Press release
Key Trends Shaping the Future Speed Sensor Market From 2025-2034: New Product Innovations Drive Growth In The Speed Sensor Market
Speed Sensor Market Forecast
The anticipated increase in vehicle production is projected to fuel the growth of the speed sensor market. Vehicles, which denote any mode of transport or means by which goods or people are transported, utilise speed sensors. Traditionally, these sensors were installed on the transmission or rear differential to monitor the drive shaft's rotational velocity. As an example, a report by the European Automobile Manufacturers' Association (ACEA) in May 2023 revealed that 85.4 million motor vehicles were manufactured globally in 2022, marking a 5.7% growth from the previous year. Hence, the escalating vehicle production is contributing to the expansion of the speed sensor market.
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What Is the projected market size and growth rate for the speed sensor market?
The velocity detection market has seen considerable growth in the past few years. It is projected to increase from $9.51 billion in 2024 to $10.03 billion in 2025, showing a compound annual growth rate (CAGR) of 5.4%. This increase in the historical period is due to factors such as the expansion of the automotive sector, the implementation of non-contact sensing, traffic regulation, industrial automation, and consumer electronics.
It is anticipated that the speed sensor market will witness substantial growth in the coming years, with its size expanding to $12.43 billion in 2029 at a compound annual growth rate (CAGR) of 5.5%. The projected growth during the forecast period is attributable to factors such as autonomous vehicles, IoT and smart cities, environmental regulations, the emergence of sensor technologies, and the rise of edge computing. The major trends likely to dominate the forecast period encompass wireless speed sensors, high-resolution sensors, integration with smart cities, vibration-based sensors, and technological advancements.
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What new trends are reshaping the speed sensor market and its opportunities?
In the speed sensor market, the most noticeable trend is the introduction of new innovative products. To enhance their market standing, prominent companies in this sector are channeling their energy towards making advanced product innovations. An apt example of this was in October 2023 when Baumer Holding AG, a manufacturing company located in Switzerland, unveiled an ultra-thin inductive sensor dubbed the IF250. The sensor was created to enable system designers and engineers to leverage the advantages of dependable object detection using minimal components. Despite being only 6mm tall, making it one of the slimmest inductive sensors of its class, the IF250 can still detect objects up to 12mm - a feat that Baumer alleges is unmatched in this category.
What major market segments define the scope and growth of the speed sensor market?
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
Subsegments:
1) By Inductive Sensor: Passive Inductive Sensors, Active Inductive Sensors, Differential Inductive Sensors
2) By Monopolar: Single Channel Monopolar Sensors, Dual Channel Monopolar Sensors
3) By Bipolar: Single Channel Bipolar Sensors, Dual Channel Bipolar Sensors
4) By Active Sensor: Hall Effect Sensors, Optical Sensors, Magnetic Sensors
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Which region dominates the speed sensor market?
Asia-Pacific was the largest region in the speed sensor market in 2024. The regions covered in the speed sensor market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Which key market leaders are driving the speed sensor industry growth?
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
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What Is Covered In The Speed Sensor Global Market Report?
•Market Size Forecast: Examine the speed sensor market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the speed sensor market for a structured understanding.
•Key Players Overview: Analyze major players in the speed sensor market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the speed sensor market.
•Segment Contributions: Evaluate how different segments drive overall growth in the speed sensor market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the speed sensor market.
•Industry Challenges: Identify potential risks and obstacles affecting the speed sensor market.
•Competitive Landscape: Review strategic developments in the speed sensor market, including expansions, agreements, and new product launches.
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