Increasing adoption of anti-lock braking system in vehicles, stringent Government mandates for minimum stoppages distance, and rise in automotive sales across the globe has fueled the growth of global automotive wheel speed sensor market
PORTLAND, Oregon, April 10, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Automotive Wheel Speed Sensor Market by Sensor Type (Active (Active Hall effect sensor and Active magneto resistive sensor), and passive), Vehicle Type (Passenger Type and Commercial Vehicle): Global Opportunity Analysis and Industry Forecast, 2018–2025." The report offers a detailed analysis of drivers & opportunities, changing market trends, competitive landscape, key segments, and market size & estimations. According to the report, the global automotive wheel speed sensor market was estimated at $6.4 billion in 2017 and is expected to hit $8.4 billion by 2025, growing at a CAGR of 3.6% during the forecast period.
Increase in adoption of anti-lock braking system in vehicles, stringent government mandates for minimum stoppages distance, and rise in automotive sales across the globe have fueled the growth of global automotive wheel speed sensor market. On the other hand, high cost of the technology has happened to curtail down the growth to some extent. However, increase in penetration of electric vehicles and rise in demand for autonomous vehicles have created multiple opportunities in the segment.
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Sensor to dominate the market throughout the forecast period
By sensor type, the active segment accounted for more than three-fourths of the total market in 2017 and is expected to dominate throughout the forecast period. This is due to its property hall effect principle, true zero speed capability, and precise switch point measurement that helps in reading accurate wheel movement even when the vehicle is not in motion. On the other hand, the passive segment is expected to be the fastest growing sector, growing at a CAGR of 4.2% during 2018–2025. Simple construction and developments in magnetic type to bring accuracy in operation have escalated the growth.
Passenger vehicle to have the lion's share throughout the forecast period
Based on vehicle type, passenger vehicle contributed to nearly three-fourth of the total market in 2017 and is anticipated to maintain its top status during the forecast period, 2018–2025. Cumulative sales, growing disposable income, and compulsion of ABS system in passenger vehicles have augmented the growth for the automotive wheel speed sensors market. Simultaneously, commercial vehicle has come up as the fastest growing segment, registering a CAGR of 3.1% during the forecast period.
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Asia-Pacific to remain dominant till 2025
By region, Asia-Pacific held the largest market share in 2017 and turned out to be dominant throughout the forecast period. Increasing government support for the automotive industry, rapid industrialization, and constant focus on developing newer products to meet diverse changes in consumer demands in the region have influenced the growth. Also, the province has showcased a CAGR of 4.4% throughout the forecast period and has been cited as the fastest growing region.
Key players in the market
Leading market players analyzed in the research include Robert Bosch GmbH, HELLA GmbH & Co. KGaA, Continental AG, DENSO CORPORATION, WABCO, Hitachi Metals, Ltd., Melexis, NTN-SNR, NXP Semiconductors, and ZF Friedrichshafen AG.
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The global automotive wheel market is expected to witness a considerable growth due to the emerging technologies in vehicle standards, which propel its adoption globally. The global automotive wheel market is projected to witness extensive growth, especially in the emerging economies, owing to the increase in vehicle population and rise in government.
The ability of the automotive sensors to monitor vehicle safety, engine efficiency, driving comfort and vehicle dynamic behavior is expected to promote its demand in near future. On the other hand, the technological advancements coupled with rising hybrid & electric vehicle production is expected to open new opportunities for the market growth.
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