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Speed Sensor Global Market Report 2023
Major players in the speed sensor market are Sick AG, Petasense Inc., Allegro MicroSystems Inc., Robert Bosch GmbH, NXP Semiconductors NV, Infineon Technologies AG, Sensoronix Inc., TE Connectivity Inc.
New York, March 07, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Speed Sensor Global Market Report 2023" - https://www.reportlinker.com/p06323498/?utm_source=GNW
, SpecTec Group, Sensor Solutions Corporation, ABB, Rockwell Automation Inc., STMicroelectronics, Pepperl+Fuchs International, and Schneider Electric
The global speed sensor market grew from $8.72 billion in 2022 to $9.41 billion in 2023 at a compound annual growth rate (CAGR) of 7.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The speed sensor market is expected to grow to $12.53 billion in 2027 at a CAGR of 7.4%.
The speed sensor market consists of sales of magnetoresistive sensors, inductive sensors, variable reluctance magnetic speed sensors, and hall effect magnetic speed sensors.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The speed sensor is an essential component for the operation of several onboard systems and allows the magnetic rotation speed to be measured to provide a voltage corresponding to the rotation speed.The speed sensor detects the rotational speed of the gears in the transmission system.
Then, the sensor converts this measurement into an analog signal or a low-voltage square wave signal and relays it to electronic control units (ECUs). It is used to measure the speed of wheel rotation of a vehicle.
Asia-Pacific was the largest region in the speed sensor market in 2022. The regions covered in the speed sensor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of the speed sensor market are inductive sensor, monopolar, bipolar, and active sensor.An inductive sensor refers to an electronic device that can detect ferrous metal targets without physical contact.
The applications of speed sensors include position sensing, pulse counting, liquid and gas as flow meters, coil applications, and other applications. The various end-users of speed sensors include aerospace and defense, automotive, electronics, healthcare, industrial and telecom, and other end-users.
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 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 2020, Robert Bosch LLC, a Germany-based engineering and technology company that includes speed sensors introduced new wheel speed sensors as well as other body electronics solutions for advanced driver-assistance systems. For approximately 230 ADAS and body electronics parts, this updated catalog provides improved visibility, faster and more accurate information, and access to application data and photos.
In August 2021, Analog Devices Inc., a USA-based sensor manufacturing company, acquired Maxim Integrated Products Inc. for an undisclosed amount. Through this acquisition, Analog Devices aims to drive the next waves of analog semiconductor innovation. Maxim Integrated Products, Inc. is a US-based semiconductor manufacturing company that includes speed sensors.
The countries covered in the speed sensor market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The speed sensor market research report is one of a series of new reports that provides speed sensor market statistics, including speed sensor industry global market size, regional shares, competitors with a speed sensor market share, detailed speed sensor market segments, market trends and opportunities, and any further data you may need to thrive in the speed sensor industry. This speed sensor market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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