The Speed Sensor Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Speed Sensor Global Market Report 2024, 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.
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.
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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
New product innovation is the key trend gaining popularity in the speed sensor market. Major companies operating in the speed sensor sector are focused on developing new product innovations to strengthen their position. For instance, in October 2023, Baumer Holding AG, a Switzerland-based manufacturer company, launched a new ultra-flat inductive sensor called the IF250. The sensor is designed to help system designers and engineers to exploit the benefits of reliable object detection using the smallest possible components. The IF250 is the flattest inductive sensor of its type, measuring just 6mm in height, yet it can detect objects of up to 12mm, which Baumer claims is unrivaled in this class.
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
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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
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