Speed Sensor Global Market Report 2024

The speed sensor plays a crucial role in the functionality of numerous onboard systems, enabling the measurement of magnetic rotation speed and providing a corresponding voltage output. This sensor is designed to detect the rotational speed of gears within the transmission system. Subsequently, the sensor transforms this measurement into either an analog signal or a low-voltage square wave signal, transmitting it to electronic control units (ECUs). Its application extends to measuring the rotational speed of a vehicle's wheel.

The primary categories within the speed sensor market encompass inductive sensors, monopolar sensors, bipolar sensors, and active sensors. Inductive sensors are electronic devices capable of detecting ferrous metal targets without direct physical contact. Speed sensors find applications in various domains, including position sensing, pulse counting, functioning as flow meters for liquids and gases, coil applications, and other diverse uses. End-users of speed sensors span across industries such as aerospace and defense, automotive, electronics, healthcare, industrial and telecom, along with other sectors.

The speed sensor market research report is one of a series of new reports that provides speed sensor market statistics, including speed sensor industry global market size, regional shares, competitors with a speed sensor market share, detailed speed sensor market segments, market trends and opportunities, and any further data you may need to thrive in the speed sensor industry. This speed sensor market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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 expansion observed in the historical period can be credited to the growth in the automotive industry, the adoption of contactless sensing technology, advancements in traffic management systems, increased utilization in industrial automation, and the flourishing demand in the consumer electronics sector.

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 anticipated growth in the forecast period can be linked to the proliferation of autonomous vehicles, the integration of IoT (Internet of Things) and smart city initiatives, evolving environmental regulations, the emergence of new sensor technologies, and the increasing prevalence of edge computing. Key trends expected in the forecast period encompass the adoption of wireless speed sensors, the implementation of high-resolution sensors, the seamless integration of smart city concepts, the utilization of vibration-based sensors, and ongoing technological advancements in the sensor domain.

The anticipated rise in vehicle production is poised to be a driving force behind the speed sensor market's growth in the foreseeable future. In the automotive context, a vehicle encompasses any means by which individuals or goods are transported. Traditionally mounted on the transmission or rear differential, vehicle speed sensors monitor the rotation speed of the drive shaft. For example, in February 2022, the India Brand Equity Foundation reported that India's annual automobile production in FY21 reached 22.65 million vehicles, with 13 million vehicles produced between April and October 2021. Consequently, the increased production of vehicles serves as a catalyst for the growth of the speed sensor market.

The expanding defense industry is expected to play a pivotal role in propelling the speed sensor market forward. The defense industry encompasses organizations involved in the research, development, production, and maintenance of military hardware and services. Speed sensors are utilized in the defense sector to enhance the accuracy and efficiency of various military equipment, including vehicles, aircraft, and weaponry. This application aims to improve overall performance, safety, and the success of military missions. As of December 2022, the UK Ministry of Defense reported a defense spending increase of 8.4%, totaling $58.39 billion (£45.930) for 2021–2022, compared to $53.85 billion (£42.365) in the previous fiscal year. Hence, the expanding defense industry contributes to the growth of the speed sensor market.

New product innovation is emerging as a prominent trend in the speed sensor market, with major companies actively developing innovative solutions to enhance their market position. For instance, in October 2023, Baumer Holding AG, a Switzerland-based manufacturer, introduced the IF250, an ultra-flat inductive sensor. Measuring only 6mm in height, the IF250 is the flattest inductive sensor of its type, capable of detecting objects up to 12mm, setting it apart in its class.

Major companies in the speed sensor market are directing their efforts towards the development of e-motor Rotor Position Sensors (eRPS), particularly for the electric automotive industry. An e-motor rotor position sensor precisely measures and reports the rotor's position within an electric motor, contributing to accurate control and enhanced efficiency. For instance, in February 2023, Continental AG, a Germany-based manufacturing company, launched the high-speed inductive e-motor Rotor Position Sensor (eRPS) designed for electric vehicles. This innovative sensor detects the rotor's exact position in a synchronous electric machine, increasing efficiency and enabling smoother operations.

In August 2021, Analog Devices Inc., a USA-based sensor manufacturing company, successfully acquired Maxim Integrated Products Inc. This strategic acquisition positions Analog Devices to drive future analog semiconductor innovation, with Maxim Integrated Products Inc., a US-based semiconductor manufacturer that includes speed sensors, as part of its portfolio.

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

Asia-Pacific was the largest region in the speed sensor market in 2023. The regions covered in the speed sensor market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the speed sensor market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

The speed sensor market consists of sales of magnetoresistive sensors, inductive sensors, variable reluctance magnetic speed sensors, and hall effect magnetic speed sensors. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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