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Numerous factors affect the wheel speed sensor market thus contributing to its dynamic nature within an automotive industry. The first major impetus is the growing demand for safety measures in automobiles and adopted ADAS. Modern automotive safety systems, such as ABS and ESC use wheel speed sensors that help in better control of vehicle movement hence leading to accident prevention. The market dynamics are therefore closely related to the increasing demand for safety features in automobiles as a result of both regulations and consumer needs.
Technological innovations are one of the major driving forces in the wheel speed sensor market. As vehicles come to be more complicated and technologically advanced, wheel speed sensors change with the requirements of new technologies such as autonomous driving or connected cars. The application of sophisticated sensor technology including magnetic and optical sensors helps improve the precision and dependability when it comes to measuring wheel speed.
Continuous research and development activities to enhance the sensor performance, reduce cost burden (cost-effective sensors) addressing changing pattern in automotive technologies. The government regulations and safety standards play a significant role in the market drivers for wheel speed sensors. It is a global obligation for regulatory bodies to incorporate safety features in vehicles, indicating the function of ABS and ESC systems based on wheel speed sensor data.
The trends are informed by the requirement to be compliant with safety standards making manufacturers commitments in ensuring their vehicles meet or even exceed regulatory requirements triggering wheel speed sensors demands for reliability and efficiency. The increasing electrification and hybridization of vehicles is also instrumental in shaping market dynamics. Electric and hybrid vehicles use sophisticated propulsion systems that need accurate wheel speed data for the best operation.
They increase the efficiency and safety of these cars, while electric car market is expanding it would also influence an uptake in wheel speed sensors.
Market drivers include keen consumer preferences for better driving experiences and comfort.
With consumers expecting complex and feature-rich vehicles, OEMs see the need to introduce newer control systems that focus more on wheel speed sensors. The process is defined by the reaction of auto industry to consumer demand for vehicles equipped with newer technologies that improve safety and general driving experience.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2023 | USD 7.3 Bn |
| Growth Rate | 3.2% (2023-2032) |
Wheel Speed Sensor Market Highlights:
Global Wheel Speed Sensor Market Overview
Wheel Speed Sensor Market Size was valued at USD 7.3 Billion in 2023. The Wheel Speed Sensor market industry is projected to grow from USD 7.9 Billion in 2024 to USD 12.2 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.2% during the forecast period (2024 - 2032).The growing uses of electric cars (EVs) in tandem with the automotive industry’s notable development are the key market drivers boosting the expansion of the market.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Wheel Speed Sensor Market Trends
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Increase in traffic on the roads is driving the market growth
Market CAGR for wheel speed sensor is being driven by the increase in traffic on the roads. The wheel speed and rotational direction of an automobile are detected by an automotive wheel speed sensor (WSS), also called a vehicle speed sensor (VSS). It uses electrical impulses to offer input to many automobile systems, such as the electronic stability control (ESC) and anti-lock brake system (ABS). It is mounted directly above the pulse wheel, which is attached to either the driveshaft or the wheel hub. It assists in maintaining appropriate driving dynamics, consuming less fuel, and emitting less greenhouse gases.
Additionally, over the world, passenger cars, light commercial vehicles (LCVs), and heavy commercial vehicles (HCVs) all use automotive WSSs extensively nowadays. One of the main elements fostering a favorable market outlook is the growing use of electric cars (EVs), which coincides with tremendous expansion in the automotive industry. Additionally, more and more advanced driver assistance systems (ADAS) are being used to maximize road safety as a result of the increased obstacles that drivers face as a result of increasing traffic.
Wheel speed is determined by automotive WSS, which is used in ADAS systems such motor control units (MCU), traction control systems (TCS), adaptive cruise control (ACC), and ABS. Furthermore, the seamless integration of various electrical systems guarantees the car's faultless operation and enhances traffic safety. In addition, the integration of ABS in automobiles is required by the governments of several nations, which is encouraging the market's expansion. The growth of the automobile industry is expected to be aided by additional factors such the rising sales of passenger cars worldwide and advancements in materials, mechanics, engines and fuels, aerodynamics, autonomous control, and performance.
For instance, the Indian Ministry of Road and Transport declared in September 2018 that new cars must include automatic emergency braking (AEB) and electronic stability control (ESC). Moreover, the growing consumer electronics manufacturing industry in developing countries like China, India, and Japan is expected to drive market expansion. Thus, result in driving the Wheel Speed Sensor market revenue.
Wheel Speed Sensor Market Segment Insights
Wheel Speed Sensor Type Insights
The Wheel Speed Sensor Market segmentation, based on type includes Hall Type, and Magnetic Electric Type. The hall type segment dominated the market. Because these sensors offer better detection of a vehicle's speed, position, and direction of motion, their use in passenger automobiles has expanded due to increased automobile manufacturing worldwide.
