United States Automotive Wheel Speed Sensor Market

United States Automotive Wheel Speed Sensor Market Overview:

United States automotive wheel speed sensor market size reached US$ 1.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 2.6 Billion by 2032, exhibiting a growth rate (CAGR) of 3.54% during 2024-2032. There are various factors that are driving the market, which include the rising vehicle production, increasing focus on enhanced safety features on account of high road traffic, and favorable government initiatives about the integration of safety systems.

United States Automotive Wheel Speed Sensor Market Analysis:

• Major Market Drivers: One of the key market drivers include the thriving automotive industry. Moreover, stringent safety regulations and standards is acting as another growth-inducing factor.
• Key Market Trends: The rising vehicle production and favorable government initiatives are main trends in the market.
• Competitive Landscape: Some of the major market players in the United States automotive wheel speed sensor market are provided in the report. 
• Challenges and Opportunities: High-cost pressures represent a key market challenge. Nonetheless, the development of sensors with advanced features, coupled with the increasing need for replacement and maintenance of wheel speed sensors, is projected to overcome these challenges and provide market opportunities. 

United States Automotive Wheel Speed Sensor Market Trends:

Rising Vehicle Production

According to CEIC, the United States motor vehicle production was reported at 10,611,555.000 units in December 2023. There is a rise in the demand for different automotive components such as wheel speed sensors owing to the production of trucks, sports utility vehicles (SUVs), and passenger vehicles. Each vehicle requires multiple wheel speed sensors for systems like anti-lock braking (ABS) and traction control, which is leading to higher overall demand. To guarantee a consistent supply of wheel speed sensors, automakers are signing contracts with sensor providers. Apart from this, more and more cars are fitted with cutting-edge technologies like advanced driver assistance systems (ADAS), which rely on precise wheel speed data. More vehicles on the road result in a larger potential market for replacement parts including wheel speed sensors. Over time, sensors need maintenance or replacement due to wear and tear, supporting the aftermarket segment.

Increasing Focus on Enhanced Safety Features Due to High Road Traffic 

As per the estimates made by Roads&Bridges, drivers logged 3.263 trillion miles in 2023, up 67.5 billion miles as compared to 2022. The growing heavy traffic volume on the roads, along with the rising focus on improved safety measures, is offering a favorable market outlook. People are starting to take the adoption of safer cars more seriously. They are more inclined to choose vehicles equipped with state-of-the-art safety features that lower the chance of collisions. Wheel speed sensor demand is accelerated by automakers' incorporation of additional safety systems. Furthermore, ADAS, which include features like lane-keeping assistance, adaptive cruise control, and automatic emergency braking, are becoming standard in many vehicles. These systems depend on real time data from wheel speed sensors to function correctly. Besides this, investments in technologies targeted at lowering traffic accidents are being made by the public and commercial sectors. Wheel speed sensors are crucial components of systems that improve stability and control of the vehicle while reducing the risk of accidents. Automobile owners are looking to maintain the safety features of their cars by replacing worn-out sensors and making sure their safety systems are operational.

Favorable Government Initiatives

Governing agencies in the county are mandating the integration of safety systems like ABS and electronic stability control (ESC) in vehicles, which is propelling market growth. These regulations ensure higher safety standards and drive the adoption of wheel speed sensors across all types of vehicles including passenger cars and commercial vehicles. For instance, on 29 April 2024, the U.S. Department of Transportation’s National Highway Traffic Safety Administration (NHTSA) finalized a new Federal Motor Vehicle Safety Standard that will make automatic emergency braking (AEB) including pedestrian AEB standard on all passenger cars and light trucks by September 2029. It is anticipated that this safety standard will greatly lower rear-end and pedestrian collisions. Additionally, by making AEB a standard feature rather than a luxury option, this rule will lower the number of car and pedestrian crashes.

United States Automotive Wheel Speed Sensor Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country and regional levels for 2024-2032. Our report has categorized the market based on sensor type and vehicle type.

Breakup by Sensor Type:

• Active
• Passive
   

The report has provided a detailed breakup and analysis of the market based on the sensor type. This includes active and passive.

Active wheel speed sensors rely on a power source to generate a signal. They incorporate a hall effect or magneto-resistive technology that assists in producing a digital signal that indicates the wheel speed accurately. They provide more precise and reliable data, which is critical for advanced safety systems like ABS, ESC, and ADAS. They can measure wheel speed accurately even at very low speeds, making them suitable for stop-and-go traffic conditions. In addition, the shift towards more advanced automotive technologies, along with the integration of ADAS, is catalyzing the demand for active wheel speed sensors. Furthermore, stringent safety regulations necessitate the use of reliable and precise sensors, which is impelling the market growth.

