Press release
Automotive Wheel Market Expected to Impact Growth to 2026 | Iochpe-Maxion, CITIC Dicastal Wheel Manufacturing, Hitachi Metals, Steel Strips Wheels, American Eagle Wheels.
Automotive Wheel Market
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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,
oRobert Bosch GmbH
oHELLA GmbH & Co. KGaA
oContinental AG
oDENSO CORPORATION
oWABCO
oHitachi Metals Ltd.
oMelexis
oNTN-SNR
oNXP Semiconductors
oZF Friedrichshafen AG
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Key questions answered in Automotive Wheel Speed Sensor Market research study:
oWhat is the market growth rate of Automotive Wheel Speed Sensor Market from 2018-2025?
oWhat will be the global market size of the market from 2018 to 2025?
oWho are the leading global manufacturing companies in the Automotive Wheel Speed Sensor Market?
oWhat are the major current trends and predicted trends?
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About Us
Allied Market Research (AMR) is a market research and business-consulting firm of Allied Analytics LLP, based in Portland, Oregon. AMR offers market research reports, business solutions, consulting services, and insights on markets across 11 industry verticals. Adopting extensive research methodologies, AMR is instrumental in helping its clients to make strategic business decisions and achieve sustainable growth in their market domains. We are equipped with skilled analysts and experts, and have a wide experience of working with many Fortune 500 companies and small & medium enterprises.
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