Automotive Wheel Speed Sensor Market Growth, Size, Share, Trends, and Forecast 2032

According to the report published by Zion Market Research, the global Automotive Wheel Speed Sensor Market size was valued at USD 7.80 Billion in 2023 and is predicted to reach USD 10.27 Billion by the end of 2032. The market is expected to grow with a CAGR of 3.10% during the forecast period. The report analyzes the global Automotive Wheel Speed Sensor Market’s growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the Automotive Wheel Speed Sensor Market industry.

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Global Automotive Wheel Speed Sensor Market: Overview

A sort of tachometer is a wheel speed sensor, often known as a vehicle speed sensor (VSS). It's a sender device that measures the rotational speed of a vehicle's wheels. A toothed ring and a pickup are its components. In the day-to-day functioning of many wheels on-board systems, an automotive wheel speed sensor serves a critical role. Magneto resistive (active) and magnetic inductive (passive) wheel speed sensors are now in use. Passive sensors have been used in anti-lock braking systems (ABS) since the beginning.

Global Automotive Wheel Speed Sensor Market: Growth Factors

The global automotive wheel speed sensor market is expected to increase at a steady rate. Increased vehicle production and the requirement for improved safety features are two major factors driving the growth of the global automotive wheel speed sensor market. Because of the rising number of road accidents around the world, increasing focus is being placed on strengthening road safety standards and passing legislation to make vehicles safer to drive. As a result, the global market for automotive wheel speed sensors is seeing increased demand for automobile monitoring systems and, as a result, increased demand for automotive wheel speed sensors.

These sensors aid in the automation of automobiles as well as the detection of monitoring systems and collision warnings. Moreover, globalization is causing fast changes in the automobile industry. The development in manufacturing capacity throughout many emerging countries has produced a rise in vehicle sales, ultimately leading to a rise in market growth. However, the high cost of automobiles having an ABS is a key stumbling block to the global automotive wheel speed sensor market's growth. Furthermore, the development of signal synthesis and receptor isolation methods has resulted from recent advancements in the global market, which will promote the expansion of low-power and high-accuracy automobile wheel speed sensors in the market thereby offering better opportunities for the growth of the global automotive wheel speed sensor market during the forecast period.

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Global Automotive Wheel Speed Sensor Market COVID-19 Impact

The automobile is one of the most severely affected industries during the COVID-19 pandemic period. Government restrictions during the pandemic period forced most of the manufacturing units to halt their operations. Also, low demand and shortage of raw materials affected the production of new vehicles. All these factors collectively affected the growth of the market. However, the growing spending power of the middle-class population is expected to drive the growth of the sector, which is expected to fuel the market growth over the forecast period.

Global Automotive Wheel Speed Sensor Market: Segmentation

The global automotive wheel speed sensor market is fragmented based on sensor type, vehicle type, and region.

Based on the sensor type, the global market is divided into active sensor and passive sensor.

The vehicle type segment is split into commercial vehicles and passenger cars.

Automotive Wheel Speed Sensor Market : Report Scope

Global Automotive Wheel Speed Sensor Market: Regional Analysis

Europe is likely to lead the global automotive wheel speed sensor market over the forecast period. The automobile industry in Europe is well established with the presence of globally recognized players. Also, the European standards for automobile safety are very high which is why major companies operating in the sector follow all the safety standards such as anti-lock braking systems while constructing the vehicles. Anti-lock braking systems is one of the crucial components that rely on wheel speed sensor hence the demand for the same is always high in the European automotive sector.

North America is another major revenue-contributing region expected to maintain its healthy contribution in the global market during the forecast period. Asia Pacific automobile sector is flourishing and likely to offer great opportunities for the expansion of the market. Emerging countries such as India and China with large automobile industries are adopting advanced technologies in their vehicles which may increase the demand for automotive wheel speed sensors over the projected period.

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Global Automotive Wheel Speed Sensor Market: Competitive Players

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

are the major players operating in the global automotive wheel speed sensors market.

Global Automotive Wheel Speed Sensor Market: Segment Analysis

Based on the sensor type

• active sensor
• passive sensor

By vehicle type segment

• commercial vehicles
• passenger cars.

Global Automotive Wheel Speed Sensor Market: Regional Segment Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

What Reports Provides

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, on-going, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonials to companies in order to fortify their foothold in the market.