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Increased complexity of road traffic makes an excellent demand for drivers. Driver assistance systems relieve driver fatigue and optimize safety on the road. As a result, modern driver assistance systems are a part of the standard equipment in almost all new cars. Vehicle electronics play an essential role in all comfort and safety features. The optimal interaction of complex electronic systems ensures fault-free functioning of the vehicle and improves traffic safety. Sensors support the data communication of electronic vehicle systems. For driver safety, wheel speed sensors are used in numerous applications in various vehicle systems. Wheel speed sensors (WSS) record the speed of the vehicle & communicate this information to the driving safety system in the form of an electric signal. These sensors also help in the effective detection of collision warning and monitoring systems along with the automation of vehicles. Increasing automobile production and rising demand for enhancement of safety features is fueling the growth of WSS. Increased number of driving accidents, emphasis on reforming road safety protocols, and strict regulations regarding vehicle safety have boosted the adoption of the automobile monitoring devices. This, in turn, has propelled the demand for wheel speed sensors.
Key Market Driver -
Growing awareness among consumers regarding vehicle and driver safety and the need to avert road accidents is expected to drive the growth of this market.
Key Market Restraint -
The Increasing cost of this technology, coupled with concerns over the exposure of these sensors to harsh conditions, is expected to restrain the growth of this market.
Wheel speed sensors operate in harsh conditions that expose them to extreme vibration, water, temperature fluctuations, and dirt. These factors are expected to restrain the growth of the market. Also, disruption of connecting wires owing to suspension and steering movements is expected to restrain the growth of this market.
Globally, the wheel speed sensor market has been segmented by type, by application, and by region. By type, the market is segmented into the magnetoresistive sensor and hall effect sensor. The hall effect sensor segment is expected to hold the largest market share owing to increasing automobile production across the globe coupled with the increased use of this type of sensors in passenger cars as they provide superior detection of speed, position, and direction of travel for a vehicle. Magnetoresistive sensor segment is also expected to show good growth owing to the optimal use of these sensors in battery-operated vehicles and features such as low power requirement and low cost of this segment. By application, the market is segmented into passenger cars, light commercial vehicles, and heavy commercial vehicles. The passenger car segment is anticipated to dominate this market. The compulsion of ABS systems in passenger cars, coupled with increasing disposable income, is expected to fuel market growth in this segment. The light commercial vehicles segment is expected to show steady growth owing to the increasing use of vans and pick-up trucks for intracity operations. The heavy commercial vehicles segment is also expected to show good growth owing to rising demand for vehicle safety and the need to reduce driver strain, specifically in the long-haul trucking industry.
The major companies in the global Automotive Wheel Speed Sensor market include Robert Bosch GmbH, Continental AG, Denso Corporation, NXP Semiconductors, WABCO, ZF Friedrichshafen AG, Hitachi Metals Ltd., Melexis, Delphi Automotive, etc.
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Geographically, the wheel speed sensor market is segmented into North America, Europe, Asia-Pacific, and the rest of the world. Asia-Pacific holds the largest market share owing to rapid industrialization, rising vehicle production, government regulations to mandate ABS in cars, and increased R&D by manufacturers to satisfy changing consumer demand in this region. Europe is expected to show significant growth in this market owing to the presence of large automotive manufacturing companies, high disposable income, and stringent vehicle regulations regarding safety standards. North America is also expected to show good growth in this market over the forecast period. The early adoption of safety-oriented electronic systems and substantial investment by manufacturers in technological advancements for automotive sensors is likely to propel the market growth in this region.
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