Odometer Market Banking on Blockchain Test to Put Odometer Fraud/Tampering Problems to Bed

Press Release   •   Aug 09, 2017 15:27 IST

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The Odometer Market deals with the development of a device which ascertains the distance traversed by a corresponding vehicle. The odometer, also termed as milometer in some countries, used to be totally mechanical. But recent technological advances have led to the widespread utilization of the digital odometer.

Some car odometer variants are even a combination of mechanical and digital. The technology developed by the Odometer Market enables the computation of distance travelled by a vehicle. An odometer reading is obtained by monitoring and keeping a count of the number of wheel rotations times the circumference of the tire. In recent years, an odometer statement is also being derived through GPS technology, which is considered to be more precise, consistent and accurate.

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Scope & Regional Forecast of the Odometer Market

A GPS device equipped with an odometer mode is particularly advantageous as it has the ability to function as, both, a speedometer and an odometer. Thanks to the R&D undertaken by the Odometer Market, such a device is not only affordable, but also eliminates the possibility of odometer rollback or tampering to a large degree. The penetration of the odometer device is highest among four wheel vehicles when compared to other vehicle types. If we dig a little deeper among the various odometer varieties, the electronic has swiftly turned out to be the most popular variant in use.

Due to the wild success of the automobile industry in countries like India, China, U.S. and Japan, the Odometer Market is expected to enjoy solid growth in these areas till the end of the forecast period. In recent years, North America and Europe have accounted for the highest share in the market due to tougher regulations regarding the inclusion of the odometer in all sorts of vehicles. On the other hand, Asia-Pacific is predicted to register the fastest growth during the forecast period.

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Segmentations & Key Players Involved in the Odometer Market

According to IndustryARC findings, the Odometer Market can be broken down into various segmentations on the basis of –

  • Type of Vehicle: Bicycles, Two-Wheelers, Three-Wheelers and Four Wheelers.
  • Type: Mechanical, Electronics and Hybrid.
  • Geography: North America, Europe, Asia-Pacific, South America, Middle East and Africa.

Some of the key players involved in the Odometer Market according to IndustryARC are as follows:

  • Stewart-Warner Corporation
  • OBD Auto Diagnostic Equipment Co.,Ltd
  • Ufodiag Electrics Co., Ltd
  • Konarak Industria Pvt Ltd.
  • Fcl (h K) Industrial Co., Limited

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