Speed Sensor Market Size was valued at USD 9.19 billion in 2022, and expected to reach USD 13.07 billion by 2030, and grow at a CAGR of 4.5% over the forecast period 2023-2030.
Speed sensors measure magnetic rotation speed in order to provide voltage corresponding to rotation speed. This is a necessary component of several on-board systems such as screw conveyors, belt conveyors, and bucket elevators because it detects speed changes by generating magnetic pulses in the form of waves proportional to a vehicle's speed. Speed sensors are non-contact, proximity sensors with wide-range analogue and digital outputs that are typically mounted at the tail or drive of rotating equipment to measure actual speed.
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Speed sensors are widely used in automotive safety and entertainment services because they are energy-efficient and improve process reliability by allowing rotating equipment to be monitored at control panels via process programming. These sensors are easily installable wireless automotive sensors that are gaining popularity because they reduce the complexity of large volumes of cables and can collect and transmit technical data such as speed, fuel consumption, and tire pressure in real-time.
Electronics are in high demand in the automotive industry.
Anti-Lock Braking System Adoption is Growing.
Inadequate Skilled Labor.
Sensor construction complexities
The development of low-power, high-accuracy speed sensors.
This will be covered under the final version of the report.
People, organizations, and businesses all over the world are concerned about the ongoing COVID-19 pandemic. With the shutdown of manufacturing operations and the worldwide travel and transportation ban, the demand for speed sensors has plummeted. However, the precise magnitude and scope of the challenge cannot be predicted. Shutdowns around the world have caused a halt in the production of vehicles, including aircraft, which has had an impact on the overall market scenario for speed sensors. The shutdown of the transportation sector has significantly reduced demand for automotive sensors.
The COVID-19 has also had an impact on the global speed sensor market. Because of the supply shortage and low fabrication efficiency, the shelf life of raw materials is increasing, which raises raw material pricing. Distribution challenges include warehouse staffing, the need for direct distribution, and the intelligent and responsive allocation of goods across various distribution channels. Furthermore, increased use of electronic components in modern manufacturing is affecting the consumer market as a result of production unit shutdowns.
Based on Type, the speed sensor market is segmented into Inductive sensor, Bipolar, Monopolar and Active Sensor.
Based on Product, the speed sensor market is segmented into Wheel Speed Sensor, Ground speed radar, Pitot tube, Speedometer, LIDAR and Doppler radar.
Based on Technology, the speed sensor market is segmented into Magneto Resistive, Variable Reluctance and Hall Effect. The market share was dominated by the hall effect segment. The advancement of technology in hall-based speed sensors, such as Circular Vertical Hall (CVH) technology. The advancement will assist sensor manufacturers in providing low insertion losses, lower costs, a smaller sensor footprint, and a longer sensor lifecycle. The hall-based speed sensor has a number of user-friendly features, including contactless speed sensing with high linearity, precision accuracy, and a wide frequency bandwidth. These speed sensors can withstand high temperatures and have pre-programmability features that make them ideal for industrial and aeronautical applications. To gain a competitive advantage in the market, market participants are proactively focusing on development and new innovations in hall-based sensing components and ICs.
Based on Application, the speed sensor market is segmented into Automotive, Aerospace & Defense, Industrial and Consumer Electronics. The automotive application is responsible for the increasing use of ADAS in vehicle electronics systems. The speed sensor is used in a variety of ADAS components, including electronic stability control (ESC), automatic emergency braking (AEB), adaptive cruise control (ACC), forward collision warning, and lane departure warning systems. Stringent government regulations requiring the inclusion of ADAS systems in new vehicles have resulted in market expansion.
Wheel Speed Sensor
Ground speed radar
Aerospace & Defense
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The global speed sensor market has been divided into five regions: North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. Because of the increasing adoption of speed sensors in consumer electronics products, vehicles, and the defence sector in countries such as the United States, Canada, and Mexico, North America is expected to be the dominant regional market. Furthermore, the increasing use of IoT devices and communication networks in industries is expected to drive market demand.
The Asia Pacific region is expected to grow at a rapid pace during the forecast period, owing to the region's expanding industrial sector and growing presence of small and medium-sized enterprises (SMEs). The European Speed Sensor market is expected to grow significantly due to rising automotive, aeronautics, and industrial automation in the United Kingdom, France, Germany, and other countries. Sensor adoption for industrial automation, speed motoring, and security applications is expected to have an impact on the Middle East and Africa, as well as South America.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
The key players in the speed sensor market are Robert Bosch, Honeywell Technology Solutions, General Electric, Omron, Delphi Automotive, Sensata Technologies, Continental, Ford, Infineon Technologies, Denso and Analog Devices.
Honeywell Technology Solutions-Company Financial Analysis
|Market Size in 2022
|US$ 9.19 Billion
|Market Size by 2030
|US$ 13.07 Billion
|CAGR of 4.5% From 2023 to 2030
|Report Scope & Coverage
|Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
|• By Type (Inductive Sensor, Bipolar, Monopolar, Active Sensor)
• By Product (Wheel Speed Sensor, Ground Speed Radar, Pitot Tube, Speedometer, LIDAR, Doppler Radar)
• By Technology (Magneto Resistive, Variable Reluctance, Hall Effect)
• By Application (Automotive, Aerospace & Defense, Industrial, Consumer Electronics)
|North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
|Robert Bosch, Honeywell Technology Solutions, General Electric, Omron, Delphi Automotive, Sensata Technologies, Continental, Ford, Infineon Technologies, Denso and Analog Devices.
|• Electronics are in high demand in the automotive industry.
• Anti-Lock Braking System Adoption is Growing.
|• Inadequate Skilled Labor.
• Sensor construction complexities
The Speed Sensor Market size was valued at USD 9.19 billion in 2022 at a CAGR of 4.5%.
The market value is expected to reach USD 13.07 billion by 2030.
Top-down research, bottom-up research, qualitative research, quantitative research, and Fundamental research.
The market has been segmented with respect to type, technology, product and application.
Manufacturers, Consultants, Association, Research Institutes, private and university libraries, suppliers, and distributors of the product.
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.2 Impact on major economies
188.8.131.52 United Kingdom
184.108.40.206 South Korea
220.127.116.11 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Speed Sensor Market Segmentation, by solution type
8.2 Inductive sensor
8.5 Active Sensor
9. Speed Sensor Market Segmentation, by product
9.2 Wheel Speed Sensor
9.3 Ground speed radar
9.4 Pitot tube
9.7 Doppler radar
10. Speed Sensor Market Segmentation, by technology
10.2 Magneto Resistive
10.3 Variable Reluctance
10.4 Hall Effect
11. Speed Sensor Market Segmentation, by application
11.3 Aerospace & Defense
11.5 Consumer Electronics
12. Regional Analysis
12.2 North America
12.3.6 The Netherlands
12.3.7 Rest of Europe
12.4.2 South Korea
12.4.6 Rest of Asia-Pacific
12.5 The Middle East & Africa
12.5.3 South Africa
12.6 Latin America
12.6.3 Rest of Latin America
13.1 Honeywell Technology Solutions
13.1.2 Products/ Services Offered
13.1.3 SWOT Analysis
13.1.4 The SNS view
13.2 Robert Bosch
13.3 General Electric
13.5 Delphi Automotive
13.6 Sensata Technologies
13.9 Infineon Technologies
13.11 Analog Devices
14.1 Competitive Benchmark
14.2 Market Share analysis
14.3 Recent Developments
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