Speed Sensor Market to Hit US$ 12,901.78 Million By 2030 | Research By Consegic Business Intelligence

New York, Sept. 11, 2023 (GLOBE NEWSWIRE) -- As per the research report “Global Speed Sensor Market” published by Consegic Business Intelligence, the market was worth USD 9,171.42 Million in 2022 and is anticipated to reach over USD 12,901.78 Million by the year 2030, growing at a CAGR of 4.60%.

A speed sensor is a device used to measure and monitor the velocity and speed of an object, in terms of the object’s linear and rotational movement. The sensor functions by detecting changes in position over time and calculating the rate of change, providing real-time data on the speed of the object's motion. Additionally, speed sensors are deployed in various industries including automotive, aerospace, manufacturing, and robotics. Furthermore, the sensors enable precise control, safety, and optimization of various processes and systems that rely on accurate speed information.

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The integration of speed sensors in e-bikes serves as the major factor for the growth of speed sensor market by enhancing user experience and safety. Speed sensors provide accurate data on the bike’s speed, enabling better control, efficient power assistance, and improved battery management in e-bikes. Additionally, speed sensors with hall-effect technology offer several advantages with regards to the functional safety of the e-bike as compared to the conventional reed systems with external magnet. For instance, in May 2023, ZF Friedrichshafen AG introduced GS series of speed sensors for e-bikes with hall-effect technology. The sensors offer functional and manipulation safety and is equipped with ABS system, thus contributing notably in fueling the market growth.

Moreover, the rising demand of speed sensors from the healthcare sector is predicted to create significant opportunities for the growth of the speed sensor market. Speed sensors are utilized in various medical devices namely centrifuges, blood analyzers, and diagnostic imaging equipment to ensure precise and efficient operation. Additionally, speed sensors are also employed in robotic arms and instruments to monitor the movement and ensure accuracy during surgical procedures. However, the high sensitivity of speed sensors to environmental conditions including temperature, humidity, and vibration is restraining the market growth.

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Speed Sensor Market Growth Drivers:

• Increasing demand of speed sensors from the automotive industry to optimize the engine performance is driving the market growth.
• Rising demand of speed sensors to streamline manufacturing and production processes is accelerating the market growth.
• The ability of Polyphenylene sulfide (PPS) speed sensors to exhibit chemical resistance, low thermal expansion and minimal moisture absorption, resulting in excellent dimensional stability over a wide temperature range is boosting the market growth.

Restraints

• High sensitivity of speed sensors to environmental conditions including temperature, humidity, and vibration is restraining the market growth.
• High manufacturing cost of speed sensors is hampering the market growth.

Opportunities

• Rising demand of speed sensors from the healthcare sector is predicted to create significant opportunities for the growth of the speed sensor market.

Global Speed Sensor Market Segmentation Details:

Based on Product, the wheel speed sensor segment contributed the largest shares to the market growth in 2022 owing to the rising demand of wheel speed sensors from the automotive industry. Wheel speed sensors are a fundamental component in various automotive safety and control systems including anti-lock braking systems (ABS), electronic stability control (ESC), traction control systems (TCS), and adaptive cruise control (ACC). Additionally, wheel speed sensors are also used in industrial automation, robotics, aerospace, and consumer electronics. Moreover, the sensors are able to survive in extremely challenging environmental conditions and are made up of advanced materials including polybutylene terephthalate (PBT) that offers improved protection to the sensors.

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Based on Technology, the hall-effect speed sensor segment accounted for the maximum revenue share in the year 2022 owing to the non-contact feature of the sensors that leads to minimal wear and tear, ensuring long-term reliability and reduced maintenance requirements. Additionally, hall-effect sensors accurately measure a wide range of speeds, from low to high, becoming versatile for various applications across different industries. Moreover, hall-effect sensors are solid-state devices and are highly durable and resistant to mechanical wear. Furthermore, the sensors offer fast response times, providing real-time speed data that is essential for applications that require quick adjustments and feedback.

Based on Housing Material, the stainless steel speed sensor segment accounted for the maximum revenue share in the year 2022 owing to the exceptional corrosion resistance nature of stainless steel, ideal for applications in various environments, including moisture, chemicals, and harsh weather conditions. Corrosion resistance property ensures the durability and longevity of speed sensors, especially in industries namely automotive, aerospace, marine, and industrial automation. Additionally, stainless steel is a robust and strong material, capable of withstanding mechanical stress, impacts, and vibrations. The durability is crucial for speed sensors used in rugged environments that are subjected to physical stresses. Moreover, stainless steel maintains the structural integrity at high temperatures, suitable for applications that involve elevated operating temperatures to heat sources. Subsequently, the aforementioned factors are collectively responsible in bolstering the growth of stainless steel segment.

Based on Distribution Channel, OEMs segment accounted for the maximum revenue share in the year 2022 as OEMs are the manufacturers of products that incorporate speed sensors as integral components. OEMs require large quantities of speed sensors to meet the production demands of the end-products in numerous sectors including automobiles, industrial machinery, and consumer electronics. Additionally, OEMs have established supply chain relationships with speed sensor manufacturers and work closely with suppliers to ensure the timely availability of components and consistent quality to maintain efficient production processes. Moreover, OEMs require customized speed sensors tailored to the specific product designs and requirements and collaborate with suppliers to ensure that the sensors meet the exact specifications, performance needs, and compatibility standards. Consequently, the vast network of OEMs is contributing remarkably in propelling the growth of the segment.

