(MENAFN- EIN Presswire) Automotive Wheel Speed Sensor Market
OREGAON, PORTLAND, UNITED STATES, April 5, 2023 /einpresswire.com / -- Allied market Research published a report, titled, "automotive wheel speed sensor market by Sensor Type (Active (Active Hall effect sensor and Active magneto resistive sensor), and passive), Vehicle Type (Passenger Type and Commercial Vehicle): Global Opportunity Analysis and industry Forecast, 2018–2025." The report offers a detailed analysis of drivers & opportunities, changing market trends, competitive landscape, key segments, and market size & estimations. 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.
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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. The global automotive wheel speed sensor market opportunity has created the due to sectors promise of better productivity and sales as this sector consists of different segment such as premium and four wheelers, 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 passenger vehicles sale across the globe fuel the rise in demand for automotive vehicle. Developing countries such as India, China, and Brazil are the most promising countries for the automotive sector. The increase in demand for vehicles in automotive sector fuels the growth of the fabric market. In recent years, consumers have shifted their interest to technologically advanced requiring low cost and maintenance vehicles that has number of interior applications. This in turn increases the overall use of fabric in vehicle. Thus, such rise in the sales of automotive vehicles due to their advanced features is expected to create numerous opportunities for automotive wheel speed sensor market share expansion.
The automotive market is positively affected by safety regulations implemented by government for installation of airbags, seat belts, and anti-lock braking systems (ABS) in every vehicle. Europe and North America have been witnessed to follow these regulations more stringently as compared to Asia-Pacific and rest of the world. However, in developing countries, OEMs are providing airbags and anti-lock braking system (ABS) as standard features in vehicles, supporting the government to improve safety measures. This in turn increases the use of wheel speed sensors needed for in-vehicle safety features. Also, government of India is planning to set up its own safety authority Bharat National Car Assessment Programme (NCAP) that rates vehicle based on safety features used inside the car. Such initiatives from various governments create awareness about the safety features that directly boost the automotive wheel speed sensor market growth.
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Key Findings of the Automotive wheel speed sensor market -
In 2017, based on sensor type, the active segment generated the highest revenue.
In 2017, based on vehicle type, the passenger car segment was the highest revenue contributor.
In 2017, based on region, Asia-Pacific contributed the highest market revenue, followed by Europe, North America, and LAMEA.
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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