Speed Sensor Market Size, Share & Segmentation By Type, By Product, By Technology, By Application, By Regions And Global Forecast 2024-2031

The SNS Insider report reveals that the Speed Sensor Market Size reached USD 6.17 billion in 2023, with projections soaring to USD 8.93 billion by 2031. Anticipated to grow at a CAGR of 4.72% during the forecast period 2024-2031.

Market Report Scope:

The automotive industry is at the forefront of technological innovation, with wireless sensing revolutionizing vehicle performance monitoring. The surge in global automotive sales and the integration of electronics to enhance vehicle safety and performance are key drivers propelling the speed sensor market.

The demand for anti-lock braking systems (ABS) is witnessing a steady rise, driven by an increasing number of vehicles on highways, emphasizing safety. However, challenges such as the shortage of skilled workforce for speed sensor design and maintenance, coupled with intense market competition, pose obstacles.

Despite these challenges, speed sensors play a pivotal role in collision warning and vehicle monitoring systems, significantly impacting the automotive sector. The advent of low-power, high-accuracy speed sensors is opening new avenues for industry growth.

Additionally, the growing adoption of electric vehicles (EVs) and advanced driver assistance systems (ADAS), mandated ABS integration, and continuous advancements in automotive technologies further contribute to market expansion.

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Key Players Covered in Speed Sensor market report are:

• Robert Bosch
• Honeywell Technology Solutions
• General Electric
• Omron
• Delphi Automotive
• Sensata Technologies
• Continental
• Ford
• Infineon Technologies
• Denso and Analog Devices

Market Analysis:

The speed sensor market is primarily driven by the automotive sector’s increasing demand for safety features and performance optimization. Technological advancements, including the development of magneto-resistive sensors, contribute significantly to market growth.

Rising sales of passenger automobiles globally and regulatory mandates for ABS integration propel market expansion. Furthermore, the integration of speed sensors in ADAS systems enhances road safety, driving market demand.

Opportunities abound in the automotive sector, with ongoing advancements in performance, mechanics, materials, and autonomous control systems.

Segment Analysis:

By Technology, the magneto-resistive segment dominates the market due to its widespread adoption in automotive applications, offering precise speed measurement and reliability. In terms of Application, the Automotive segment holds the largest market share, driven by the automotive industry’s increasing focus on safety features and regulatory mandates for ABS integration.

Speed Sensor Market Segmentation as Follows:

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

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Key Regional Development:

North America led the speed sensors market in 2023. The region’s dominance can be attributed to several factors, including technological advancements, a strong automotive industry presence, stringent safety regulations, increasing sales of passenger vehicles, and significant investments in research and development initiatives.

Key takeaways for the Speed Sensor Market:

• The automotive sector’s emphasis on safety features and performance optimization is driving the speed sensor market.
• Technological advancements, particularly in magneto-resistive sensors, are fueling market growth.
• Regulatory mandates for ABS integration and increasing adoption of ADAS systems present lucrative opportunities for market expansion.

Recent Developments:

• In May 2023, Bosch Sensortec and TDK Corporation collaborated to develop intelligent environmental sensors for smart homes, buildings, and cities.
• In March 2023, Infineon Technologies partnered with Motion Gestures to integrate motion-sensing features into smart sensor solutions, enhancing touchless gesture recognition capabilities.

Table of Content – Analysis of Key Points

1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Speed Sensor Market Segmentation, By Type
9. Speed Sensor Market Segmentation, By Product
10. Speed Sensor Market Segmentation, By Technology
11. Speed Sensor Market Segmentation, By Application
12. Regional Analysis
13. Company Profile
14. Competitive Landscape
15. USE Cases and Best Practices
16. Conclusion

Continued….

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