The global automotive wheel speed sensor market size reached US$ 7.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 9.4 Billion by 2028, exhibiting a growth rate (CAGR) of 3.65% during 2023-2028.
An automotive wheel speed sensor (WSS), also known as a vehicle speed sensor (VSS), measures the speed of the wheels and the direction of rotation of cars. It provides input to different automotive systems, including the anti-lock brake system (ABS) and electronic stability control (ESC) using electrical signals. It is installed directly above the pulse wheel, which is connected to the wheel hub or the driveshaft. It helps ensure proper driving dynamics, lower fuel consumption, and reduce gas emissions. At present, the automotive WSS finds extensive applications in passenger cars, light commercial vehicles (LCVs), and heavy commercial vehicles (HCVs) across the globe.
Automotive Wheel Speed Sensor Market Trends:
The increasing utilization of electric vehicles (EVs), in confluence with significant growth in the automotive sector, represents one of the key factors creating a positive outlook for the market. Moreover, the rising road traffic presents numerous challenges to the drivers, and consequently, there is a rise in the adoption of advanced driver assistance systems (ADAS) that optimize safety on the road. Automotive WSS is used in ADAS systems, such as ABS, traction control systems (TCS), adaptive cruise control (ACC), and motor control units (MCU), to determine the wheel speed. Besides this, the optimal interaction of these electronic systems ensures the fault-free function of the vehicle and improves traffic security. Apart from this, governing authorities of numerous countries are mandating the integration of ABS in automotive vehicles, which is facilitating the growth of the market. Other factors, such as the increasing sales of passenger cars around the world and rising improvements in the performance, materials, mechanics, engines and fuels, aerodynamics, and autonomous control in automotive vehicles, are projected to stimulate the market growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global automotive wheel speed sensormarket report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on sensor type and vehicle type.
Breakup by Sensor Type:
Breakup by Vehicle Type:
Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being BorgWarner Inc., Continental AG, DENSO Corporation, FTE automotive GmbH (Valeo), Hella KGaA Hueck & Co. (Faurecia SE), Hitachi Metals Ltd. (Hitachi Ltd.), KA Sensors Ltd., NTN-SNR Roulements S.A. (NTN Corporation), Robert Bosch GmbH, TE Connectivity and ZF Friedrichshafen AG.
Base Year of the Analysis
Sensor Type, Vehicle Type, Region
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
BorgWarner Inc., Continental AG, DENSO Corporation, FTE automotive GmbH (Valeo), Hella KGaA Hueck & Co. (Faurecia SE), Hitachi Metals Ltd. (Hitachi Ltd.), KA Sensors Ltd., NTN-SNR Roulements S.A. (NTN Corporation), Robert Bosch GmbH, TE Connectivity and ZF Friedrichshafen AG
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Key Questions Answered in This Report
The global automotive wheel speed sensor market was valued at US$ 7.5 Billion in 2022.
We expect the global automotive wheel speed sensor market to exhibit a CAGR of 3.65% during 2023-2028.
The rising demand for automotive wheel speed sensors, owing to their advantageous benefits, such as lowering fuel consumption and reducing gas emission levels, is primarily driving the global automotive wheel speed sensor market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary closure of numerous manufacturing units for automotive wheel speed sensors.
Based on the sensor type, the global automotive wheel speed sensor market has been segregated into active and passive, where active currently holds the largest market share.
Based on the vehicle type, the global automotive wheel speed sensor market can be bifurcated into passenger vehicle and commercial vehicle. Currently, passenger vehicle exhibits a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Asia-Pacific currently dominates the global market.
Some of the major players in the global automotive wheel speed sensor market include BorgWarner Inc., Continental AG, DENSO Corporation, FTE automotive GmbH (Valeo), Hella KGaA Hueck & Co. (Faurecia SE), Hitachi Metals Ltd. (Hitachi Ltd.), KA Sensors Ltd., NTN-SNR Roulements S.A. (NTN Corporation), Robert Bosch GmbH, TE Connectivity, and ZF Friedrichshafen AG.
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