Automotive Wheel Speed Sensor Market Overview:
The Automotive Wheel Speed Sensor Market Size was estimated at 2.45 (USD Billion) in 2022. The Automotive Wheel Speed Sensor Market Industry is expected to grow from 2.54 (USD Billion) in 2023 to 3.5 (USD Billion) by 2032. The Automotive Wheel Speed Sensor Market CAGR (growth rate) is expected to be around 3.64% during the forecast period (2024 - 2032).
Key Automotive Wheel Speed Sensor Market Trends Highlighted
The Automotive Wheel Speed Sensor Market is also partaking in some of the emerging trends that include the shifting tides of the competitive structure of the market. One of the major trends here is the increasing usage of advanced driver assistance systems and autonomous vehicles. As more levels of automation are integrated into vehicles, wheel speed information becomes essential for performance and safety, either to enhance or to ensure efficiency. This makes high-precision wheel speed sensors with improved accuracy and reliability very marketable. There is also a rise in the usage of electric vehicles. These batteries generate propulsion torque, which thus necessitates the need for powerful wheel speed sensors. This growth is also expected as these sensors will be integrated into the powertrain and battery management systems of the EVs. Furthermore, more emphasis on vehicle safety and communication for the use of wheel speed sensors in many regions has propelled adoption in the automotive industry.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Wheel Speed Sensor Market Drivers
Increasing Demand for Advanced Safety Features
The Global Automotive Wheel Speed Sensor Market Industry is being driven by the increasing demand for advanced safety features in vehicles. Wheel speed sensors are integral to systems such as the Anti-lock Braking System, Traction Control System, Electronic Stability Control, and many other safety systems that are installed in modern vehicles. The wheel speed sensors play a vital role in these systems as they provide the requisite data for the optimal functioning of these systems.This, in turn, helps prevent vehicular accidents caused by sliding and other causes. Wheel speed sensors are being increasingly adopted in several developing nations, owing to the popularity of these safety technologies. Additionally, many governments across the world are issuing regulations making these mandatory for new vehicles, which is helping increase the revenue of this market industry.
Rise of Electric and Hybrid Vehicles
Another factor that is anticipated to stimulate the Automotive Wheel Speed Sensor Market Industry is the increasing popularity of electric and hybrid vehicles. In order to provide adequate and precise information through which the energy management and the regenerative braking systems of the electric and hybrid cars can be optimized and maintained at top working condition, the wheel speed sensors are ideal. Modern-day society is increasingly concerned with the safety and preservation of the ecological balance, and as such, numerous environmental protection measures are being enforced, along with government incentives for electric and hybrid cars that further support the increased use of these new green vehicles.
Technological Advancements
Advancements in sensor technology are also driving the growth of the Automotive Wheel Speed Sensor Market Industry. The development of new sensor technologies, such as Hall effect sensors and magneto-resistive sensors, has improved the accuracy, reliability, and durability of wheel speed sensors. These advancements have enabled the integration of wheel speed sensors into advanced driver-assistance systems (ADAS) and autonomous driving technologies.The increasing adoption of ADAS and autonomous driving features is expected to further drive the demand for wheel speed sensors.
Automotive Wheel Speed Sensor Market Segment Insights:
Automotive Wheel Speed Sensor Market Type Insights
The Automotive Wheel Speed Sensor Market is split into two distinct types. First, there are passive wheel speed sensors, which use a magnet and a coil to produce a signal that is proportional to the speed of the wheel. Second, there are actives wheel speed sensors, which use a Hall effect sensor to produce a signal that is also proportional to the speed of the wheel. In addition, passive wheel speed sensors are both cheaper and less accurate than actives wheel speed sensors. Meanwhile, actives wheel speed sensors are more expensive, but they are also more accurate.As a result, the passive wheel speed sensor segment is likely to account for a greater share of the Global Automotive Wheel Speed Sensor Market revenue in 2023.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Wheel Speed Sensor Market Signal Generation Insights
The Global Automotive Wheel Speed Sensor Market is segmented into Signal Generation, which includes Inductive Wheel Speed Sensors, Capacitive Wheel Speed Sensors, and Hall-effect Wheel Speed Sensors. Among these, Inductive Wheel Speed Sensors hold the largest market share due to their high accuracy, reliability, and cost-effectiveness. Capacitive Wheel Speed Sensors are gaining traction in the market owing to their ability to measure speed without physical contact with the wheel, making them suitable for harsh environments. Hall-effect Wheel Speed Sensors offer advantages such as low power consumption and high sensitivity, making them a preferred choice for applications requiring precise speed measurements.The Global Automotive Wheel Speed Sensor Market revenue for the Signal Generation segment is projected to reach $1.2 billion by 2024, exhibiting a CAGR of 5.4% during the forecast period.
