Global Automotive Wheel Speed Sensor Market - Forecasts from 2022 to 2027

The global automotive wheel speed sensor market is expected to grow at a CAGR of 3.29%, reaching a market size of US$1.535 billion in 2027 from US$1.223 billion in 2020.

A wheel speed sensor is a device that is used to determine the acceleration or slowing down of the wheel. An increase in the adoption of the anti-lock braking system in vehicles, stringent government regulations for minimum stopping distance, and a rise in automotive sales across the globe have augmented the growth of the global automotive wheel speed sensor market.

In addition, growth in production and sales of vehicles in developing countries in Asia-Pacific is also influencing the growth of the automotive wheel speed sensor market. The automotive wheel speed sensor market's growth is directly related to the advancement and expansion of the ABS system. The high cost of vehicles embedded with the ABS system is a major factor that restrains the growth of the automotive wheel speed sensor market. The cost of the electronic components and technology makes ABS costlier than traditional braking systems in vehicles.

By Sensor Type

By sensor type, the global automotive wheel speed sensor market has been segmented as active and passive. The active sensor held a higher share of the global market 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 grow at a good rate. Simple construction and developments in magnetic type to increase accuracy in operation have escalated the growth.

By Vehicle Type

By vehicle type, the automotive wheel speed sensor market has been segmented as passenger vehicles, light commercial vehicles, and heavy commercial vehicles. Passenger vehicles held a major share of the market. Cumulative sales, growing disposable income, and the compulsion of the ABS system in passenger vehicles have augmented the growth of the automotive wheel speed sensors market.

By Geography

By Geography, the global automotive wheel speed sensor market is segmented as North America, South America, Europe, Middle East & Africa, and Asia-Pacific. Asia-Pacific holds the largest market share and is found to be dominant. Increasing government support for the development of the automotive industry, rapid industrialization, and a constant focus on developing newer products to meet diverse changes in consumer demands in the region have influenced the growth.

Key Developments:

• January 2022: In place to bolster new applications in advanced driver assistance systems (ADAS), Allegro MicroSystems, Inc a global leader in sensor and power technologies for motion control and energy-efficient systems, unveiled the A19360 wheel speed and distance sensor. Modern giant magnetoresistance (GMR) sensors give automakers the signal resolution and dependability needed for high degrees of automation in passenger cars and applications for mobility-as-a-service. Even autopilot performance and low-speed maneuverability in crowded areas can be enhanced by it.
• February 2022: Leading technology and service provider Bosch said that it would invest an additional R2,000 crore over the next five years. The investments would mostly be made in the field of digital mobility and innovative automotive technologies. Bosch claimed it is using its extensive electronics, software, and automotive expertise to take additional strategic steps toward a leading position in the technology-demoninated future of mobility.
• September 2022: Vulk & Montage, a conveyor and maintenance firm situated in Karlstad, Sweden, has been acquired by Continental's Conveying Solutions, a global automotive wheel speed sensor company. In the vital industrial region of central Sweden, it broadens the scope of its services. One of the world's top experts in conveying and off-highway solutions, Continental's Conveying Solutions business division, will include the operations. With the help of the Vulk & Montage Group, the company will be able to provide industrial clients in Central Sweden with comprehensive service & solution packages in addition to the present Continental product offering.

Product Offerings:

• Bosch wheel-speed sensor: Bosch wheel-speed sensors use a non-contacting measurement approach to determine the rotating wheel speed of moving objects. The Hall-sensing element, signal amplifier, and signal processing are all combined on a single chip in Bosch wheel-speed sensor circuits. The revolving encoder, which can be either a multipole or a metal wheel, exposes the circuit to its fluctuating magnetic field. A magnet inserted inside the sensor is required for applications involving steel wheels. There are several sensor variations of the wheel-speed sensors with signal redundancy that are compatible with highly automated driving.
• Continental WSS : The anisotropic magnetoresistance effects, such as AMR (magnetoresistive) or GMR, are used to estimate the wheel speed (giant magnetoresistive). With the use of these technologies and integrated signal processing, Continental WSS (Wheel Speed Sensor) is able to communicate the rotational speed of the wheel to various control systems, including ABS, TCS, and ESC. This generation of sensors can perform a wide range of tasks due to this technique and an integrated information processing capability. It has a sturdy design, is adjustable in reading position, and was designed in accordance with ISO 26262 safety standards. However, it takes less time to develop and requires less layout variation and validation work.

Segmentation

The global automotive wheel speed sensor market has been analyzed through the following segments:

• By Sensor Type

Active

Passive

• By Vehicle Type

Passenger Vehicle

Light Commercial Vehicle

Heavy Commercial Vehicle

• By Geography

North America

• United States
• Canada
• Mexico

South America

• Brazil
• Argentina
• Others

Europe

• Germany
• France
• United Kingdom
• Spain
• Others

Middle East and Africa

• Israel
• Saudi Arabia
• UAE
• Others

Asia Pacific

• China
• Japan
• South Korea
• India
• Taiwan
• Thailand
• Indonesia
• Others