PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1606418
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1606418
The market for Automotive Wheel Speed Sensor was projected to reach USD 8,241.5 million in 2023 and expand at a CAGR of 3.50% between 2024 - 2032.
The wheel speed and rotational direction of an automobile are detected by an automotive wheel speed sensor (WSS), also called a vehicle speed sensor (VSS). It uses electrical impulses to offer input to many automobile systems, such as the electronic stability control (ESC) and anti-lock brake system (ABS). It is mounted directly above the pulse wheel, which is attached to either the driveshaft or the wheel hub. It assists in maintaining appropriate driving dynamics, consuming less fuel, and emitting less greenhouse gases. One of the main factors fostering a favorable market outlook is the growing use of electric cars (EVs), which coincides with the automobile industry's notable expansion. Additionally, as a result of the increased obstacles that drivers face from increasing traffic, more advanced driver assistance systems (ADAS) are being adopted, which maximizes road safety.
Automotive Wheel Speed Sensor Market- Market Dynamics
Growing Conscience About Vehicle Safety
The global market for automotive wheel speed sensor is mostly driven by customers' increasing awareness of vehicle safety. The availability of information and improvements in communication technology have increased consumer awareness of the safety features found in contemporary cars. Anti-lock brake systems (ABS), which are well recognized for lowering wheel lockup and improving braking effectiveness, are made possible by wheel speed sensors. As consumers prioritize safety over all other considerations, there is a growing demand for automobiles equipped with advanced safety features like ABS.. As a result of the growing consumer awareness, automakers are using wheel speed sensors more frequently in an effort to fulfill market demands and outfit cars with complete safety systems.
Automotive Wheel Speed Sensor Market- Key Insights
According to our research analyst's analysis, the global market is projected to expand at a CAGR of approximately 3.50% during the forecast period of 2024-2032.
The active sensor category was predicted to hold the largest market share in 2023 based on sensor type.
In 2023, the passenger vehicles category was predicted to hold the largest market share based on vehicle type.
Europe held the largest revenue share by region in 2023.
The Global Automotive Wheel Speed Sensor Market is segmented into Sensor Type, Vehicle Type, and Region.
By sensor type, the active sensor and passive sensor are the divisions used to segment the global automotive wheel speed sensor market. Due to its real zero speed capabilities, property hall effect theory, and precise switch point measurement that enables accurate wheel movement reading even when the vehicle is not moving, the active sensor commands a larger share of the global market. However, it is anticipated that the passive segment will expand rapidly. Growth has accelerated due to advancements in magnetic type and simple construction that boost operating accuracy.
By vehicle type, the market is segmented into Passenger Vehicles and Commercial Vehicles. In 2023, the passenger automobile sector held the highest revenue share. The growing need for personal automobiles and the rising disposable income of emerging economies' middle classes are the main forces behind the growth of the passenger car category. The growing emphasis on safety features in passenger cars, such as electronic stability control (ESC) and anti-lock braking systems (ABS), is another factor driving demand for vehicle wheel speed sensors. With the growing popularity of electric vehicles, auto wheel speed sensors are predicted to become more and more in demand in the passenger car industry.
Automotive Wheel Speed Sensor Market- Geographical Insights
The Automotive Wheel Speed Sensor market is widely distributed geographically in North America, Latin America, Europe, Asia Pacific, the Middle East and Africa. These areas are further separated based on the countries that provide business.
In 2023, Europe is anticipated to lead the worldwide automotive wheel speed sensor market. Europe's car industry is well-established and home to players who are well-known worldwide. Furthermore, because of the strict European regulations governing vehicle safety, the industry's leading players build their cars with anti-lock brake systems and other safety features. Since wheel speed sensors are one of the most important components of anti-lock brake systems, there is always a significant demand for them in the European car industry.
Furthermore, it is projected that the market's fastest-growing category would be Asia-Pacific. The rise of the automobile industry has been affected by a number of factors, including increased government backing for its development, rising industrialization, and a persistent focus on creating new products to match the region's shifting consumer expectations. The availability of low-cost passenger automobiles in the region and an increase in disposable income are also recognized as factors in the automotive industry's growth. The Asia-Pacific region is home to some of the largest automakers in the world, such as Toyota, Honda, and Hyundai, which is predicted to drive up demand for vehicle wheel speed sensors there.
The major competitors in the sector are engaged in fierce competition with one another. In the automotive wheel speed sensor industry, notable businesses include Robert Bosch GmbH, NXP Semiconductors N.V, DENSO Corporation, Continental AG, ZF Friedrichshafen AG, and Hitachi Metals, Ltd., among others. To obtain a competitive edge in the market, these businesses concentrate on technological innovations, product development, and strategic alliances. Additionally, there is a tendency for consolidation in the automotive wheel speed sensor market, with bigger firms buying smaller ones to increase their market dominance. In the upcoming years, it's anticipated that this consolidation will continue as businesses look to expand their share and achieve economies of scale.
September 2022: Global automotive wheel speed sensor manufacturer Continental has purchased Karlstad, Sweden-based Vulk & Montage, a conveyor and maintenance company. It expands the range of its services in the central Swedish industrial zone. The operations will be handled by Continental's Conveying Solutions business division, one of the leading authorities on conveying and off-highway solutions worldwide. In addition to the current Continental product range, the company will be able to offer comprehensive service and solution packages to industrial clients in Central Sweden with the support of the Vulk & Montage Group.
January 2022: The purpose of the A19360 wheel speed and distance sensor was to support new applications in advanced driver assistance systems (ADAS). Allegro MicroSystems, Inc., a global pioneer in sensor and power technologies for motion control and energy-efficient systems, introduced the sensor. Automakers may now implement high levels of automation in passenger cars and mobility-as-a-service applications because of the reliability and signal resolution provided by modern giant magnetoresistance (GMR) sensors. In packed areas, it can even improve low-speed handling and autopilot performance.