Automotive Speed Sensor Market: Introduction
Automotive speed sensor provides onboard computer information about the vehicle speed. The sensor operates on the principle of the Hall Effect, and it is usually mounted on the tachometer or in the gearbox.
Key Drivers of Automotive Speed Sensor Market
The market is driven by the increased adoption of electronics in modern vehicles. Currently, vehicle electronics play a key role in all comfort and safety features. Optimal interaction of complex electronic systems ensures fault-free function of the vehicle and thus improves traffic safety. Intelligent data communication of the electronic systems in vehicles is supported by sensors. In terms of driving safety, wheel speed sensors are of particular importance and are utilized in numerous applications in various vehicle systems. In driver assistance systems, such as ABS, TCS, ESP or ACC, motor control units employ these sensors to determine vehicle speed. Thus, a rise in usage of automotive speed sensors is driving the market.
Challenges in Automotive Speed Sensor Market
- The COVID-19 pandemic has affected local as well as global automotive supply chains, manufacturing and R&D operations, thus hampering the automotive industry. Post first wave of COVID-19, global economies have started opening automotive manufacturing and supply chain operations, thus the COVID-19 impact on the industry seems to have reached a state of normalcy; however, a resurgence in COVID-19 cases in countries across Europe has forced governments to impose a second round of lockdown restrictions. Consequently, the uncertainty in the automotive industry continues. However, easing of lockdown restrictions and stagnant demand during the times of lockdown have resulted in the recovery of automotive and ancillary sales in the last few months.
Opportunities in Automotive Speed Sensor Market
- Globalization has resulted in a challenging automotive manufacturing environment that is changing at a rapid pace, resulting in growing competition between international and domestic car manufacturers. The automotive industry is working hand-in-hand with major technology companies to stay ahead in the competition and to deliver the most advanced, safest and most comfortable vehicles. Determining vehicle speed is of utmost important in safe driving, thus avoiding accidents. Increasing focus of automaker on equipping more electronics that boost safety in vehicles is likely to offer significant opportunity for the automotive speed sensor market.
Asia Pacific to Dominate Automotive Speed Sensor Market
- In terms of geography, Asia Pacific is a significant market for automotive speed sensor market owing to the current range of vehicle sales and production and future scope for automotive industry in the region. For instance, China is a prominent market for the automotive industry with an annual sale of 25.76 million new vehicle units. India is a favorable market for speed sensors with the future sales and production of vehicles in the country driven by rise in the population and income levels of the middle class. India is a rapidly expanding market for automotive. In 2019, India became the fourth-largest auto market in terms of sales, displacing Germany, with about 3.99 million units sold in the passenger and commercial vehicles categories. Furthermore, the Government of India is focused on the development of domestic manufacturing and R&D industry in the country under the ‘Make in India’ initiative, thus showcasing the promising future for speed sensors in the country. Japan and South Korea are major automotive producing countries in the region with the presence of prominent and established automotive brands such as Hyundai, Honda, Nissan, and Kia that are export-centric and cater to the domestic demand for automobiles. Consequently, these factors propel the speed sensor market in the region.
Key Players Operating in Automotive Speed Sensor Market
The global automotive speed sensor market is moderately consolidated. A few of the key players operating in the global automotive speed sensor market are:
- BorgWarner Inc
- Continental AG
- DENSO Corp
- Hella GmbH & Co. KGaA
- Infineon Technologies AG
- NXP Semiconductors NV
- Robert Bosch GmbH
- TE Connectivity Ltd
- Valeo SA
- ZF Friedrichshafen AG.
Global Automotive Cab Suspension Mark: Research Scope
Global Automotive Speed Sensor Market, by Type
- Inductive Sensors
- Active sensors
- Hall effect
Global Automotive Speed Sensor Market, by Vehicle Type
- Passenger Vehicle
- Light Duty Vehicle
- Medium & Heavy Duty Trucks
- Buses & Coaches
- Agricultural machinery
- Construction machinery
Global Automotive Speed Sensor Market, by Sales Channel
Global Automotive Speed Sensor Market, by Region
- North America
- Nordic Region
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.