Automotive Fuel-level Gauge System Market: Introduction
- Fuel level gauge, also known as fuel level sensor, enables drivers to monitor fuel consumption and helps determine when to refill the tank. The fuel gauge consists of two main components: the sensing system, also known as the sender, and the indicator also commonly referred to as the gauge.
Key Drivers of Automotive Fuel-level Gauge System Market
- Rise in per capita income among the population coupled with increasing urbanization and a rise in the demand for transportation of the population as well as consumer products is boosting the demand for vehicles. The automotive industry has been witnessing a surge in demand for both passenger and commercial vehicles for the last decade, driven by a surge of mobility services such as ride-sharing, vehicle-leasing, and vehicle subscription services owing to the flexibility, convenience, and affordability associated in these mobility models. This, in turn, has been propelling the demand for automotive and consequently, driving the automotive fuel-level gauge systems market.
Challenges in Automotive Fuel-level Gauge System Market
- Electric vehicles are replacing conventional IC engine-run vehicles, this trend is estimated to act as a major restraint to the automotive fuel-level gauge system market. Several government organizations and regulatory authorities around the globe have enacted stringent vehicle regulations and standards pertaining to diesel engine-operated vehicles. This, in turn, has prompted automakers around the globe to announce their plans to phase out the production of diesel engine vehicles. For instance, on December 29, 2019, Mitsubishi Motors, a Japan-based automaker announced plans to eliminate diesel versions of its key car models by the end of 2021 and significantly reduce the size of its existing diesel vehicle business. Automakers are expected to shift their focus towards electric vehicles. The company plans to modify the current diesel production facilities for manufacturing electric vehicles. Additionally, in May 2018, Nissan Motors announced that they have already terminated development of diesel engines. Automakers including GM, Ford, and Volkswagen have also announced similar plans to stop diesel engine vehicle production across Europe and increase their capabilities in terms of manufacturing electric vehicles. Therefore, phasing out of IC engines is projected to act as a major restraint to the automotive fuel-level gauge systems market in the near future.
- The COVID-19 pandemic has affected national as well as international automotive supply chains, manufacturing and R&D operations, thus hampered the automotive industry. Post first wave of COVID-19 global economies have started opening up automotive manufacturing and supply chain operations. Thus, the COVID impact on the industry have seems to reach a state of normalcy; however, a resurgence in COVID-19 cases in countries across Europe has prompted governments to impose a second round of lockdown restrictions and hence, uncertainty in the automotive industry continues. A gradual recovery in the demand for automotive and ancillaries is anticipated in the next few months despite concerns around the risk of a second wave of infection in numerous countries and other geopolitical risks.
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Opportunities in Automotive Fuel-level Gauge System Market
- Technological developments and better design of fuel tanks, such as elimination of bends and reduction in variation in height, which impacts sensor accuracy, to +/- 1 mm verses the industry standard +/- 3mm for fitting of sensors in the vehicle, are aiding in precise measuring of fuel levels in the automotive vehicles and consequently, boosting the adopting of fuel-level gauge systems in more vehicle classes. This, in turn, is estimated to offer significant opportunity to the market.
Automotive fuel-level gauge system market in Asia Pacific to expand at a notable growth rate
- Asia Pacific is an expanding and major market for automotive fuel-level gauge system, owing to the rapid urbanization, increase in population, industrialization, increase in per capita income, surge in economic activity, development of road and infrastructure, expansion of the construction industry, and a rise in living standards. Furthermore, expansion of the e-commerce industry coupled with rapid expansion of the road logistics network are together boosting vehicle sales, especially in rapidly expanding economies such as China and India, thus driving the automotive fuel-level gauge system market.
Key Players Operating in Automotive Fuel-level Gauge System Market
The global automotive fuel-level gauge system market is moderately consolidated. A few of the key players operating in the global automotive fuel-level gauge system market are:
- Continental AG
- BorgWarner Inc.
- elobau GmbH & Co. KG
- Minda Corp. Ltd
- Pricol Ltd
- Robert Bosch GmbH
- Rochester Gauges LLC
- TE Connectivity Ltd
- Valeo SA
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Global Automotive Perception Sensor Market: Research Scope
Global Automotive Fuel-level Gauge System Market, by Product Type
Global Automotive Fuel-level Gauge System Market, by Vehicle Type
- Passenger Vehicle
- Light Duty Vehicle
- Medium & Heavy Duty Truck
- Coaches & Buses
Global Automotive Fuel-level Gauge System Market, by Sales Channel
Global Automotive Fuel-level Gauge System Market, by Region
- North America
- Nordic Region
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.