Press release
Speed Sensor Market: Detailed Analysis of Emerging Trends, Technological Advancements, and Market Size
Speed Sensor Market
As per the report, the speed sensor market size has grown strongly in recent years. It will grow from $9.11 billion in 2023 to $9.68 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The speed sensor market size is expected to see strong growth in the next few years. It will grow to $12.09 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%.
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Growing Vehicle Production Fuels The Speed Sensor Market
An increase in the production of vehicles is expected to drive the speed sensor market going forward. Vehicle refers to any means in or by which someone will travel or something has been carried or conveyed. Vehicle speed sensors have been traditionally mounted on the transmission or rear differential, where they monitored the rotation speed of the drive shaft. For instance, in February 2022, according to India Brand Equity Foundation, an India-based government export promotion agency, India's annual production of automobiles in FY21 was 22.65 million vehicles, and 13 million vehicles were produced between April-October 2021. Therefore, the increase in the production of vehicles is driving the growth of the speed sensor market.
New Product Innovations Drive Growth In The Speed Sensor Market
New product innovation is the key trend gaining popularity in the speed sensor market. Major companies operating in the speed sensor sector are focused on developing new product innovations to strengthen their position. For instance, in October 2023, Baumer Holding AG, a Switzerland-based manufacturer company, launched a new ultra-flat inductive sensor called the IF250. The sensor is designed to help system designers and engineers to exploit the benefits of reliable object detection using the smallest possible components. The IF250 is the flattest inductive sensor of its type, measuring just 6mm in height, yet it can detect objects of up to 12mm, which Baumer claims is unrivaled in this class.
The speed sensor market covered in this report is segmented -
1) By Type: Inductive Sensor, Monopolar, Bipolar, Active Sensor
2) By Application: Position Sensing, Pulse Counting, Liquid and Gas Flow Meters, Speedometers, Coil Applications, Other Applications
3) By End User: Aerospace and Defense, Automotive, Electronics, Healthcare, Industrial IT and Telecom, Other End-Users
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Major companies operating in the speed sensor market include Sick AG, Petasense Inc., Allegro MicroSystems Inc., Robert Bosch GmbH, NXP Semiconductors NV, Continental AG, HELLA GmbH & Co. KGaA, ZF Friedrichshafen AG, DENSO CORPORATION, Hitachi Metals Ltd., Melexis NV, NTN Corp., WABCO India Ltd., Honeywell International Inc., Infineon Technologies AG, Sensata Technologies Inc., STMicroelectronics NV, Texas Instruments Incorporated, Ahlborn Meteorological Sensors, Proxitron GmbH, KELLER AG für Druckmesstechnik GmbH, Haris Sensor Technologies Pvt. Ltd., TE Connectivity Ltd., Honeywell Automation India Limited, Pepperl+Fuchs GmbH, Turck Inc., Baumer Group, Omron Corporation, Panasonic Corporation, IFM Electronic GmbH
Contents of the report:
1. Executive Summary
2. Speed Sensor Market Report Structure
3. Speed Sensor Market Trends And Strategies
4. Speed Sensor Market - Macro Economic Scenario
5. Speed Sensor Market Size And Growth
…..
27. Speed Sensor Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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