Automotive Odometer Stepping Motor Market: Industry Outlook, Growth Prospects and Key Opportunities
Key players operating in the global automotive odometer stepping motor market include Robert Bosch GmbH, Valeo, Denso Corporation, Mitsuba Corp., MAHLE GmbH, Johnson Electric Holdings Limited, rose Fahrzeugteile GmbH & Co. KG, and Nidec Corporation.
An odometer is a device that is utilized in vehicles to measure the distance traveled by them. Advancements in automotive technology has led to rapid increase in usage of electronic components in vehicles. Cable driven odometers have been replaced by electronic odometers. Mechanical type of odometers utilize a magnetic pick-up that generates current pulses and sends it to an ECU, which operates a stepper motor by converting the pulses into suitable voltage.
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Increase in vehicle electrification coupled with rising demand for accuracy is fueling the demand for odometer stepping motors. Electromechanical odometers are being preferred by the manufacturers over wired odometer systems, due to their reliability and cost-effectiveness coupled with longer lifespan. This, in turn, is propelling the global automotive odometer stepping motor market. Moreover, increase in consumer preference for sophisticated electronic components is fueling the demand for odometer stepping motors. Odometer is an essential component of the vehicle and hence, rising demand for vehicles across the globe is fuelling the demand for odometers. Moreover, the demand for electromechanical odometers is increasing due to their low price, which in turn is boosting the global automotive odometer stepping motor market.
The global automotive odometer stepping motor market is primarily driven by the shift in consumer and auto manufacturers’ preference for electronic odometers. Increase in per capita income of consumers coupled with an increase in vehicle electrification from vehicle manufacturers is driving the demand for electronic odometers, which in turn is restraining the electromechanical odometer market and subsequently, the global automotive odometer stepping motor market.
The global automotive odometer stepping motor market can be segmented based on vehicle type, vehicle class, sales channel, and region. In term of vehicle type, the global automotive odometer stepping motor market can be bifurcated into passenger and commercial vehicles. Passenger vehicles are witnessing a rapid electrification, which in turn is propelling the demand for odometer stepping motor. The passenger vehicle segment holds a major share of the market due to the presence of a large number of passenger vehicles across the globe.
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Based on vehicle class, the global automotive odometer stepping motor market can be fragmented into three segments. Mid-segment vehicles accounted for a major share of the market, in terms of revenue, which was attributed to the lower cost of mid-segment vehicles, coupled with the increasing demand for vehicles across developing nations. Based on sales channel, the global automotive odometer stepping motor market can be split into OEM and aftermarket. Odometers have a significantly longer lifespan and hence, the OEM segment accounted for a major share of the market, in terms of revenue.
Based on region, the global automotive odometer stepping motor market can be segmented into five regions. Asia Pacific accounts for a notable share of the global population. Large consumer base with increasing per capita income across the region coupled with the presence of leading global vehicle manufacturers has propelled the demand for vehicles across Asia Pacific. China and India are rapidly developing nations that possess a large consumer base whose per capita income is rising along with the increasing job opportunities across aforementioned countries. Moreover, significantly lower number of vehicles per 1000 people is likely to boost the demand for vehicles across Asia Pacific during the forecast period.