Press release
2025 Speed Sensor Market Outlook: Key Indicators Shaping Growth Through 2034
Speed Sensor Market
What Will the Speed Sensor Industry Market Size Be by 2025?
Recently, the speed sensor market has seen substantial growth. It is projected to increase from $9.51 billion in 2024 to $10.03 billion in 2025, boasting a compound annual growth rate (CAGR) of 5.4%. This previously observed growth has been ascribed to several factors including the expansion of the automotive industry, the proliferation of contactless sensing, improvements in traffic management, advancements in industrial automation, and the surge in consumer electronics.
What's the Long-Term Growth Forecast for the Speed Sensor Market Size Through 2029?
The market for speed sensors is projected to experience rapid expansion in the coming years, with an anticipated rise to $12.43 billion by 2029, boasting a compound annual growth rate (CAGR) of 5.5%. This forecasted growth can be linked to factors such as the rise in autonomous vehicles, IoT and smart cities, environmental regulations, the emergence of new sensor technologies, and the development of edge computing. The trends expected to shape this market include wireless speed sensors, high-resolution sensors, integration with smart cities, the use of vibration-based sensors, and general technological advancements.
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What Are the Key Growth Drivers Fueling the Speed Sensor Market Expansion?
The escalation in the manufacturing of vehicles is anticipated to fuel the growth of the speed sensor market. The term 'vehicle' denotes any medium that facilitates the transportation of goods or individuals. Typically, vehicle speed sensors have been installed on the transmission or rear differential to track the rotational speed of the drive shaft. For example, the European Automobile Manufacturers' Association (ACEA) reported in May 2023 that approximately 85.4 million motor vehicles were manufactured globally in 2022, marking a 5.7% rise from 2021. Hence, the burgeoning production of vehicles is propelling the expansion of the speed sensor market.
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What Are the Key Trends Driving Speed Sensor Market Growth?
Leading the way in the speed sensor market, novel product innovation is taking center stage. In an effort to bolster their standing, predominant industry players are shifting their focus towards the creation of innovative new products. As an illustration, Baumer Holding AG, a Swiss-based manufacturer, announced the launch of their newest ultra-flat inductive sensor dubbed IF250 in October 2023. This sensor is specifically tailored to benefit system designers and engineers by allowing them to effectively use the tiniest components to detect objects reliably. The IF250, standing as the most compact inductive sensor in its category with a mere 6mm in height, possesses the unique ability to spot items up to 12mm - a distinction the Baumer claims remains unmatched in its tier.
How Is the Speed Sensor Market Segmented?
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 Companies Are Leading the Charge in Speed Sensor Market Innovation?
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
Which Regions Are Leading the Global Speed Sensor Market in Revenue?
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.
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