According to a research report titled ‘Global Road speed limiter Market Size study, by Product Type (Adjustable Speed Limiter and Intelligent Speed Limiter), by Application (Passenger cars and commercial vehicle), by Sales Channel (OEM and Aftermarket) and Regional Forecasts 2021-2027’, available with MarketStudyReport, global road speed limiter market is anticipated to grow significantly through 2027.
 

Increase in automotive production is the major catalyst for global road speed limiter market expansion. According to Statista, nearly 92 million automobile units were produced globally in 2019, of which, China accounted for 28% of the total production.
 

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For the uninitiated, a speed limiter is a safety device that restricts drivers from going faster than the posted speed limit. It prohibits vehicles from exceeding the predetermined speed limit in both commercial and passenger vehicles.
 

Rising number of traffic accidents has pushed governments and international organizations to establish numerous vehicle safety rules, boosting the demand for road speed limiters and generating revenues for the market.
 

However, availability of counterfeit devices, and expensive nature of the product are some major restraining factors for the global road speed limiter market growth.
 

In terms of product type, the industry is divided into intelligent speed limiter, and adjustable speed limiter. On the basis of application, the marketplace is bifurcated into commercial vehicle, and passenger cars. Whereas, based on sales channel, the market is split into OEM, and aftermarket. Information pertaining to industry share held by each segment, and their contribution towards the overall valuation over the forecast period is provided.
 

Considering the regional aspect, the report studies the industry trends across Asia Pacific, North America, Europe, and Latin America. As cited, Asia-Pacific market is expected to have a strong CAGR over the projection period 2021-2027. Soaring automobile production and sales in the region, as well as increasing road accidents are favoring the market outlook.
 

The key players in global road speed limiter marketplace are Continental AG, Autokontrol Ltd., Vodafone Automotive S.p.A., AVS Co. Ltd., Elson Truck Technology GmbH, Pricol Limited, IMPCO Technologies Inc., Autograde International Pvt. Ltd., and SABO Electronic Technology Co. Ltd.