Speed Sensor Market Size, Share, Growth Report 2032

With a compound annual growth rate (CAGR) of about 4.79% between 2024 and 2032, the global speed sensor market is expected to reach a value of over USD 15.58 billion by 2032, up from around USD 10.22 billion in 2023.
The report offers historical data from 2018 to 2022 as well as a revenue-based estimate from 2024 to 2032 (USD billion). The study includes a prediction and a regional and worldwide analysis of the speed sensor market.

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Overview of the Global Speed Sensor Market

In order to facilitate the voltage equivalent to the rotational speed, a speed sensor makes it possible to determine the magnetic rotation speed. It is an essential component of many onboard systems, including screw conveyors, belt conveyors, bucket elevators, and many more. By generating a magnetic pulse proportionate to the vehicle speed in the form of a wave, it is able to detect changes in speed. Usually mounted at the tail of rotating machines, speed sensors are proximity-type, non-contacting sensors with a wide range of analogue and digital outputs that measure actual speed.

Growth Factors for the Global Speed Sensor Market

One of the main factors propelling the expansion of the worldwide speed sensor market is the widespread use of unmanned aerial vehicles and surveillance drones. Speed sensors are included in drones and unmanned aerial vehicles to ensure that propellers and brushless DC motors rotate at a consistent speed. The market is expanding globally thanks to the expanding use of speed sensors in the construction, e-commerce, and logistics industries. Commercial UAVs with speed sensors are used for delivery, mapping, surveying, and inspection. Additionally, speed sensors make it possible to detect a variety of mechanical parameters, such as the angular speed and rotational angle of objects like a shaft, gear, and similar devices, without the need for touch or wear. The introduction of new products by well-known companies with unique safety features and algorithmic performance to differentiate the product and increase market demand is also anticipated to considerably propel market expansion during the forecast period.

Market Segmentation for Global Speed Sensors

Type, sales channels, application, vehicle, and geography are the categories into which the worldwide speed sensor market can be divided.

The market can be divided into many types, such as hall effect, magnetoresistive, and variable reluctance. Because of the increasing technological breakthroughs in hall-based speed sensors, such as circular vertical hall technology, the hall effect category holds the greatest share of the global speed sensor market. The makers also benefit from reduced insertion scenarios, a smaller sensor footprint, lower costs, and an enhanced sensor life cycle. Additionally, they provide a number of encompassing properties, including as high linearity, precision accuracy, and wide frequency bandwidth contactless speed sensing. Additionally, the sensor is highly resistant to high temperatures and offers pre-programmability capabilities that make it ideal for industrial and aviation applications.

The market can be divided into several segments based on application, including consumer electronics, telematics, industrial, automotive, aerospace & defence, and others. Because of the increasing demand for sophisticated automobiles worldwide, the automotive segment commands the greatest share of the global speed sensor market. Additionally, the quickly expanding automobile industry is probably going to drive the segment’s expansion during the projection period. The need for speed sensors is further increased by the introduction of sophisticated driver assistance systems. Lane departure warning systems, front collision warning, adaptive cruise control (ACC), automated emergency braking (AEB), electronic stability control (ESC), and many other ADAS components use speed sensors extensively.

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Market for Speed Sensors: Report Scope

Regional study of the global speed sensor market

Due to advantageous government efforts and the expanding consumer electronics industry in the area, Asia Pacific holds the highest share of the worldwide speed sensor market. Furthermore, the government’s increasing investment in the domestic consumer electronics industry is anticipated to support the regional market’s expansion during the course of the projection year.

Because of the region’s increasing need for sophisticated driver assistance systems, North America is expected to expand considerably over the course of the projected period. Furthermore, the region’s rapidly expanding automation sector is contributing to the expansion of the regional market.