“The Sensor Bearing Market is projected to reach US$ 6.5 Billion by 2023 from US$ 5.1 Billion in 2018, at a CAGR of 5.2% between 2018 and 2023.”
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The Asia Pacific region is projected to grow at the highest CAGR in the global sensor bearing market. The sensor bearing market in Europe is expected to witness significant growth on account of the increasing demand for sensor bearings from end-use industries, such as automotive and transportation, and the enforcement of stringent regulations related to the mandatory installation of ABS systems in automotive vehicles in various Asia Pacific countries, such as India, Japan, and China.