Based on Application, the powertrain segment accounted for the maximum revenue share in the year 2022 as powertrain encompasses the components that generate and transmit power to the wheels, including the engine, transmission, and drivetrain. Speed sensors provide critical data that helps monitor and control the components for optimal performance, efficiency, and safety. Additionally, speed sensors monitor the rotational speed (RPM) of the engine's crankshaft and camshaft. The data is essential for precise fuel injection, ignition timing, and valve timing, ensuring optimal combustion efficiency and performance. Moreover, in automatic and manual transmissions, speed sensors provide input to control units that manage gear shifting. The input helps to shift gears based on vehicle speed and engine load, contributing to smooth and efficient gear changes. In conclusion, the growing adoption of speed sensors to enable the efficient functioning of powertrains is contributing significantly in boosting the growth of the powertrain segment.

Based on End-user, the automotive segment accounted for the maximum revenue share in 2022 as speed sensors play a crucial role in various applications across the automotive industry, enabling safety, performance, and efficiency enhancements. The sensors measure the speed of moving components and provide essential data for various systems and functions. Additionally, speed sensors are also employed in Emergency Braking System (EBS) to monitor the individual rotational speed of each wheel. The data allows the EBS system to prevent wheel lock-up during braking, maintaining vehicle stability and control. Moreover, the implementation of stringent regulations by the government is also contributing notably in driving the adoption of speed sensors in vehicles.

Based on region, North America accounted for the largest revenue share in the year 2022. The growth is attributed to the region's emphasis on industrial automation and the adoption of Industry 4.0 principles drive the demand for speed sensors in manufacturing processes, robotics, and machinery control. Additionally, North America encompasses some of the worlds’ largest and most advanced automotive manufacturers including Tesla, Inc., Ford Motor Company, and General Motors. The region's strong automotive industry drives significant demand for speed sensors, as the sensors are integral components in vehicles' safety, performance, and control systems. Moreover, North America has a high rate of vehicle ownership, leading to continuous demand for vehicles and components, including speed sensors.

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Key Market Highlights

• Globally, the speed sensor market is divided based on the product into wheel-speed sensor, LIDAR, magnetic speed sensor, surround radar, speedometer, eddy current speed sensor, pilot tube, Doppler radar, tachometers, and others.
• In the context of technology, the market is segregated into hall-effect digital speed sensors and magneto-resistive wheel sensors.
• In the context of the housing material, the market is separated into aluminum, epoxy, peak, polyphenylene sulfide, stainless steel, and steel.
• In the context of the distribution channel, the market is bifurcated into aftermarket and OEM.
• In the context of the application, the market is classified into Antilock Braking System (ABS), Electronic Stability Program (ESP), fan control monitoring, solenoid, test equipment, transmission, exhaust, engine speed control, powertrain, and turbocharger.
• The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.
• Asia-Pacific and North America are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on technological advancements in speed sensors.

List of Major Global Speed Sensor Market Players

The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —

• Robert Bosch GmbH
• Honeywell International Inc.
• Continental AG
• Infineon Technologies AG
• Ford Motor Company
• Electro Sensors Inc.
• Standard Motor Products, Inc.
• TE Connectivity
• ABB
• NXP Semiconductors
• Siemens
  

Global Speed Sensor Market Segmentation: 

• By Product

• Wheel-Speed Sensor
• LiDAR
• Magnetic Speed Sensor
• Surround Radar
• Speedometer
• Eddy Current Speed Sensor
• Pilot Tube
• Doppler Radar
• Tachometers
• Others

• By Technology

• Hall-Effect Digital Speed Sensors
• Magneto-Resistive Wheel Sensors

• By Housing Material

• Aluminum
• Epoxy
• Peak
• Polyphenylene Sulfide
• Stainless Steel
• Steel

• By Distribution Channel

• Aftermarket
• OEM

• By Application

• Antilock Braking System (ABS)
• Electronic Stability Program (ESP)
• Fan Control Monitoring
• Solenoid
• Test Equipment
• Transmission
• Exhaust
• Engine speed control
• Powertrain
• Turbocharger

• By End-User

• Automotive
• Aviation/Aerospace
• Agriculture
• Construction
• Power Generation
• Military

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Key Questions Covered in the Speed Sensor Market Report

• What is a speed sensor?

• A speed sensor is a device used to measure and monitor the velocity and speed of an object, in terms of the object’s linear and rotational movement.

• What specific segmentation details are covered in the speed sensor market report, and how is the dominating segment impacting the market growth?

• Hall-effect digital speed sensors dominates the market owing to the non-contact feature of the sensors that leads to minimal wear and tear, ensuring long-term reliability and reduced maintenance requirements.

• What specific segmentation details are covered in the speed sensor market report, and how is the fastest segment anticipated to impact the market growth?

• Magneto-resistive sensors will witness the fastest CAGR as the sensors offer high accuracy and precision in measuring speed and detect even small changes in magnetic fields, ideal for applications that require precise speed measurements.

• Which region is anticipated to witness the highest CAGR during the forecast period, 2023-2030?

• Asia Pacific is anticipated to witness the fastest CAGR during the forecast period due to the expanding manufacturing sector and the advancements in technology.

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