The automotive wheel speed sensor market size has the potential to grow by USD 652.09 million during 2020-2024, and the market’s growth momentum will accelerate during the forecast period.
This report provides a detailed analysis of the market by application (passenger cars and commercial vehicles) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Aisin Seiki Co. Ltd., Aptiv Plc, Continental AG, DENSO Corp., HELLA GmbH & Co. KGaA, Hitachi Ltd., Infineon Technologies AG, NXP Semiconductors NV, Robert Bosch GmbH, and ZF Friedrichshafen AG.
Market Overview
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Market Competitive Analysis
The automotive wheel speed sensor market is fragmented. There is a strong presence of several well-established regional and global vendors in the market. The increasing electronic content in powertrain, safety systems, and entertainment systems in vehicles is expected to intensify the competition in the market in focus. Aisin Seiki Co. Ltd., Aptiv Plc, and Continental AG are some of the major market participants. Although the technical advancement of wheel speed sensors will offer immense growth opportunities, the maintenance and repairing costs associated with ABS will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this automotive wheel speed sensor market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this automotive wheel speed sensor market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of their future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading companies, including:
- Aisin Seiki Co. Ltd.
- Aptiv Plc
- Continental AG
- DENSO Corp.
- HELLA GmbH & Co. KGaA
- Hitachi Ltd.
- Infineon Technologies AG
- NXP Semiconductors NV
- Robert Bosch GmbH
- ZF Friedrichshafen AG
Automotive Wheel Speed Sensor Market: Segmentation by Geography
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APAC was the largest automotive wheel speed sensor market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The adoption of ABS and strong safety standards will significantly drive automotive wheel speed sensor market growth in this region over the forecast period.
62% of the market’s growth will originate from APAC during the forecast period. China, Japan, and South Korea (Republic of Korea) are the key markets for automotive wheel speed sensors in APAC. Market growth in this region will be faster than the growth of the market in Europe and North America.
Automotive Wheel Speed Sensor Market: Segmentation by Application
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The global passenger car wheel speed sensor market is driven by the increasing demand for entry-level vehicles. The enforcement of safety regulations will drive the acceptance of the wheel speed sensors through the ABS in the passenger cars in emerging markets such as India and impact the growth of the market in the passenger car segment during the forecast period. Moreover, the rise in the sales of passenger cars globally will increase the demand for wheel speed sensors during the forecast period. This report provides an accurate prediction of the contribution of all the segments to the growth of the automotive wheel speed sensor market size.
Automotive Wheel Speed Sensor Market: Key Drivers and Trends
Advanced wheel speed sensors can function under tough conditions such as high temperature, high humidity, vibrations, electromagnetic interference, and pollution. The technical advancement of wheel speed sensors will be one of the primary factors that will fuel the growth of the automotive wheel speed sensor market in the coming years. Wheel speed sensors have increasing demand as sensors operating at high temperature measure the shaft speeds and other toothed components. These sensors have a better signal-to-noise ratio as compared to variable reluctance sensors and perform efficiently. The automotive wheel speed sensor market is expected to grow at a CAGR of about 2% during the forecast period.
The increasing adoption of an anti-locking braking (ABS) system for motorcycles is identified as one of the key automotive wheel speed sensor market trends. The demand for ABS in motorcycles was limited due to the cost factor and the requirement for hydraulic brakes. With the advent of ABS by Bosch, the motorcycle manufacturers can integrate ABS as this unit is committed to one wheel, which exhibits hydraulic brakes. Owing to the immense potential and decreased cost of ABS, our analysts estimate that more players will steadily adopt ABS.
Automotive Wheel Speed Sensor Market: Key Highlights of the Report for 2020-2024
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will drive automotive wheel speed sensor market growth during the next five years
- Precise estimation of the automotive wheel speed sensor market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the automotive wheel speed sensor industry across APAC, Europe, MEA, North America, and South America
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of automotive wheel speed sensor market vendors
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