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Automotive Wheel Market is Anticipated to Grow Based on Enhanced Application Till 2025
automative wheel
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An increase in the adoption of the 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 the global automotive wheel speed sensor market. On the other hand, the high cost of technology has happened to curtail down the growth to some extent. However, an increase in the penetration of electric vehicles and a rise in demand for autonomous vehicles have created multiple opportunities in the segment. 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.
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 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 the ABS system in passenger vehicles have augmented the growth for the automotive wheel speed sensors market. Simultaneously, the 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 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
* ZF Friedrichshafen AG
Key questions answered in Automotive Wheel Speed Sensor Market research study:
1 What is the market growth rate of Automotive Wheel Speed Sensor Market from 2018-2025?
2 What will be the global market size of the market from 2018 to 2025?
3 Who are the leading global manufacturing companies in the Automotive Wheel Speed Sensor Market?
4 What are the major current trends and predicted trends?
5 What are the challenges faced in the Automotive Wheel Speed Sensor Market?
6 Which will be the niches at which players profiling with thorough plans, financials, and also recent advancements should set a presence?
7 Which will be the anticipated growth rates for your own Data Masking economy altogether and also for every segment inside?
8 Which will be the Automotive Wheel Speed Sensor application and types and forecast accompanied closely by producers?
9 What are the conclusions of the Automotive Wheel Speed Sensor Market report?
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