IMARC Group’s report titled “Automotive Wheel Speed Sensor Market Report by Sensor Type (Active, Passive), Vehicle Type (Passenger Vehicle, Commercial Vehicle), and Region 2024-2032”, offers a comprehensive analysis of the industry, which comprises insights on the global automotive wheel speed sensor market forecast. The global market size reached US$ 7.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 10.3 Billion by 2032, exhibiting a growth rate (CAGR) of 3.2% during 2024-2032.
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Factors Affecting the Growth of the Automotive Wheel Speed Sensor Industry:
- Technological Advancements and Integration with Advanced Driver-Assistance Systems (ADAS):
The continuous evolution in automotive technology, particularly the integration of sensors in vehicles, is impelling the growth of the market. Modern vehicles, equipped with advanced driver-assistance systems (ADAS), rely heavily on accurate and reliable data from wheel speed sensors. These sensors are essential for functions like anti-lock braking systems (ABS), electronic stability control (ESC), and traction control systems (TCS), enhancing vehicle safety and performance. The push towards autonomous vehicles, which require a multitude of precise sensors for safe operation, is driving the overall sales. As manufacturers innovate and integrate more sophisticated technologies in vehicles, the wheel speed sensor market is growing, which can be attributed to the need for high-precision, reliable, and fast-response sensors.
- Regulatory Mandates and Safety Standards:
The global emphasis on vehicular safety is encouraging governments worldwide to implement stringent regulations that mandate the inclusion of safety features like ABS and ESC, which require wheel speed sensors. These regulations, aimed at reducing traffic accidents and enhancing road safety, propel automobile manufacturers to integrate advanced safety systems, thereby driving the demand for wheel speed sensors. Additionally, as people become more safety-conscious, there is a rise in the demand for vehicles equipped with advanced safety features. Compliance with these regulatory standards ensures that manufacturers consistently incorporate these sensors.
- Growth in Automotive Production and Vehicle Electrification:
The global increase in vehicle production, coupled with rising preferences for electric vehicles (EVs), is catalyzing the demand for automotive wheel speed sensors. The increasing production of vehicles equipped with advanced safety and comfort features EVs, due to the need to reduce carbon emissions and dependency on fossil fuels, is supporting the growth of the market. As the automotive industry continues to evolve with technological advancements and a shift towards sustainability, the demand for wheel speed sensors is increasing.
Leading Companies Operating in the Global Automotive Wheel Speed Sensor Industry:
- 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
- ZF Friedrichshafen AG
Automotive Wheel Speed Sensor Market Report Segmentation:
By Sensor Type:
- Active
- Passive
Active represents the largest segment due to its effectiveness in measuring speed and reducing the occurrence of accidents.
By Vehicle Type:
- Passenger Vehicle
- Commercial Vehicle
Passenger vehicle exhibits a clear dominance in the market owing to the increasing purchase of various passenger cars to travel comfortably.
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Asia Pacific’s dominance in the automotive wheel speed sensor market is attributed to the increasing utilization of electric vehicles (EVs) among the masses as a sustainable mode of transportation.
Global Automotive Wheel Speed Sensor Market Trends:
The rising popularity of autonomous vehicles is bolstering the market growth. These self-driving vehicles rely on a host of sensors to interpret their surroundings, maintain lane integrity, and ensure safe braking and acceleration. Wheel speed sensors are crucial in this array, providing vital data for the navigation system of the vehicle to make accurate real-time decisions. Furthermore, the integration of connectivity technologies like vehicle-to-everything (V2X) communication enhances the importance of the sensor, as it allows the vehicle to interact with its environment more effectively, thereby necessitating robust and precise sensing components. As automakers invest heavily in developing autonomous and semi-autonomous vehicles, the demand for sophisticated, high-precision wheel speed sensors is rising.
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