Speed Sensor Market: Forecast (2024-2030) by End-User, Product Type, Application and, Region

Speed Sensor Market Overview:

Speed Sensor Market has wide demand from variety of end-user sectors as surveillance, measuring, and regulating reasons, including the petrochemical, oil & gas, smart buildings, industrial automation, aerospace & military, biomedical & healthcare, and automotive, among others. Consumer electronics, automobiles, and medical are the three most important end-user sectors. The rising demand for smart gadgets in consumer electronics, the growing necessity of monitoring and assessment devices in these industries, and the growing worry about security and surveillance in these industries are just a few of the primary causes.

The consumer electronics business is a fast-paced, dynamic industry with fierce competition among market competitors. Consumer electronics firms are under a lot of pressure to come up with distinctive and differentiated items in the current market. Sensors are one of the most significant components used in all of these to assure the user's comfort and control. Mobile phones, laptops, and wearable gadgets are all examples of items that employ sensors. The sensors aid in the improvement of ride comfort, fuel efficiency, and performance in the car industry. This global report on Speed Sensor Market is provided with the segment analysis on the basis of product type, end-user, application and region.

A speed sensor is a tachometer. It is a device used for reading the speed of a vehicle's wheel rotation. Wheel speed sensors are an important part of anti-lock braking systems. Many subsystems in a rail vehicle, such as a locomotive or multiple units, rely on a dependable and exact rotary speed signal, which is used to measure or adjust the speed in some circumstances. This applies to traction control in particular, as well as wheel sliding prevention, registration, train control, and door control, among other things. These functions are carried out by several rotating speed sensors located throughout the vehicle. Speed sensor failures are common in rail cars, owing to the highly demanding working conditions they face. The applicable standards give extensive test requirements, although the circumstances experienced in practice are frequently much harsher (i.e. vibration and notably electromagnetic synergy).

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Speed Sensor Market Dynamics:

A major driver of the speed sensor market is the growing popularity of Industrial IoT devices. The fourth industrial revolution has already begun, and the advantages of using emerging technological advancements are becoming increasingly apparent in today's businesses. Industry 4.0 solutions are also being pursued by IT behemoths e.g. AT&T and Google. The Industrial Internet of Things, a subset of the Internet of Things, is used for industrial applications including manufacturing and supply chain management. In most industries, including automobile and healthcare, the expanding usage of IIoT is likely to boost demand for sensors. Customers can benefit from systems that integrate sensor technology with computational power to increase productivity.

The competitive pricing in the sensor market is one of the major restraints of the speed sensor market. For manufacturers or system vendors, many commercial sensors are specially designed. The specification for a sensor changes depending on the desired application, which raises the cost of a sensor, and sensor producers are unable to minimize the cost owing to a lack of mass manufacturing. Sensor producers, on the other hand, are expected to supply the greatest technology at a cheaper cost by Original Equipment Manufacturers.

The key opportunity in the speed sensor market is the growing use of smart sensors in the automotive and manufacturing industry. Because of its capacity to monitor and handle vibration and noise signals, smart sensors are in high demand in a variety of different industries, including petrochemical, semiconductor, food processing, and transportation. Smart sensors are equipped with the capacity to gather, transmit, and process data. As a result, they can identify machine health and anticipate the possibility of failure, supporting the industry in lowering maintenance costs and increasing cost savings by reducing downtime.

Speed Sensor Market Segment Analysis:

By End-User, the Automotive segment dominated the speed sensor market in 2023 followed by the consumer electronics segment. The automotive segment is expected to grow at a CAGR of 9.3% in the forecast period. Autonomous driving is one of the reasons driving the growth of this segment. The market for speed sensors is growing in tandem with the entire automobile industry. The increased demand for speed sensors in the automobile sector is mostly due to the widespread use of ADAS systems. Image sensors, temperature sensors, position sensors, speed sensors, and other sensors are used in ADAS (Advanced Driver Assistance systems).

The huge demand and high production of vehicles across the world may be attributable to the passenger car category. Passenger automobiles today account for the majority of overall automotive manufacturing in the globe. The use of speed sensors in passenger automobiles improves vehicle performance, increases vehicle safety, and lowers CO2 emissions. The demand for vehicles in growing economies e.g. China, India, and Brazil have been spurred by improvements in road infrastructure, the availability of inexpensive labor, and consumer spending power, which has fueled the speed sensor market.

Autonomous cars pose a significant cybersecurity threat. Adversarial machine learning approaches e.g. evasion and poisoning assaults are vulnerable to autonomous cars. Spoofing patterns and face recognition systems are part of this threat concept. Evasion attacks modify the data given into systems to change the output to the attacker's advantage. Poisoning assaults, meanwhile, wreak havoc on the training process, resulting in a malfunction that benefits the attacker. A disguised speed limit sign, for example, was used to fool Tesla autonomous cars into accelerating from 30 to 80 miles per hour. This trend is expected to hamper the growth of the automotive segment of the speed sensor market in the forecast period.

Speed Sensor Market Regional Insights:

Due to favorable government measures encouraging the consumer electronics manufacturing industry in the area, the Asia Pacific speed sensor market accounted for over 34.3% of revenue share in 2023 and is expected to grow at a CAGR of 5.2% from 2024 to 2030. For example, Japan's Ministry of Economy, Trade, and Industry announced in September 2020 that it will finance Japanese consumer electronics businesses to transfer their production bases from China to other Asian countries with US$ 220 million. The Japanese government hopes to lessen its reliance on a single country's raw materials and components by implementing this strategy, as well as realign its supply-chain operations in the market.

Additionally, the Indian government is concentrating on the establishment of a local electronic goods manufacturing base in the country by supporting local and foreign leaders with programs and money. For example, the Union Cabinet of India authorized a production-linked incentive plan in March 2023 to boost the local consumer electronics and healthcare industry. By 2030, the scheme's overall incentive budget is expected to be at US$ 7.5 billion. Government efforts like these are expected to open up new potential for speed sensor producers in the Asia Pacific region.

The purpose of this research is to provide stakeholders in the industry with a thorough insight into the Speed Sensor market. The study includes an analysis of difficult data in simple language, as well as the industry's historical and current state, as well as anticipated market size and trends. The market report examines all segments of the industry, with a focus on significant players such as market leaders, followers, and new entrants.

The report includes a PORTER, PESTEL analysis as well as the possible influence of microeconomic market determinants. External and internal elements that are expected to have a favorable or negative impact on the firm have been examined, providing decision-makers with a clear future vision of the industry. The research also aids in comprehending the Speed Sensor market dynamics and structure by studying market segments and forecasting market size. The research is an investor's guide since it depicts the competitive analysis of major competitors in the Speed Sensor market by product, price, financial situation, product portfolio, growth plans, and geographical presence.

Breakthroughs in the Speed Sensor industry are discussed, as well as organic and inorganic growth plans. Various companies are focusing on organic growth strategies such as new product releases, product approvals, and other items such as patents and events. Inorganic growth strategies used in the industry included acquisitions, partnerships, and collaborations.

Speed Sensor Market Scope:

Speed Sensor Market Players

• Robert Bosch GmBH
• Sensata Technologies Inc.
• Honeywell Technology Solutions
• Continental AG
• Ford Corp.
• General Electric
• Infineon Technologies AG
• Omron
• Denso Corp.
• Delphi Automotive
• Analog Devices Inc.
• Sensoronix
• NXP Semiconductors N.V.
• Petasense