Global Wheel Speed Sensor Market Size To Exceed USD 9.8 Billion by 2033: Forecast Analysis Report

Global Wheel Speed Sensor Market Size To Exceed USD 9.8 Billion by 2033

According to a research report published by Spherical Insights & Consulting, The Global Wheel Speed Sensor Market Size is Expected to Grow from USD 7.0 Billion in 2023 to USD 9.8 Billion by 2033, at a CAGR of 3.42% during the forecast period 2023-2033.          

The global wheel speed sensor market refers to the worldwide industry dedicated on the production, distribution, and innovation of wheel speed sensors, which are critical components in automotive systems that monitor the rotational speed of each wheel. These sensors play a vital role in functions such as anti-lock braking systems (ABS), electronic stability control (ESC), and advanced driver-assistance systems (ADAS). The market encompasses various sensor types, including active and passive technologies, and is driven by increasing vehicle safety standards, technological advancements, and the growing adoption of electric and autonomous vehicles globally. Furthermore, the global wheel speed sensor market is driven by rising vehicle production, growing demand for advanced driver assistance systems (ADAS), and increasing focus on vehicle safety and regulatory compliance. Technological advancements in sensor design, along with the growing adoption of anti-lock braking systems (ABS) and electronic stability control (ESC), further drive market growth across both passenger and commercial vehicle segments. However, high manufacturing and replacement costs, integration complexities with advanced braking systems, susceptibility to damage in harsh environments, and limited adoption in low-end vehicles are key factors restraining the global wheel speed sensor market.

The hall type segment accounted for the largest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period.              

On the basis of the type, the global wheel speed sensor market is divided into hall type and magnetic electric type. Among these, the hall type segment accounted for the largest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period. The segmental growth is attributed to its high accuracy, durability, and ability to operate effectively in extreme conditions. Widely used in ABS and ESC systems, hall sensors offer reliable, contactless speed detection. The growing demand for advanced safety features in vehicles is expected to drive substantial growth during the forecast period.

The passenger vehicle segment accounted for the largest share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period.              

On the basis of the application, the global wheel speed sensor market is segmented into passenger vehicle and commercial vehicle. Among these, the passenger vehicle segment accounted for the largest share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period. The segmental growth is ascribed to the rising vehicle production, increasing adoption of advanced driver-assistance systems (ADAS), and growing consumer demand for enhanced safety features. Wheel speed sensors are essential for ABS and stability control systems, making them crucial in modern passenger vehicles and driving strong growth during the forecast period.

North America is projected to hold the largest share of the global wheel speed sensor market over the forecast period.

North America is projected to hold the largest share of the global wheel speed sensor market over the forecast period. The regional growth is ascribed to the region's well-established automotive industry, strong demand for advanced safety technologies, and stringent vehicle safety regulations. The presence of major automotive manufacturers and increasing adoption of ADAS features in passenger and commercial vehicles will drive significant market growth during the forecast period.

Asia Pacific is expected to grow at the fastest CAGR growth of the global wheel speed sensor market during the forecast period. The regional growth is attributed to rapid industrialization, increasing automotive production, and rising demand for safety features in vehicles. With a booming automotive industry in countries like China, India, and Japan, coupled with advancements in ADAS technologies, the region will see substantial market expansion.

Company Profiling

Major vendors in the global wheel speed sensor market are Bosch, Continental, MOBIS, ZF TRW, AISIN, Delphi, WABCO, Knorr-Bremse, MHE, Hitachi Metal., and others.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• In January 2023, the "NEW MOBIS" vision was unveiled by Hyundai Mobis at CES 2023, marking a significant advancement as a software-centric mobility provider with an integrated platform.

 Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global wheel speed sensor market based on the below-mentioned segments: 

Global Wheel Speed Sensor Market, By Type

• Hall Type
• Magnetic Electric Type

Global Wheel Speed Sensor Market, By Application

• Passenger Vehicle
• Commercial Vehicle

 Global Wheel Speed Sensor Market, By Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa