What Factors Are Expected To Drive The Speed Sensor Market Growth?
The speed sensor market has exhibited robust growth recently. Projections suggest a growth from $9.51 billion in 2024 to $10.03 billion in 2025 at a compound annual growth rate (CAGR) of 5.4%. This growth in the historic period can be attributed to factors such as the automotive industry growth, contactless sensing, traffic management, industrial automation, and consumer electronics. Furthermore, the speed sensor market size is expected to witness substantial growth in the coming years, growing to $12.43 billion in 2029 at a CAGR of 5.5%. This forecasted growth can be attributed to trends like autonomous vehicles, IoT and smart cities, environmental regulations, emerging sensor technologies, and the rise of edge computing. Major trends in the forecast period include wireless speed sensors, high-resolution sensors, smart city integration, vibration-based sensors, and technological advancements.
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How is the Increased Production of Vehicles Contributing to the Speed Sensor Market Growth?
An increase in the production of vehicles is expected to drive the speed sensor market. Vehicle speed sensors have traditionally been mounted on the transmission or rear differential, where they monitor the rotation speed of the drive shaft. According to a report published by the European Automobile Manufacturers’ Association (ACEA) in May 2023, 85.4 million motor vehicles were produced worldwide in 2022, a 5.7% increase over 2021. This increase in vehicle production is contributing significantly to the growth of the speed sensor market.
What Are the Major Segments Within the Global Speed Sensor Market?
The speed sensor market covered in this report is segmented as follows –
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
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Who are The Major Players Operating in The Speed Sensor Market?
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.
What Trends are Emerging in the Speed Sensor Market?
New product innovation is a key trend in the speed sensor market. Companies are focused on developing innovative solutions to strengthen their market positions. For example, in October 2023, Baumer Holding AG launched a new ultra-flat inductive sensor called the IF250. This sensor assists system designers and engineers in exploiting the benefits of reliable object detection using the smallest possible components. The IF250 is the flattest inductive sensor and is capable of detecting objects of up to 12mm, a feature that is unrivaled within this class.
Which Region Dominated the Speed Sensor Market in 2024?
Asia-Pacific was the largest region in the speed sensor market in 2024. The regions covered in the report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The speed sensor market report from The Business Research Company provides comprehensive market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities. The speed sensor is an essential component for the operation of several onboard systems, measuring the magnetic rotation speed to provide a voltage corresponding to the rotation speed. It detects the rotational speed of the gears in the transmission system and converts this measurement into an analog signal or a low-voltage square wave signal relayed to electronic control units (ECUs).
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