Automotive Speed Sensor Market Trends, Revenue, Share, Scope, Growth Drivers, Challenges and Future Investment Opportunities Till 2032


Automotive Speed Sensor Market Trends, Revenue, Share, Scope, Growth Drivers, Challenges and Future Investment Opportunities Till 2032: SPER Market Research

 Published: Mar-2023
 Author: SPER Analyst

Global Speed Sensor Market is projected to be worth USD 626.01 billion by 2032 and is anticipated to expand at a CAGR of 9.45%.

Speed Detectors make it possible to measure the magnetic gyration speed in order to supply voltage that corresponds to the gyration speed. This is a  pivotal  element of  numerous on- board systems, including pail elevators, screw conveyors, and belt conveyors, as it detects speed changes by producing  magnetic  beats in the form of  swells that are  commensurate to a vehicle's speed. Speed detectors are non-contacting, propinquity- type detectors that can measure factual speed and have wide- range analogue and digital output. They're generally installed at the drive or tail of spinning machinery. Speed detectors are extensively used in auto safety and entertainment systems because they save energy and increase process responsibility by enabling rotating outfit to be covered at control panels through process programming. These wireless auto detectors are simple to install and are gaining fashion ability since they simplify the complexity of several connections and can gather and transmit specialized data like speed, energy frugality, and the default tyre pressure reading in real- time.

The demand for electronic safety features and vehicle monitoring systems in the automotive industry is propelling the rapid growth of the worldwide speed sensor market. These systems, like ABS, contribute to security and safety while also enhancing the performance of the vehicle for security and efficiency. The industry is also benefiting from a spike in car sales, technological advancements, and the development of new applications for speed sensors, such as 3D mapping and automotive surround sensors.

Future growth of the market is anticipated due to the increasing use of unmanned aerial vehicles (UAVs) and the implementation of smart city initiatives. These applications provide end users an appealing choice since they have the ability to enhance vehicle comfort, safety, and performance. Speed sensors are also becoming more crucial in the logistics and warehouse sectors, where they are employed in sorting machines, conveyor belt systems, and automated storage and retrieval systems.

The global speed sensor market was heavily impacted by the COVID-19 pandemic, as the automotive and transportation sectors, which are major end-users of speed sensors, were negatively affected by lockdowns and restrictions on the movement of goods and people. As a result, the demand for speed sensors declined, leading to a reduction in manufacturing and supply.

However, the pandemic highlighted the need for contactless technologies, resulting in an increased use of speed sensors in various robotics and automation applications. As businesses focused on social distancing, they turned to robots and automated machinery to limit human interaction and enhance safety in industrial settings, leading to a surge in demand for speed sensors. Additionally, the e-commerce sector experienced significant growth during the pandemic, which created a need for speed sensors in logistics and warehouse applications, such as conveyor belt systems, automated storage and retrieval systems, and sorting machines.

Furthermore, the expansion of smart city projects and the rising usage of electric vehicles are expected to drive the growth of the speed sensor market in the post-pandemic era. The vital role of speed sensors in monitoring and managing the powertrain system of electric vehicles is predicted to lead to an increase in demand.

Speed Sensor Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; ABB, BorgWarner Inc., Bosch Sensortec GmbH, Continental AG, HYUNDAI MOBIS, Infineon Technologies AG, NXP Semiconductors, OMRON Corporation, Pepperl+Fuchs, Qualcomm Technologies, Inc., Robert Bosch GmbH, Rockwell Automation, Inc., Schneider Electric, Semiconductor Components Industries, LLC, Siemens, STMicroelectronics, TE Connectivity, Texas Instruments Incorporated, WABCO, ZF Friedrichshafen AG

Global Speed Sensor Market Segmentation:

By Type: Based on the Type, Global Speed Sensor Market is segmented as; Active Sensor, Bipolar Sensor, Inductive Sensor, Monopolar Sensor

By Product: Based on the Product, Global Speed Sensor Market is segmented as; Wheel Speed Sensor,  Speedometer, LIDAR, Ground Speed Radar, Doppler Radar, Pitot Tube

By Application: Based on the Application, Global Speed Sensor Market is segmented as; Body Electronics, Exhaust, Powertrain, Safety & Control, Transmission, Turbocharger, Others

By Technology: Based on the Technology, Global Speed Sensor Market is segmented as; Magneto-resistive, Hall Effect

By Region: The Global Speed Sensor Market report covers Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the United Kingdom, and the United States. The largest market shares in the global market were held by North America. The increasing adoption of speed sensors in the consumer electronics, automotive, and defence industries is one of the main factors propelling the industry's growth in North America. Also, the industry is expected to rise as a result of the US's growing desire for autonomous vehicles. It is projected that the increasing use of cutting-edge technologies like AI, IoT, and data analytics would create enormous market growth prospects. Also, it is projected that the rapid development of high precision & low power speed sensors will propel market expansion.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.

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