Passive wheel speed sensors do not require an external power source, which plays an important role in the United States automotive wheel speed sensor market share. They use inductive technology that generates an analog signal through the movement of a toothed wheel past the sensor coil. They are usually cheaper to produce and install as compared to active sensors. They are less complex and more durable because of fewer electronic components. They are preferred for vehicles and systems where ultra-precise measurements are not required. They are used in older vehicle models and some lower-end modern vehicles. They are adequate for basic ABS functionality in less sophisticated braking systems.

Breakup by Vehicle Type:

• Passenger Vehicle
• Commercial Vehicle
   

A detailed breakup and analysis of the market based on the vehicle type have also been provided in the report. This includes passenger vehicle and commercial vehicle. 

Passenger vehicle is a car that is primarily designed for transporting passengers. The growing demand for enhanced safety features such as ABS, ESC, and ADAS is offering a favorable market outlook. The demand for high-quality wheel speed sensors is being driven by the swift adoption of new technologies, particularly autonomous driving capabilities in passenger cars. Besides this, stricter safety regulations mandate the inclusion of advanced safety systems. There is a rise in the production and sales of electric and hybrid vehicles, which require sophisticated sensor systems for optimal performance. Active wheel speed sensors are used in passenger vehicles due to their higher precision and reliability, which is leading to a positive United States automotive wheel speed sensor market forecast.

Commercial vehicle comprises trucks, buses, and vans used for the transportation of goods and passengers for commercial purposes. Fleet operators are prioritizing safety and operational efficiency, which is driving the demand for advanced sensors that can provide real time data. The trend towards equipping commercial vehicles with advanced safety systems among individuals is propelling the market growth. In addition, commercial vehicles are increasingly integrating telematics systems for better fleet management, which often include advanced sensors for monitoring vehicle performance and safety. 

Breakup by Region:

• Northeast
• Midwest
• South
• West
   

The report has also provided a comprehensive analysis of all the major markets in the United States, which include Northeast, Midwest, South, and West.

The increasing demand for advanced safety features in vehicles to navigate dense traffic is impelling the market growth in the Northeast region. Stringent vehicle safety and emission regulations are pushing automakers to incorporate advanced technologies including high-precision wheel speed sensors. High levels of traffic congestion and adverse weather conditions like snow and ice is bolstering the market growth.

The Midwest, particularly Michigan, is a major hub for automotive manufacturing. The region experiences a range of weather conditions, ranging from harsh winters to humid summers, necessitating reliable vehicle safety systems. The Midwest is a key region for commercial vehicle fleets, which is catalyzing the demand for robust and reliable wheel speed sensors for safety and efficiency.

The thriving automotive sector in the South is contributing to the market growth. The region has a mix of urban and rural areas, leading to varied vehicle usage patterns and demands. Economic expansion in the region supports higher vehicle sales including both passenger and commercial vehicles.

The West, particularly California, is a technological innovation hub, influencing the adoption of advanced automotive technologies. States like California have stringent environmental and safety regulations, encouraging manufacturers to incorporate advanced vehicle technologies. Consumers in the region are early adopters of new technologies.

Competitive Landscape:

• The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have been provided. 
• The International Council on Clean Transportation (ICCT) states that the sales of new electric light-duty vehicles in the United States reached about 1.4 million in 2023. There is a rise in the adoption of electric vehicles among individuals, which is encouraging automakers to produce more vehicles. Top players in the market are investing in research and development (R&D) activities to create advanced wheel speed sensors that support ADAS technologies. Apart from this, collaborations and partnerships with automotive manufacturers assist in integrating sensor technologies into new vehicle models. They are focusing on developing high-precision wheel speed sensors with enhanced diagnostic capabilities. They are developing sensors that are energy-efficient and eco-friendly.

United States Automotive Wheel Speed Sensor Market News:

• 30 October 2023: Delphi attended the 2023 Automotive Aftermarket Product Expo (AAPEX) at the Venetian Expo in Las Vegas, Nevada, from 31 October 2023 to 2 November 2023 at booth A5027. The company demonstrated its product portfolio. Earlier it launched nearly 500 parts in 2023 and expanded its diesel part coverage to include remanufactured F2E injectors for Mack®/Volvo® applications. The Vehicle Electronics line expanded to include 211 new parts, representing more than 261 million in VIO coverage for the United States and Canada. Part types announced include ABS wheel speed sensors and Manifold Absolute Pressure (MAP) sensors.

United States Automotive Wheel Speed Sensor Market Report Scope:

Key Questions Answered in This Report:

• How has the United States automotive wheel speed sensor market performed so far, and how will it perform in the coming years?
• What has been the impact of COVID-19 on the United States market?
• What is the breakup of the United States market on the basis of sensor type?
• What is the breakup of the United States market on the basis of vehicle type?
• What are the various stages in the value chain of the United States market?
• What are the key driving factors and challenges in the United States market?
• What is the structure of the United States market, and who are the key players?
• What is the degree of competition in the United States automotive wheel speed sensor market?

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the United States market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the United States market.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the United States automotive wheel speed sensor industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.