Emerging Trends, Growth Drivers, and Future Outlook

Automotive wheel speed sensor

OREGAON, PORTLAND, UNITED STATES, April 17, 2023 /EINPresswire.com/ — Allied Market Research published a report, titled, “Automotive Wheel Speed Sensor Market by Sensor Type (Active (Active Hall effect sensor and Active magneto resistive sensor), and passive), Vehicle Type (Passenger Type and Commercial Vehicle): Global Opportunity Analysis and Industry Forecast, 2018–2025.” The report offers a detailed analysis of drivers & opportunities, changing market trends, competitive landscape, key segments, and market size & estimations. According to the report, the global automotive wheel speed sensor market size was valued at $6,400.0 million in 2017, and is projected to reach $8,475.4 million by 2025, registering a CAGR of 3.6% from 2018 to 2025.

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Increase in adoption of anti-locking braking system for vehicles, rise in concern of consumer toward safety & security features, and governments legislation to mandate the ABS system in cars are the main factors that boost the growth of the automotive wheel speed sensor industry. In addition, growth in production and sales of vehicles in developing countries of Asia-Pacific is mainly characterized fuel the growth of the automotive wheel speed sensor market. The automotive wheel speed sensor market share largely is directly related to the advancement and expansion of the ABS system.

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Based on vehicle type, passenger vehicle contributed to nearly three-fourth of the total market in 2017 and is anticipated to maintain its top status during the forecast period, 2018–2025. Cumulative sales, growing disposable income, and compulsion of ABS system in passenger vehicles have augmented the growth for the automotive wheel speed sensors market. Simultaneously, commercial vehicle has come up as the fastest growing segment, registering a CAGR of 3.1% during the forecast period.

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By sensor type, the active segment accounted for more than three-fourths of the total market in 2017 and is expected to dominate throughout the forecast period. This is due to its property hall effect principle, true zero speed capability, and precise switch point measurement that helps in reading accurate wheel movement even when the vehicle is not in motion. On the other hand, the passive segment is expected to be the fastest growing sector, growing at a CAGR of 4.2% during 2018–2025. Simple construction and developments in magnetic type to bring accuracy in operation have escalated the growth.

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By region, Asia-Pacific held the largest market share in 2017 and turned out to be dominant throughout the forecast period. Increasing government support for the automotive industry, rapid industrialization, and constant focus on developing newer products to meet diverse changes in consumer demands in the region have influenced the growth. Also, the province has showcased a CAGR of 4.4% throughout the forecast period and has been cited as the fastest growing region.

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In 2017, based on sensor type, the active segment generated the highest revenue.

In 2017, based on vehicle type, the passenger car segment was the highest revenue contributor.

In 2017, based on region, Asia-Pacific contributed the highest market revenue, followed by Europe, North America, and LAMEA.

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Leading market players analyzed in the research include Robert Bosch GmbH, HELLA GmbH & Co. KGaA, Continental AG, DENSO CORPORATION, WABCO, Hitachi Metals, Ltd., Melexis, NTN-SNR, NXP Semiconductors, and ZF Friedrichshafen AG.

David Correa
Allied Analytics LLP
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