According to the latest report by IMARC Group, titled “ Automotive Wheel Speed Sensor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global automotive wheel speed sensor market size reached US$ 7.5 Billion in 2022. An automotive wheel speed sensor is a critical component within the automotive industry. This sensor, often integrated into vehicles' wheel hubs or brake systems, monitors the rotational speed of each wheel. By precisely measuring wheel revolutions, the sensor enables the vehicle's electronic control systems to manage functions such as anti-lock braking systems (ABS), stability control, traction control, and electronic stability programs. This real-time data aids in preventing skidding, optimizing braking performance, and ensuring safe handling during varied road conditions. Operating on principles of magnetic induction or Hall-effect technology, the wheel speed sensor translates wheel motion into electrical signals that inform the vehicle's onboard computer about wheel speed discrepancies. As automotive safety and performance standards continue to evolve, the role of the automotive wheel speed sensor remains pivotal in enhancing both driver and passenger safety while enriching driving experiences.
Global Automotive Wheel Speed Sensor Market Trends:
The global automotive wheel speed sensor market is witnessing robust expansion, driven by the relentless emphasis on road safety and regulatory standards fueling the integration of advanced driver assistance systems (ADAS) across automotive designs. Besides this, these systems heavily rely on accurate wheel speed data to ensure optimal control and avoidance of accidents, thereby elevating the demand for high-performance wheel speed sensors. Furthermore, the escalating consumer demand for enhanced driving experiences, characterized by seamless handling and heightened stability, has led automakers to integrate sophisticated safety mechanisms, fostering the deployment of wheel speed sensors. In addition to this, the rise of electric and hybrid vehicles has significantly contributed to market growth since these vehicles depend on intricate electronic control systems for power distribution, braking, and torque management, necessitating precise wheel speed data for seamless operation. Moreover, the proliferation of connected and autonomous vehicles have heightened the need for wheel speed sensors to provide real-time input to the vehicle's central decision-making unit, enhancing its ability to navigate, respond, and interact with the environment effectively. In line with this, as automotive manufacturers align with sustainability goals and the pursuit of cleaner mobility solutions, the integration of advanced safety technologies, including wheel speed sensors, is on the rise. Furthermore, ongoing innovations in sensor technology, such as improved durability, sensitivity, and compatibility with various wheel designs, are propelling their adoption across different vehicles. Looking forward, the market value is projected to reach US$ 9.4 Billion by 2028, expanding at a CAGR of 3.65% during 2023-2028.
- On the basis of the sensor type, the market has been divided into active and passive.
- Based on the vehicle type, the market is bifurcated into passenger and commercial vehicles.
- On a regional basis, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been examined, with some 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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