The global automotive wheel speed sensor market is projected to grow at a CAGR of 3.98% during the forecast period, reaching a total market of US$1.525 billion in 2024 from US$1.207 billion in 2018. A wheel speed sensor is a device that is used to determine the acceleration or slowing down of the wheel. An increase in the adoption of the anti-lock braking system in vehicles, stringent government regulations for minimum stopping distance, and a rise in automotive sales across the globe have augmented the growth of the global automotive wheel speed sensor market. In addition, growth in production and sales of vehicles in developing countries of Asia-Pacific is also influencing the growth of the automotive wheel speed sensor market. The automotive wheel speed sensor market growth is directly related to the advancement and expansion of the ABS system. The high cost of vehicles embedded with the ABS system is a major factor that restrains the growth of the automotive wheel speed sensor market. The cost of the electronic component and technology makes ABS costlier than traditional braking systems in vehicles.
By Sensor Type
By Sensor Type, the global automotive wheel speed sensor market has been segmented as active and passive. Active sensor held a higher share in the global market 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 grow at a good rate. Simple construction and developments in magnetic type to bring accuracy in operation have escalated the growth.
By Vehicle Type
By Vehicle Type, the automotive wheel speed sensor market has been segmented as a passenger vehicle, light commercial vehicle, and heavy commercial vehicle. Passenger vehicles held a major share in the market. Due to cumulative sales, growing disposable income, and compulsion of the ABS system in passenger vehicles have augmented the growth for the automotive wheel speed sensors market.
By Geography
By Geography, the global automotive wheel speed sensor market is segmented as North America, South America, Europe, Middle East & Africa, and Asia-Pacific. Asia-Pacific holds the largest market share and is found out to be dominant. Increasing government support for the development of 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.
Competitive Intelligence
The global automotive wheel speed sensor market is competitive owing to the presence of well-diversified global and regional players. The key players are Continental AG, Denso Corporation, Hella KGaA Hueck & Co., and Robert Bosch GmbH among others.
Report Metric | Details |
Market size value in 2018 | US$1.207 billion |
Market size value in 2024 | US$1.525 billion |
Growth Rate | CAGR of 3.98% from 2018 to 2024 |
Base year | 2018 |
Forecast period | 2019–2024 |
Forecast Unit (Value) | USD Billion |
Segments covered | Sensor Type, Vehicle Type, And Geography |
Regions covered | North America, South America, Europe, Middle East and Africa, Asia Pacific |
Companies covered | Continental AG, Denso Corporation, Hella KGaA Hueck & Co., Robert Bosch GmbH, Hitachi Metals Ltd, KA Sensors Ltd, HONEYWELL INTERNATIONAL INC., Standard Motor Products Europe. (SMPE) |
Customization scope | Free report customization with purchase |
Segmentation
The global automotive wheel speed sensor market has been analyzed through the following segments:
By Sensor Type
Active
Passive
By Vehicle Type
Passenger Vehicle
Light Commercial Vehicle
Heavy Commercial Vehicle
By Geography
North America
United States
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
Germany
France
United Kingdom
Spain
Others
Middle East and Africa
Israel
Saudi Arabia
UAE
Others
Asia Pacific
China
Japan
South Korea
India
Others
Frequently Asked Questions (FAQs)
Q1. What is the size of global automotive wheel speed sensor market?
A1. Automotive Wheel Speed Sensor market was valued at US$1.207 billion in 2018.
Q2. What will be the automotive wheel speed sensor market size by 2024?
A2. The global automotive wheel speed sensor market is projected to reach a market size of US$1.525 billion by 2024.
Q3. What are the growth prospects for the automotive wheel speed sensor market?
A3. The global automotive wheel speed sensor market is projected to grow at a CAGR of 3.98% during the forecast period.
Q4. What factors are anticipated to drive the automotive wheel speed sensor market growth?
A4. An increase in the adoption of the anti-lock braking system in vehicles, stringent government regulations for minimum stopping distance, and a rise in automotive sales across the globe have augmented the growth of the global automotive wheel speed sensor market.
Q5. Which region holds the largest market share in the automotive wheel speed sensor market?
A5. Asia-Pacific holds the largest market share and is found out to be dominant.
1. Introduction
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology and Assumptions
2.1. Research Data
2.2. Assumptions
3. Executive Summary
3.1. Research Highlights
4. Market Trends and Overview
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Global Automotive Wheel Speed Sensor Market Analysis, by Sensor Type
5.1 Introduction
5.2 Active
5.3 Passive
6. Global Automotive Wheel Speed Sensor Market Analysis, by Vehicle Type
6.1. Passenger Vehicle
6.2. Light Commercial Vehicle
6.3. Heavy Commercial Vehicle
7. Global Automotive Wheel Speed Sensor Market Analysis, by Geography
7.1 Introduction
7.2 North America
7.2.1 USA
7.2.2 Canada
7.2.3 Mexico
7.3 South America
7.3.1 Brazil
7.3.2 Argentina
7.3.3 Others
7.4 Europe
7.4.1 Germany
7.4.2 France
7.4.3 United Kingdom
7.4.4 Spain
7.4.5 Others
7.5 Middle East and Africa
7.5.1. Israel
7.5.2. Saudi Arabia
7.5.3. UAE
7.5.4. Others
7.6 Asia-Pacific
7.6.1 China
7.6.2 Japan
7.6.3 South Korea
7.6.4 India
7.6.5 Others
8. Competitive Environment and Analysis
8.1 Major Players and Strategy Analysis
8.2 Emerging Players and Market Lucrativeness
8.3 Mergers and Acquisitions
8.4 Agreements and Collaborations
9. Company Profiles
9.1. Continental AG
9.2. Denso Corporation
9.3. Hella KGaA Hueck & Co.
9.4. Robert Bosch GmbH
9.5. Hitachi Metals Ltd
9.6. KA Sensors Ltd
9.7. HONEYWELL INTERNATIONAL INC.
9.8. Standard Motor Products Europe. (SMPE)
10. Appendix
Continental AG
Denso Corporation
Hella KGaA Hueck & Co.
Robert Bosch GmbH
Hitachi Metals Ltd
KA Sensors Ltd
HONEYWELL INTERNATIONAL INC.
Standard Motor Products Europe. (SMPE)
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