Speed Sensor Market Size, Share, Growth Report 2032

Speed Sensor Market Size

The global speed sensor market size was worth around USD 10.22billion in 2023 and is predicted to grow to around USD 15.58 billion by 2032 with a compound annual growth rate (CAGR) of roughly 4.79% between 2024 and 2032.

The study provides historical data from 2018 to 2022 along with a forecast from 2024 to 2032 based on revenue (USD Billion). The report covers a forecast and an analysis of the speed sensor market on a global and regional level.

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Global Speed Sensor Market: Overview

Speed sensor permits the magnetic rotation speed to be calculated with a view to facilitate the voltage corresponding to the rotational speed. It is a crucial element used in several onboard systems like bucket elevators, belt conveyors, screw conveyors, and many others. It detects the variations in speed by producing a magnetic pulse in the wave's form that is proportional to the vehicle speed. Speed sensors are proximity-type sensors that are non-contacting with both wide-range analog, digital outputs, and typically attached at the tail of rotating machines to compute the actual speed.

Global Speed Sensor Market: Growth Factors

The high penetration of surveillance drones and unmanned aerial vehicles across the globe are the major reasons driving the growth of the global speed sensor market. The unmanned aerial vehicles and drones are fitted with speed sensors to achieve a uniform speed of rotation propellers and brushless DC Motors. The growing application of speed sensors in logistics, e-commerce, and construction sectors is bolstering the growth of the market globally. Speed sensors are incorporated in commercial UAVs for surveying, mapping, inspection, and delivery application. Moreover, speed sensors also facilitate contactless and wear-free measurement of multiple mechanical quantities like the angle of rotation and angular speed of targets like a shaft, gear, and similar mechanisms. The launch of new products by prominent players with distinct safety features and algorithmic performance to make the product unique and boost the demand in the market is also expected to fuel the growth of the market significantly during the forecast period.

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Global Speed Sensor Market: Segmentation

The global speed sensor market can be segmented into type, sales channels, application, vehicle, and region.

By type, the market can be segmented into variable reluctance, magnetoresistive, hall effect, and others. The hall effect segment accounts for the largest share in the global speed sensor market due to the growing technological advancements in hall-based speed sensors like circular vertical hall technology. Moreover, it facilitates low insertion cases, a smaller sensor footprint, low cost, and improves sensor life cycle to the manufacturers. They also offer several inclusive features like contactless speed sensing with wide frequency bandwidth, precision accuracy, and high linearity. Further, the sensor possesses strong resistance against high-temperature environments and facilitates pre-programmability features that are a perfect fit for aeronautics and industrial application.

By application, the market can be segmented into telematics, consumer electronics, aerospace & defense, aerospace & defense, industrial, automotive, and others. The automotive segment holds the largest share in the global speed sensor market due to the growing demand for advanced vehicles all across the globe. Moreover, the rapidly growing automotive sector is likely to propel the growth of the segment vigorously during the forecast period. The emergence of an advanced driver assistance system further boosts the demand for speed sensors. Speed sensors are widely used in ADAS components like lane departure warning systems, forward collision warning, adaptive cruise control (ACC), automatic emergency braking (AEB), electronic stability control (ESC), and many others.

Speed Sensor Market: Report Scope

Global Speed Sensor Market: Regional analysis

Asia Pacific accounts for the largest share in the global speed sensor market due to the favorable government initiatives along with the growing consumer electronics sector in the region. Moreover, the growing funding from the government for the development of the domestic consumer electronics sector is likely to boost the growth of the regional market during the forecast period.

North America is anticipated to grow significantly during the forecast period due to the growing demand for advanced driver assistance systems in the region. Moreover, the fast proliferating automatic sector in the region is also fuelling the growth of the regional market.

Global Speed Sensor Market: Competitive Player

Some of the significant players in the global speed sensor market are

• Sensor Solutions Corporation
• SPECTEC
• TE Connectivity Inc.
• Sensoronix Inc.
• Infineon Technologies AG
• NXP Semiconductors N.V.
• Robert Bosch GmbH
• Allegro MicroSystems Inc.
• Petasense
• SICK AG.

The Global Speed Sensor Market is segmented as follows:

By Type 

• Variable Reluctance
• Magnetoresistive
• Hall Effect
• Others

By Application 

• Telematics
• Consumer Electronics
• Aerospace & Defense
• Aerospace & Defense
• Industrial
• Automotive
• Others

Global Speed Sensor Market: Regional Segment Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

What Reports Provides

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, on-going, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonials to companies in order to fortify their foothold in the market.