Press release
Automotive Wheel Speed Sensor Market : Passive Type to Grow at CAGR of 4.2% During 2018-2025 | AMR
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.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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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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