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
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