$10+ Billion Worldwide Speed Sensor Industry to 2031 - Increase in the Production of Vehicles Drives Growth - ResearchAndMarkets.com
This report provides strategists, marketers and senior management with the critical information they need to assess the global speed sensor market.
The "Speed Sensor Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the global speed sensor market.
This report focuses on speed sensor market which is experiencing strong growth. The report gives a guide to the speed sensor market which will be shaping and changing our lives over the next ten years and beyond, including the markets response to the challenge of the global pandemic.
The global speed sensor market is expected to grow from $8.11 billion in 2021 to $8.58 billion in 2022 at a compound annual growth rate (CAGR) of 5.8%. The speed sensor market is expected to grow to $10.81 billion in 2026 at a compound annual growth rate (CAGR) of 5.9%.
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Major players in the speed sensor market are Sick AG, Petasense Inc, Allegro MicroSystems Inc, Robert Bosch GmbH, NXP Semiconductors NV, Infineon Technologies AG, Sensoronix Inc, TE Connectivity Inc, SpecTec Group, Sensor Solutions Corporation, ABB, Rockwell Automation Inc, STMicroelectronics, Pepperl+Fuchs International, and Schneider Electric
The speed sensor market consists of sales of speed sensors by entities (organizations, sole traders, and partnerships) that are used to measure the speed of wheel rotation of a vehicle. The Speed Sensor is an essential component for the operation of several onboard systems and allows the magnetic rotation speed to be measured in order 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).
The main types of the speed sensor market are inductive sensor, monopolar, bipolar, and active sensor. An inductive sensor refers to an electronic device that can detect ferrous metal targets without physical contact. The applications of speed sensors include position sensing, pulse counting, liquid and gas as flow meters, coil applications, and other applications. The various end-users of speed sensors include aerospace and defense, automotive, electronics, healthcare, industrial and telecom, and other end-users.
Asia Pacific was the largest region in the speed sensor market in 2021. The regions covered in the speed sensor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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.
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.
In August 2021, Analog Devices Inc., a USA-based sensor manufacturing company, acquired Maxim Integrated Products Inc. for an undisclosed amount. Through this acquisition, Analog Devices aims to drive the next waves of analog semiconductor innovation. Maxim Integrated Products, Inc. is a US-based semiconductor manufacturing company that includes speed sensors.
The countries covered in the speed sensor market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
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