Global Speed Sensor Market to Reach USD 8.9 Billion at a 4.73% CAGR from 2023 to 2032
Research Reports
Sep 20, 2023
The Speed Sensor Market is estimated to garner a notable revenue increase in the upcoming period. Rising demand from the automotive electronics industry would drive market growth. In this regard, Market Research Future (MRFR) asserts that the global speed sensor market is poised to escalate from USD 5.9 BN in 2022 to USD 8.9 BN by 2032, growing at a 4.73% CAGR during the review period (2023-2032).
Speed sensors are used for a wider detection angle, longer detection range, and improved speed resolution. There are many applications where speed measurement is of interest. Aerospace scientists need speed sensors to know the velocity at various stages of the flight. However, automotive electronics is the largest end-user industry, needing speed sensors for electronic components employed for in-vehicle network and telematics, ADAS, displays and infotainment, powertrain, body electronics, and telematics control units.
Stats show that the proliferation of consumer electronics and the introduction of a range of features are estimated to bode well for the automotive electronics market. It will likely expand in the coming years, spurred by robust advancements in infotainment, connectivity, autonomous driving, and HMI. Moreover, the move towards hybrid cars will likely open up lucrative avenues for the speed sensor market.
Technical innovations and advances in electric vehicles, automotive electronics, and artificial intelligence are key driving forces improving the performance of these speed sensors. Furthermore, the rising demand for improved machine control, safety, and efficiency allows the market to witness sizable gains.
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Major Players
Leasing speed sensor market players are
- Petasense,
- SICK AG,
- Allegro MicroSystems, Inc.,
- NXP Semiconductors NV,
- Robert Bosch GmbH,
- Infineon Technologies AG,
- Sensoronix, Inc.,
- SPECTEC, Sensor Solutions Corporation,
- TE Connectivity, Inc.
- ABB, Rockwell Automation, Inc.
- Pepperl+Fuchs,
- STMicroelectronics
- Schneider Electric
Speed Sensor Market – Segments
The market analysis is segmented into technologies, applications, and regions. The technology segment is bifurcated into magneto resistive, hall effect, and variable reluctance. The application segment is bifurcated into automotive, industrial, aerospace & defense, and consumer electronics. By region, the speed sensor market is segmented into the Asia-Pacific, Americas, MEA, Europe, and the rest of the world.
Speed Sensor Market – Regional Analysis
North America is the largest market for speed sensors globally. The rising adoption of speed sensors in vehicles, consumer electronics, and the defense sector substantiates the market size in the region. Besides, the growing adoption of IoT devices and communication networks in major industries in the region boosts the market demand.
Simultaneously, augmenting demand for automated systems drives the regional market growth. Also, growing investments in product developments and automotive technologies foster market revenues. Furthermore, significant growth in the automotive industry and the increasing adoption of IoT, AI, data analytics, and other technologies & solutions in automotive companies across the region create vast market demand.
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Speed Sensor Market – Competitive Analysis
The market appears highly competitive, with many players having a global presence. Market players focus on optimized situational awareness to ensure their mission success. Well-established players tap emerging markets for expansions and strive to develop products with adept technology.
Industry/ Innovation/ Related News
Jun. 14, 2023 — MSO GmbH (Germany), a leading radar sensors provider, launched a true ground speed sensor product family, consisting of Speed Wedge (Doppler radar, rugged for the harsh off-highway environment), AccoSat (sensor fusion of GPS and 3D accelerometer), and OptoSpeed (optical sensor for accurate high-resolution measurement of low speed). MSO Speed Wedge Radar Sensor provides accurate plug-and-play contactless true-ground speed measurement.
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