qatar, Saudi Arabia, South Africa, United Arab Emirates, Rest of MEA)
• Asia-Pacific (Australia, Bangladesh, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Thailand, Taiwan, Rest of Asia-Pacific)

Competitive Quadrant

The report includes Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.

Ansoff Analysis

• The report presents a detailed Ansoff matrix analysis for the Global Automotive Gauges Market. Ansoff Matrix, also known as Product/Market Expansion Grid, is a strategic tool used to design strategies for the growth of the company. The matrix can be used to evaluate approaches in four strategies viz. Market Development, Market Penetration, Product Development and Diversification. The matrix is also used for risk analysis to understand the risk involved with each approach.
• The publisher analyses the Global Automotive Gauges Market using the Ansoff Matrix to provide the best approaches a company can take to improve its market position.
• Based on the SWOT analysis conducted on the industry and industry players, the publisher has devised suitable strategies for market growth.

Why buy this report?

• The report offers a comprehensive evaluation of the Global Automotive Gauges Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
• The research report also provides a detailed market size analysis and projections in volume and value terms. The projections are calculated using verified research methodologies.
• Excel data sheet for the market size will also be provided with the report.
• The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
• The report includes an in-depth market analysis using Porter’s 5 forces model, PESTLE Analysis, and the Ansoff Matrix. In addition, the impact of COVID-19 on the market is also featured in the report.
• The report includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.
• The report includes Self-Assessment Form, which helps customers evaluate their position in the market compared to their competitors.
• The report offers customized research - tailored uniquely to our customers with a quick turnaround time. We offer a 15% customization option at no extra charge to all our clients for any of our syndicated reports.

Report Highlights:

• A complete analysis of the market, including the parent industry
• Important market dynamics and trends
• Impact Analysis - a comprehensive assessment to confront risk and make strategic & operational decisions to counter the changes in the market environment.
• Market segmentation
• Competitive Analysis: Comparative analysis of competitor
• Historical, current, and projected size of the market based on value and volume
• Market size of the US states
• Market shares and strategies of key players
• Recommendations to companies for strengthening their foothold in the market