Overview and Scope
The speed sensor is an essential component for the operation of several onboard
systems and allows the magnetic rotation speed to be measured to provide a
voltage corresponding to the rotation speed. The speed sensor detects the
rotational speed of the gears in the transmission system. Then, the sensor
converts this measurement into an analog signal or a low-voltage square wave
signal and relays it to electronic control units (ECUs). It is used to measure
the speed of wheel rotation of a vehicle.
Sizing and Forecast
The speed sensor market size has grown strongly in recent years. It will grow
from $9.11 billion in 2023 to $9.68 billion in 2024 at a compound annual growth
rate (CAGR) of 6.2%. The growth in the historic period can be
attributed to automotive industry growth, contactless sensing, traffic
management, industrial automation, consumer electronics.
The speed sensor market size is expected to see strong growth in the next few
years. It will grow to $12.09 billion in
2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be
attributed to autonomous vehicles, iot and smart cities, environmental
regulations, emerging sensor technologies, rise of edge computing:. Major
trends in the forecast period include wireless speed sensors, high-resolution
sensors, smart cities integration, vibration-based sensors, technological
advancements.
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Segmentation & Regional Insights
The speed sensor market covered in this report is segmented –
1) By Type: Inductive Sensor, Monopolar, Bipolar, Active Sensor
2) By Application: Position Sensing, Pulse Counting, Liquid and Gas Flow
Meters, Speedometers, Coil Applications, Other Applications
3) By End User: Aerospace and Defense, Automotive, Electronics, Healthcare,
Industrial IT and Telecom, Other End-Users
Asia-Pacific was the largest region in the speed sensor market in 2023. The
regions covered in the speed sensor market report include Asia-Pacific, Western
Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
An increase in the production of vehicles is expected to drive the speed sensor
market going forward. Vehicle refers to any means in or by which someone will
travel or something has been carried or conveyed. Vehicle speed sensors have
been traditionally mounted on the transmission or rear differential, where they
monitored the rotation speed of the drive shaft. For instance, in February
2022, according to India Brand Equity Foundation, an India-based government
export promotion agency, India’s annual production of automobiles in FY21 was
22.65 million vehicles, and 13 million vehicles were produced between
April-October 2021. Therefore, the increase in the production of vehicles is
driving the growth of the speed sensor market.
Key Industry Players
Major companies operating in the speed sensor market include Sick AG, Petasense Inc., Allegro MicroSystems
Inc., Robert Bosch GmbH, NXP Semiconductors NV, Continental AG, HELLA GmbH
& Co. KGaA, ZF Friedrichshafen AG, DENSO CORPORATION, Hitachi Metals Ltd.,
Melexis NV, NTN Corp., WABCO India Ltd., Honeywell International Inc., Infineon
Technologies AG, Sensata Technologies Inc., STMicroelectronics NV, Texas
Instruments Incorporated, Ahlborn Meteorological Sensors, Proxitron GmbH,
KELLER AG für Druckmesstechnik GmbH, Haris Sensor Technologies Pvt. Ltd., TE
Connectivity Ltd., Honeywell Automation India Limited, Pepperl+Fuchs GmbH, Turck Inc., Baumer Group,
Omron Corporation, Panasonic Corporation, IFM Electronic GmbH
The speed sensor market report table of
contents includes:
1. Executive Summary
2. Speed
Sensor Market Characteristics
3. Speed
Sensor Market Trends And Strategies
4. Speed
Sensor Market - Macro Economic Scenario
5. Global
Speed Sensor Market Size and Growth
.
31. Global Speed Sensor Market Competitive Benchmarking
32. Global
Speed Sensor Market Competitive Dashboard
33. Key
Mergers And Acquisitions In The Speed Sensor Market
34. Speed
Sensor Market Future Outlook and Potential Analysis
35.
Appendix
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