Albany, NY -- (SBWIRE) -- 11/06/2018 -- The wheel sensor perform function of recording speed of motor or any vehicle and communicating this information to the driving safety system in the form of an electrical signal. All modern vehicles are equipped with wheel sensors. Vehicle electronics play key role in al comfort and safety features. The optimal interaction of complex electronics systems ensures fault free function of the vehicle and thus improves traffic safety. The intellectual data communication of the electronic vehicle systems is maintained by sensors. In relation to driving safety, wheel speed sensors are of particular significance and are used in several applications in numerous vehicle systems
Some of the prominent factors influencing growth of the wheel speed sensor market are increasing vehicle production globally and need for enhancement of safety features. The demand for wheel speed sensors in the global market is estimated to grow with an incremental rate in the coming years. Owing to the increased number of motorway accidents globally, prominent importance is being laid on refining road safety protocols and forming laws to make automobiles safer for driving. This, in turn, is pouring the growing consumption of automotive monitoring devices and consequently, increasing the demand for global wheel speed sensors market.
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These sensors do not only help in automating vehicles but also help in effective detection of collision warning and monitoring systems. Latest innovations and developments in the global market have led to the introduction of receptor isolation and signal synthesis methods, which in-turn, will drive the growth of low power and high accuracy wheel speed sensors in the market. The key market participants in the global market are also coming up with solutions, such as SOC (system on chip), which come equipped with numerous sensors on board owing to the increasing trend of reducing the size of automobile components. The Anti-lock braking system is expected to hold a prominent market share and is projected to propel the demand for the global wheel speed sensor market, owing to the stringent rules and regulation imposed to reduce road accidents. The growth of wheel speed sensors is directly proportional to global vehicle production.
The global wheel speed sensor market is segmented on the basis of, mode of functioning, technology, and application and geographical region. On the basis of mode of functioning, the On the basis of technology, the global market is segmented into hall technology and magnetic electric type technology. By application, wheel speed sensor market can be segmented into passenger vehicle and commercial vehicle. Passenger vehicle can be further classified into mid-sized pc, economic pc, and luxury pc. Commercial vehicle can be further classified into HCV (heavy commercial vehicle) and LCV (light commercial vehicle). By geographical region the global wheel speed sensor market is split up into North America, Europe, Asia Pacific, Middle East & Africa and South America. Europe is expected to have largest market share during estimated period and is expected to witness significant growth owing to the presence of large manufacturing of automotive companies working in this region. The region, along with North America, is one of the developers in adopting new technologies, which is also one of the key factors for the high CAGR in this region.
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Acquisitions and Merger, new product introductions, investments, and corporations & developments are the key strategies adopted by market companies to ensure their growth in the wheel speed sensor market. The key players are Robert Bosch GmbH (Germany), Hella KGaA Hueck & Co.(Germany), Continental AG (Germany), Hyundai Mobis (South Korea), ZF Friedrichshafen, ZF TRW Automotive Holdings Corp (US) Aisin Seiki (Japan), Delphi Technologies (U.K.), WABCO Vehicle Control Systems (Belgium), Knorr-Bremse (Germany), Mando Hella Electronics Automotive India Pvt Ltd (India), Hitachi Metals, Ltd (Japna) are some major players in the wheel speed sensor market.