The global “automotive wheel speed sensor market” will derive growth from increasing awareness regarding the safety of passengers in several countries across the world. The massive investments in road safety are consequential to the increasing number of road accidents across the world. According to a report by Fortune Business Insights, titled “Automotive Wheel Speed Sensor Market Size, Share & Industry Analysis, By Type (Magneto Resistive Wheel Speed Sensor, Hall Effect Wheel Speed Sensor), By Application (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles) and Regional Forecast, 2019-2026,” the market will rise at a considerable pace driven by massive efforts put in to integrate technologically advanced systems.
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Automotive wheel speed sensors are pivotal to a braking system in a car or similar such vehicles. The product consists of an integrated silicon circuit which is sealed with a specific plastic. These sensors are used to detect the rational wheel speed of the vehicles based on the mechanism of the non-contact measurement. The wheel speed sensors are part of the driver assistance system in majority of the modern cars, with regard to the strict policies associated with the safety of the vehicle. The technological advancements in wheel speed sensors have played a huge part in the growth of the overall market in recent years. Accounting to the rising adoption of the product across the world, there are several large scale companies operating in several countries. The presence of such large scale companies in numerous countries has a subsequent impact on the growth of the global automotive wheel speed sensors market.
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Increasing Number of Product Launches will Bode Well for Market Growth
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Owing to the increasing demand for the product across the world, large scale companies are focusing on product innovations with a bid to acquiring a wider consumer base. Increasing number of such products and vehicular safety programs will bode well for the growth of the market in the coming years. In September 2017, Bosch announced the launch of its wheel speed sensor program for the US automotive aftermarket. Through this program, users will gain access to a wide range of parts and will also help automotive companies meet the specified engine regulations within the region. This program will shape up an exciting future for the automotive wheel speed sensor market in this region and subsequently create several growth opportunities for the companies operating in the regional as well as global market.
Asia Pacific Holds the Largest Market Share; Increasing Industrialization will Aid Growth
The report analyses the ongoing market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in Asia Pacific holds the highest market share. The increasing vehicle production, coupled with rapid industrialization in several countries including China, Japan, and India will bode well for the growth of the regional market. Moreover, the strict regulations associated with road safety imposed by leading organizations will contribute to the growth of the market in this region. The market in North America will also witness considerable growth driven by the early adoption of safety-oriented systems in vehicles across this region.
List of companies profiled in the report:
- Robert Bosch GmbH
- Continental AG
- Denso Corporation
- NXP Semiconductors
- ZF Friedrichshafen A
- Hitachi Metals Ltd.
- Delphi Automotive
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