Automotive Wheel Speed Sensor Market Number of Channels Insights
The Global Automotive Wheel Speed Sensor Market is segmented by the Number of Channels into Single-channel Wheel Speed Sensors, Dual-channel Wheel Speed Sensors, and Multi-channel Wheel Speed Sensors. Among these, the Single-channel Wheel Speed Sensors segment held the largest market share in 2023, accounting for over 45% of the Global Automotive Wheel Speed Sensor Market revenue. The growth of this segment can be attributed to the increasing demand for affordable and reliable wheel speed sensors in entry-level and mid-range vehicles. The Dual-channel Wheel Speed Sensors segment is expected to witness significant growth in the coming years due to the rising adoption of advanced safety features such as ABS and traction control systems.The Multi-channel Wheel Speed Sensors segment is expected to gain traction in the long term due to the growing demand for high-performance vehicles and autonomous driving systems.
Automotive Wheel Speed Sensor Market Application Insights
The automotive wheel speed sensor market is segmented by application into Anti-lock Braking Systems (ABS), Traction Control Systems (TCS), Electronic Stability Control (ESC) Systems, and Tire Pressure Monitoring Systems (TPMS). The ABS segment is expected to hold the largest market share in 2023 and is projected to continue to grow at a CAGR of 3.4% from 2023 to 2032. The TCS segment is expected to grow at a CAGR of 3.6% from 2023 to 2032, while the ESC segment is expected to grow at a CAGR of 3.8% during the same period. The TPMS segment is expected to grow at a CAGR of 4.0% from 2023 to 2032.The growth of the TPMS segment is attributed to the increasing adoption of TPMS in emerging markets, as well as the growing popularity of TPMS in luxury vehicles.
Automotive Wheel Speed Sensor Market Regional Insights
The Global Automotive Wheel Speed Sensor Market is segmented by region into North America, Europe, APAC, South America, and MEA. North America is expected to hold the largest market share in 2023, owing to the presence of major automotive manufacturers and a large installed base of vehicles. Europe is expected to be the second-largest market, followed by APAC. The APAC region is expected to witness the highest growth rate during the forecast period due to the increasing production of vehicles in the region. South America and MEA are expected to account for a smaller share of the global market.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Wheel Speed Sensor Market Key Players And Competitive Insights:
Major players in the Automotive Wheel Speed Sensor Market industry are constantly innovating and developing new technologies to gain a competitive edge. Leading Automotive Wheel Speed Sensor Market players are investing heavily in research and development to create more advanced and efficient products. The Automotive Wheel Speed Sensor Market industry is also witnessing a trend toward consolidation, with larger players acquiring smaller companies to expand their market share. This consolidation is expected to continue in the coming years as companies seek to gain economies of scale and increase their market presence. The Automotive Wheel Speed Sensor Market industry is also being driven by the increasing demand for safety features in vehicles. As consumers become more aware of the importance of safety, they are demanding vehicles with more advanced safety features, such as lane departure warning systems and adaptive cruise control. This demand is driving the growth of the Automotive Wheel Speed Sensor Market, as these systems rely on wheel speed sensors to function properly.Continental AG is a leading Automotive Wheel Speed Sensor Market player with a strong focus on innovation and development. The company offers a wide range of wheel speed sensors for various vehicle applications. Continental AG is known for its high-quality products and its commitment to customer satisfaction. The company has a global presence and supplies its products to major automotive manufacturers around the world. Continental AG is well-positioned to continue its growth in the Automotive Wheel Speed Sensor Market as it continues to invest in research and development and expand its product portfolio.Denso Corporation is another major Automotive Wheel Speed Sensor Market player with a strong focus on technology and innovation. The company offers a wide range of wheel speed sensors for various vehicle applications. Denso Corporation is known for its high-quality products and its commitment to customer satisfaction. The company has a global presence and supplies its products to major automotive manufacturers around the world. Denso Corporation is well-positioned to continue its growth in the Automotive Wheel Speed Sensor Market as it continues to invest in research and development and expand its product portfolio.
Key Companies in the Automotive Wheel Speed Sensor Market Include:
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WABCO
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Bosch
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Continental
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Infineon Technologies
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ZF Friedrichshafen AG
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Hyundai Mobis
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NXP Semiconductors
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Texas Instruments
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STMicroelectronics
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Hella
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Delphi Technologies
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Robert Bosch GmbH
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KYB Corporation
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Denso
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Sensata Technologies
Automotive Wheel Speed Sensor Market Industry Developments
The global automotive wheel speed sensor market is projected to reach USD 3.5 billion by 2032, exhibiting a CAGR of 3.64% during the forecast period (2024-2032). Growing demand for advanced driver assistance systems (ADAS) and increasing vehicle production are key factors driving market growth. The adoption of electric vehicles is also expected to boost demand for wheel speed sensors, as they play a crucial role in traction control and anti-lock braking systems. Key players in the market include Continental AG, Robert Bosch GmbH, and Denso Corporation. Recent developments include the launch of new products with enhanced features, such as the Bosch ESP system with integrated wheel speed sensors and the Denso ultrasonic wheel speed sensor. The market is expected to witness continued growth in the coming years, driven by rising vehicle production and technological advancements.
Automotive Wheel Speed Sensor Market Segmentation Insights
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Automotive Wheel Speed Sensor Market Type Outlook
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Passive Wheel Speed Sensors
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Active Wheel Speed Sensors
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Automotive Wheel Speed Sensor Market Signal Generation Outlook
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Inductive Wheel Speed Sensors
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Capacitive Wheel Speed Sensors
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Hall-effect Wheel Speed Sensors
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Automotive Wheel Speed Sensor Market Number of Channels Outlook
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Single-channel Wheel Speed Sensors
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Dual-channel Wheel Speed Sensors
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Multi-channel Wheel Speed Sensors
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Automotive Wheel Speed Sensor Market Application Outlook
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Anti-lock Braking Systems (ABS)
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Traction Control Systems (TCS)
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Electronic Stability Control (ESC) Systems
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Tire Pressure Monitoring Systems (TPMS)
| Report Attribute/Metric |
Details |
| Market Size 2022 |
2.45 (USD Billion) |
| Market Size 2023 |
2.54 (USD Billion) |
| Market Size 2032 |
3.5 (USD Billion) |
| Compound Annual Growth Rate (CAGR) |
3.64% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
WABCO, Bosch, Continental, Infineon Technologies, ZF Friedrichshafen AG, Hyundai Mobis, NXP Semiconductors, Texas Instruments, STMicroelectronics, Hella, Delphi Technologies, Robert Bosch GmbH, KYB Corporation, Denso, Sensata Technologies |
| Segments Covered |
Type, Signal Generation, Number of Channels, Application, Regional |
| Key Market Opportunities |
Increased Demand for Advanced Driver Assistance Systems ADAS Growing Electric Vehicle Market Demand for Tire Pressure Monitoring Systems TPMS Rising Safety Regulations Integration of Connectivity Features |
| Key Market Dynamics |
Rising demand for advanced safety features Government regulations for improved vehicle safety Increasing production of electric vehicles Technological advancements Growing demand for lightweight materials. |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Global Automotive Wheel Speed Sensor Market is estimated to be worth 2.54 billion USD in 2023.
The Global Automotive Wheel Speed Sensor Market is projected to grow at a CAGR of 3.64% from 2024 to 2032.
The Asia-Pacific region is expected to hold the largest market share in the Global Automotive Wheel Speed Sensor Market in 2032.
Key applications of Automotive Wheel Speed Sensors include Anti-lock Braking Systems (ABS), Electronic Stability Control (ESC), and Traction Control Systems (TCS).
Key competitors in the Global Automotive Wheel Speed Sensor Market include Bosch, Continental, Denso, ZF TRW, and NXP Semiconductors.
Factors driving the growth of the Global Automotive Wheel Speed Sensor Market include increasing demand for safety features in vehicles, rising production of passenger cars, and growing adoption of advanced driver assistance systems (ADAS).
Challenges facing the Global Automotive Wheel Speed Sensor Market include technological advancements in autonomous vehicles and the impact of the COVID-19 pandemic on the automotive industry.
Key trends in the Global Automotive Wheel Speed Sensor Market include the integration of sensors with other vehicle systems, the development of wireless sensors, and the increasing use of artificial intelligence (AI) in sensor design.
Opportunities in the Global Automotive Wheel Speed Sensor Market include the growing demand for electric vehicles, the development of new sensor technologies, and the expansion of the aftermarket for automotive sensors.
Key growth strategies adopted by players in the Global Automotive Wheel Speed Sensor Market include product innovation, strategic partnerships, and geographical expansion.
