Odometer Market - Forecast(2024 - 2030)

Odometer Market Size is forecast to reach $ 4530.9 Million by 2030, at a CAGR of 9.20% during forecast period 2024-2030. Odometer calculates the distance covered or travelled by vehicle. Odometer is also known as milometer or mileometer in some parts of the world. In past, odometers were completely mechanical but due to advancement in technology, electronic odometers are developed and widely used. Some odometers are even a combination of both mechanical and electronics. Odometer calculates the distance traveled by vehicles by counting number of wheel rotations times the tire circumference. Nowadays, GPS are also used as odometers and is considered more precise and accurate. A GPS receiver with odometer mode servers as both odometer and speedometer and considered a highly inexpensive and precise device.

 

The report classifies the odometer market with respect to type of vehicle in which the device is used. These includes bicycles, two-wheelers such as motorbikes and sports bikes, three-wheelers, and four-wheelers such as passenger cars, heavy commercial vehicles, light commercial vehicles, buses, trucks, luxury car etc. The rate of penetration of the odometer in the four-wheelers is high as compared to other types of vehicles. 

 

The report gives insightful information about the different driving and restraining factors impacting the odometer market. The increasing use of trip meters instead of odometers as trip meters can be reset at any point of journey and hence is the major challenge to the odometer market. The opportunities in terms of application, technological advancements, and geographic reach are also analyzed in the report. The demand and supply-side factors, value chain analysis, pricing analysis, and mapping of suppliers and end-users with manufacturers are also covered in the report. 

 

 

The report also covers the various types of odometers depending on their functions. These include mechanical, electronics, and hybrid. Hybrid odometers are a combination of both mechanical and electronics and are currently used in the market. The rate of penetration of electronic odometers is high compared to other types of odometers. These are considered highly precise and less expensive. The report offers the market share and sizing of all these types of odometers along with their rate of penetration in all geographies.

 

The geographical market analysis is covered exhaustively in the report with special focus on different regions such as North America, Europe, APAC, Latin America, and Middle-East and Africa. As automobile industry is highly flourished in countries such as the U.S. India, China, Japan, and Germany, the odometer market has high growth potential in these countries. Recently, North America, and Europe accounts for high share in the odometer market with Asia-Pacific having high growth rate.

 

The report also gives detailed insights on the competitiveness of the market under market entropy section. The major strategies adopted are new product launches, mergers & acquisitions, partnerships, agreements, and collaborations among others. The key market players are analyzed and profiled in detail in the report. This section covers the business financials, company snapshots, key products & services, major developments, future programs (if any), and finally, the individual SWOT analysis.

 

The Top 5 companies in the Odometer Market are:

 

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