Report

The Tachometer Market is expected to register a CAGR of 10% during the forecast period.

Key Highlights
- Due to the robust growth, the autonomous car is instrumental in driving the radar sensor demand. Tachometer technology is driven by the new car assessment program among the OEMs, as they integrate these systems to complement camera devices for ADAS applications. Radars, combined with other sensors and tachometers, provide enhanced information on safety and collision avoidance.
- Furthermore, the increasing deployment of traffic wind turbines is expected to fuel the adoption of tachometers as it is an essential component that is used to display the revolutions per minute (RPM) on calibrated analog dials or digital displays. For instance, TAK Studio designed overhead highway lights powered by wind turbines that are spun by the air turbulence generated as cars and trucks travel past at high speed.
- Additionally, the increasing investments by the governments to promote cleaner-greener-energy technologies such as windmills are also expected to fuel the market growth over the forecast period.
- The application of tachometers in diverse end users is encouraged by product developments by smaller vendors, reflecting its wide appropriation. In December 2021, GPMS International Inc. announced that it received ODA Approval to install Foresight MX on the Mi- family of helicopters. The certification package was ODA approved, comprising compliance with FAA Supplemental Type Certificate requirements, and is open to local civil aviation authority authorization. Aftermarket Foresight MX kits consist of 16 CPU-equipped smart sensors, three tachometers, and an Onboard Control Unit. The Foresight MX-equipped aircraft is expected to be scheduled for servicing the United Nations World Food Program's humanitarian mission in Africa in 2022.
- However, technical limitations such as higher maintenance cost, its susceptibility to errors as these devices have magnets, which can weaken over time, and if overheated along with the easy availability of low-cost counterfeit products in the market are some of the major factors challenging the growth of the studied market.
- The COVID-19 outbreak forced companies worldwide to adjust their strategies to survive in the 'new normal.' The COVID-19 outbreak affected various manufacturing industries, resulting in a temporary shutdown of industrial operations. The production of automobiles across mediums and industrial applications, which are prominent adopters of tachometers, was affected by the disruption in the supply chains.
- Furthermore, the need for immediately advanced trucking units swept commercial economies worldwide, with an immediate impact post the first wave of the pandemic, when there was a significant reduction in the transportation capabilities of companies. A complete shutdown of international borders limited the mediums for the shipping of goods to their destinations. This forced truck vendors and railway and airplane manufacturers to recognize the need for better oversight over operations through improved infrastructure.


Tachometer Market Trends

Automotive Sector is Expected to Register a Significant Growth


- The tachometer shows the rotation rate of the engine's crankshaft to enable the driver to choose the right throttle and gear for driving conditions that allow them a smooth and efficient drive. The increasing number of vehicles sold is expected to boost the adoption of tachometers by vehicle manufacturers over the forecast period. For instance, according to OICA, the global sales of automobiles reached 82.68 million in 2021.
- Governments are increasingly promoting the usage of electric vehicles. For instance, in early 2022, the European Union announced a EUR 750 billion stimulus package that includes EUR 20 billion to boost the sales of clean vehicles and a provision of EUR 1 million to install electric and hydrogen vehicle charging stations by 2025. This indicates that the number of electric cars is expected to grow, fueling the adoption of the tachometers over the forecast period.
- China has emerged among the leading adopters of electric vehicles and has even outpaced European countries. The growing environmental concerns and supportive government regulation are among the primary factors driving the growth of the EV industry in China. For instance, in 2021, the Chinese government unveiled its roadmap for the EV industry, according to which 40 percent of the vehicles sold in the country will be electric by 2030.
- Passenger car sales have increased significantly in the last few decades, owing to the economic growth of developing countries, especially in the Asia Pacific, Middle East, and Latin American region. According to the data provided by OICA, the global sales of passenger cars reached 56.4 million units in 2021, from 53.92 million units in 2020. Such trends are expected to have a positive impact on the growth of the studied market.


Asia Pacific to Hold Significant Market Share


- The growth of the industrial sector, and the large population driving the demand for automobiles, are some of the major factors driving the market for tachometers in the Asia Pacific region. The presence of some significant players in the area, such as Emerson Electric Co., and Honeywell International Inc., amongst others, coupled with the remarkable growth in research and development activities, are expected to promote wide-scale adoption of tachometers in the region.
- The increasing sales and number of vehicles in operation in the region are expected to boost the adoption of the tachometers by the user and manufacturers. For instance, according to the China Association of Automobile Manufacturers (CAAM), in 2021, about 4.79 million commercial vehicles and 21.48 million passenger cars were sold in China alone.
- Supportive government regulations play a crucial role in developing the electric vehicle industry in the Asia Pacific region. For instance, in 2021, India's Union Cabinet approved INR 18,100 crore worth National Program on Advance Chemistry Cells Production Linked Incentive Scheme for battery manufacturing and storage in India. The Indian government is also running several promotional measures, including tax incentives for electric vehicle owners, public EV charging infrastructure development, etc., which are expected to drive the EV industry forward in the coming years.
- Furthermore, the increasing investments by the government and private players in wind power are expected to boost market growth over the forecast period. For instance, according to the forecasts by International Renewable Energy Agency, Asia is poised to become the leading market for wind energy, accounting for more than 50% of onshore and 60% of offshore wind installations by 2050.


Tachometer Industry Overview

The competitive rivalry in the tachometer market is high owing to some key players such as Emerson Electric, Schneider Electric, and Honeywell International Inc., among others. However, the market remains consolidated. Through research and development, the companies in the market have gained a competitive advantage over other players. Strategic partnerships and, mergers & acquisitions have allowed these companies to achieve a more significant footprint in the market.


- July 2022 - Jaltest Tools, a provider of workshops with high-quality professional equipment, launched the new digital tachometer (50002008) to measure the speed (rpm) of components such as the cooling system fan of vehicles. Some features of the new product include counting the number of turns for a certain period and displaying maximum and minimum values during measurement.
- September 2021 - Nippon Seiki Co., Ltd. discontinued the ADVANCE RS 80 tachometer with the plans to relaunch the ES 80 tachometer by adding minor changes. The company also hinted that the price of new products would be higher due to changes in parts.


Additional Benefits:

- The market estimate (ME) sheet in Excel format
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