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
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