Portland, April 30, 2019 (GLOBE NEWSWIRE) -- According to a report published by Allied Market Research, the global automotive wheel speed sensor market generated $6.4 billion in 2017 and is expected to garner $8.4 billion by 2025, registering a CAGR of 3.6% during the forecast period, 2018-2025.
The growth of the global automotive wheel speed sensor market is driven by a surge in adoption of the anti-lock braking system in vehicles, strict government regulations for minimum stoppage distance, and increase in automotive sales worldwide. Additionally, rise in penetration of electric vehicles and increased demand for autonomous vehicles would provide lucrative opportunities for emerging market players in the near future. However, the high cost of such technology has hampered the market growth.
By sensor type, the passive segment is projected to grow at the fastest CAGR of 4.2% during the forecast period, owing to increased operational accuracy due to developments in construction and in magnetic type. However, the active segment generated more than three-fourths of the total revenue in 2017 and is expected to continue its dominance through 2025. This is due to its true zero speed capability and precise switch point measurements that help in reading accurate wheel movement even when the vehicle is not in motion.
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By vehicle type, the passenger vehicle segment occupied nearly three-fourth of the overall market share in 2017 and is poised to maintain this top status throughout 2025. This is attributed to the growing sales, increasing disposable income, and compulsion of the ABS system in passenger vehicles. However, the commercial vehicle segment is projected to register the highest growth during the forecast period.
Regionally, Asia-Pacific is not only anticipated to grow at the fastest CAGR of 4.4% during the forecast period but also generate the highest revenue through 2025. This is due to increasing government supports for automotive industry, rapid industrialization and constant focus on developing newer products to meet diverse changes in consumer demands.
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The key players analyzed in the report 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. They have adopted different strategies including collaborations, joint ventures, partnerships, expansions, mergers & acquisitions, and others to gain a strong position in the industry.
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