Figure1: Wheel Speed Sensor Market, by Application, 2022&2032 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Wheel Speed Sensor Application Insights
The Wheel Speed Sensor Market segmentation, based on Application, includes Passenger Vehicle, and Commercial Vehicle. The passenger vehicle category generated the most income. The demand for ABS systems in passenger automobiles is anticipated to drive market expansion in this category, along with rising disposable income.
Wheel Speed Sensor Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Wheel Speed Sensor market area will dominate this market. The increasing use of speed sensors in the consumer electronics, automotive, and defense industries is one of the main reasons propelling the industry's expansion in North America. Furthermore, it is projected that the US's growing demand for autonomous vehicles will spur market expansion.
Further, the major countries studied in the market report are The US, German, France, the UK, Canada, Italy, Spain, India, Australia, South Korea, China, Japan, and Brazil.
Figure2: Wheel Speed Sensor Market Share By Region 2022 (Usd Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Europe Wheel Speed Sensor market has the second-largest portion of the market. Regional market expansion is expected to be supported by the quick development of high accuracy and low power speed sensors.]. Further, the German Wheel Speed Sensor market had the biggest market share, and the UK Wheel Speed Sensor market was the European market with the quickest rate of growth.
The Asia-Pacific Wheel Speed Sensor Market is anticipated to expand between 2023 and 2032 at the quickest CAGR. The rapid rise of this industry can be attributed to the rapidly increasing vehicle sector in emerging markets. Moreover, China’s Wheel Speed Sensor market had the biggest market share, and the Indian Wheel Speed Sensor market was the Asia-Pacific region's fastest-growing market.
Wheel Speed Sensor Key Market Players& Competitive Insights
Leading market players are putting a lot of money in R&D to expand their product lines, which will help the wheel speed sensor market continue to grow. Additionally, market players are engaging in a range of calculated initiatives to increase their worldwide presence, with important market developments involving the introduction of new products, contracts, M&A transactions, increased investment, and cooperation with other enterprises. To grow and endure in an increasingly cutthroat and dynamic market, Wheel Speed Sensor industry must provide reasonably priced goods.
One of the main business strategies employed by manufacturers is to manufacture locally in order to reduce operating expenses in the global Wheel Speed Sensor industry to help customers and expand the market segment. In recent years, the Wheel Speed Sensor industry has provided some of the biggest benefits to medicine. Major players in the Wheel Speed Sensor market, including Bosch, Continental, MOBIS, ZF TRW, AISIN, Delphi, WABCO, Knorr-Bremse, MHE, Hitachi Metal, and others, are engaging in research and development activities in an effort to boost market demand.
Robert Bosch LLC is a well-known international engineering and technology corporation. With a rich history spanning more than a century, it was founded in 1886. Automotive, industrial, consumer goods, energy and building technologies are just a few of the industries in which Bosch is a global leader in supplying cutting-edge solutions. Power tools, smart home solutions, industrial automation technology, and automotive components are all part of its vast offering. Bosch is a global leader in technology-driven breakthroughs, with an emphasis on cutting-edge innovation. In 2021, Bosch unveiled the "PowerTube 625," a battery pack designed to interface seamlessly with electric bicycles. Although the product's exact introduction date is unknown, it showed Bosch's commitment to developing environmentally friendly mobility solutions.
Continental AG, also referred to as Continental or simply as Conti, is a leader in the production of tires, brake systems, vehicle electronics, automotive safety, powertrain, chassis components, tachographs, and other parts for the transportation and automotive industries. Chassis and Safety, Powertrain, Interior, Tires, ContiTech, and ADAS (Advanced Driver Assistance Systems) are the six departments that make up Continental. Lower Saxony's Hanover serves as its headquarters. As the fourth-biggest tire manufacturer in the world, Continental is the third-biggest car supplier globally. In August 2019, the development of Continental AG's Manesar facility in India is planned. This allows the company to satisfy the increasing demand brought on by new safety and emission regulations in India by increasing its capacity to create wheel speed sensors.
Key Companies in the Wheel Speed Sensor market include
Wheel Speed Sensor Industry Developments
April 2020: Hyundai Mobis expanded its technical center in Hyderabad, India, to enhance software development for future autos. With a focus on software development for driverless vehicles, the business wants to increase its R&D efforts in India.
January 2023: Hyundai Mobis revealed its "NEW MOBIS" vision at CES 2023, announcing a breakthrough as a mobility provider with an integrated platform with a software-centric focus.
August 2019: Continental AG will expand its Manesar factory in India. Therefore, in order to meet the growing demand brought on by recent safety and emission rules in India, the company may produce more wheel speed sensors.
Wheel Speed Sensor Market Segmentation
Wheel Speed Sensor Type Outlook
- Hall Type
- Magnetic Electric Type
Wheel Speed Sensor Application Outlook
- Passenger Vehicle
- Commercial Vehicle
Wheel Speed Sensor Regional Outlook
North America
- US
- Canada
Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
Rest of the World
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Middle East
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Africa
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Latin America
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