Automotive Wheel Speed Sensor Market Registering a CAGR of 3.6% from 2018 to 2025

The global automotive wheel speed sensor market size was valued at $6,400.0 million in 2017, and is projected to reach $8,475.4 million by 2025, registering a CAGR of 3.6% from 2018 to 2025. The active segment was the highest contributor to the market, with $4,611.2 million in 2017, and is estimated to reach $6,003.5 million by 2025, at a CAGR of 3.4% during the forecast period. In 2017, Asia-Pacific accounted for the highest share in the global automotive wheel speed sensor market.

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Major Market Players:
• Continental AG
• DENSO Corporation
• Hella KGaA Hueck & Co.
• Hitachi Metals, Ltd.
• Robert Bosch GmbH
• NTN-SNR
• NXP Semiconductors N.V
• Melexis NV
• WABCO
• ZF Friedrichshafen AG

The anti-lock braking system uses wheel speed sensor as a main component. The automotive wheel speed sensor market analysis is totally depend on the type & material used for its construction. A speed sensor is used to determine the acceleration or deceleration of the wheel. These sensors use a magnet, hall-effect sensor, a toothed wheel, and an electromagnetic coil to generate a signal. The rotation of the wheel or differential induces a magnetic field around the sensor. The fluctuations of this magnetic field generate a voltage in the sensor and passed on to the electronic control unit for the operation.

Increase in adoption of anti-locking breaking system for vehicles, rise in concern of consumer toward safety & security features, and governments legislation to mandate the ABS system in cars are the main factors that boost the growth of the 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 automotive wheel speed sensor market. The automotive wheel speed sensor market growth directly depends on the advancement and expansion of the ABS system.

The automotive industry has evolved from conventional braking systems, which use only mechanical linked brake systems. The conventional braking system has limitations regarding minimum stoppage distance and high weight & complexity due to number of components used. However, the anti-lock braking system has hydraulics and electronic components due to accurate reading property. The increase in adoption of anti-lock braking is responsible for rise in demand for wheel speed sensor in the automotive industry. Furthermore, the increase in adoption of safety features such as electronic stability unit (ESU), hydraulic braking and advanced braking system in the low to medium segment vehicles of developing countries has been widely accepted across the globe. The growth in demand for safety, comfort, and aesthetic features have led to several technological advancements, such as installation of ABS sensor, in vehicles. For instance, Continental has added two new production lines at the India (Gurgaon) plant to assemble anti-lock braking system (ABS) and electronic stability control (ESC). They increased their capacity to address the market requirements due to governments legislation for ABS entry in April 2019 for passenger cars. One of the major factors that driving the automotive wheel speed sensor market share is increase in demand for automotive sensors and autonomous vehicles with major advanced safety & security features.

The automotive environment is changing at a rapid pace due to globalization. The increase in automotive sales has been caused due to the improvement in manufacturing facilities in most of the emerging countries such as China, India, and Brazil. Global automotive sector promises better productivity and sales as this sector consists of different segment such as passenger car and commercial vehicles which in turn drives excellent profitability. This factor majorly influences prominent players of automotive sector to invest and expand the business through different segments to gain better profitability. Also, increase in disposable income of consumers and surge in car sale across the globe fuel the rise in sale of automotive vehicle. Developing countries such as India, China, and Brazil are the most promising countries for the automotive sector. China, being the worlds largest market for vehicles, is expected to grow further over the next few years as most OEMs are also making large investments in this sector. Along with China, the U.S. market is also anticipated to grow in near term. The increase in demand for ABS system for safety and the rise in demand for electric vehicles in automotive sector fuels the growth of the ABS sensors market and is anticipated to boost the automotive wheel speed sensor market opportunity in near future.

The demand for automotive speed sensors is high for applications, especially in hybrid and electric cars. The ABS based in-wheel technology is emerging as the dominant drive system for electric vehicles. The existence of an electric motor at each wheel sensor unit provides opportunities for the development of efficient intelligent brakes for in-wheel cars. The market for automotive wheel sensor experiences growth and is projected to perform better because of the additional features such as vehicle dynamic control (VDC), anti-lock braking systems (ABS), and electronic stability programme (ESP) are introduced in upcoming vehicles. There is an increase in the sales of the electric vehicle because of rise in fuel cost. In addition, the governments subsidiaries support to the use of electric vehicle due to reduction in CO2 emission is directly creating an opportunity for the ABS sensors.

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